Last updated on May 30th, 2021. Posted in Finding Profitable Ideas.
As you're getting your online business built, of course one of the earliest questions is, "What should you sell?" Maybe you're wondering about what products and services sell well online.
Here are links and resources mentioned in today's video. Enjoy!
I hesitate to offer specific recommendations because I know what works for me and what I like...but that might not be good for you. So instead, I'll give you some pros and cons in terms of the sorts of things you can sell online.
Most times, new business owners gravitate to some kind of physical product. The thought of starting your own brand selling whatever kind of physical product you have in mind is certainly appealing. But there are some downsides:
Maintaining inventory can be a pain, shipping and handling is a job you'll constantly be doing...unless you go with some kind of drop-shipping option, which comes with its' own set of challenges...and ordering new stock can be tricky.
Not only all this, but it can be pretty costly to get yourself set up in the first place, margins can be thin, and there are other headaches. Still, this could be the route that you're thinking and that's totally fine.
Next though, you could sell non-physical products online. By this, I mean digital products. You could sell ebooks, reports, templates, background music, video graphics...or pretty much any other kind of product that can be packaged into a digital form.
And I absolutely love these kinds of products. But there is a big downside...which is getting the product (or library of products) created in the first place. It can take a lot of time and hard work. Just imagine, for example, how much work goes into writing a book!
But here's the great news: Once you're finished, the bulk of your work is done. With a digital product, you can sell it over and over again with near zero overhead and big, fat, healthy margins!