When it comes to selling products online, many people worry about what they are going to sell, how they are going to produce it, and how much they should charge to maximize their profits. While all of this can sound daunting at first, coming up with great product ideas that you can sell online is actually easy. Just follow our guidelines for how to come up with great entrepreneur product ideas that will generate you a sustainable passive income.
Choose Something You are Passionate About
When people are looking to provide and market a particular product to sell online, many initially drift to the thought, “What is going to make me the most money?” While money is definitely important, this is not the first thing you will want to think about when you look for a product to sell. The first thing you should look at is something you are interested in or passionate about. If you don’t have a personal love for what you are selling, you will never really enjoy what you do, and you need to enjoy what you do because you will spend a lot of time doing it. The last thing you want is to wind up selling something that makes you miserable, even if it does make you a lot of money. Choose something that you are passionate about from the get-go and evaluate its profitability after.
Even when you have narrowed down your passions to one or two main topics, there are still potentially hundreds of products you could sell! It can seem overwhelming, but when you are first starting, you don’t need to create an online store complete with hundreds of items your customers can choose from. This may happen in the future, but I recommend starting small. Consider selling only one or two things to begin with. You will have the potential to expand later, but this will substantially help cut down on the initial overwhelming decisions to sell certain products.
How can you narrow down your choices? After you have decided on a particular area you are passionate about, consider some of the following options:
- Find something someone is already selling that you can also make quicker, better, and cheaper
- Think of a product that solves a need that others who are also passionate about the topic need or want
- Improve an old product and make it come alive again
You don’t necessarily need to be the one who physically creates a product, either, and your product doesn’t have to be physical at all. Services, digital copies of courses, books, or other online content are equally lucrative, as long as they are things you are interested in.
Get Paid What You Are Worth
If you decide to market and sell a product you personally make, you will want to evaluate how much time, money, effort, and cost of materials it takes you to produce them. If a product requires a lot of expensive materials to create, make sure you compensate for it in your price in addition to the extra for margin for your profit. If a product takes several hours to create just one, make sure you charge for how much your time is worth. This could mean that some products end up being really expensive. If people are willing to pay for them, that’s great, but if people would be unwilling to pay for them, you may want to look at a product people will still buy.
For example, a particular carpenter I knew wanted to sell rocking horses. The wood for one horse cost 200 dollars. It took him 10 hours to make one horse. He tried to sell the rocking horses he made at 700 dollars a piece, but they didn’t sell well. They were the best rocking horses probably available on the market, but not very many people were interested in paying 700 dollars for a rocking horse for their children, despite the quality. However, this same carpenter also made small doll rocking cribs. The wood cost 100 dollars from which he could make 10 cribs in about 5 hours (2 hours a crib). He sold them for 50 dollars each and they went like hot cakes.
You don’t have to be a carpenter to make money, but you want to be paid what you are worth no matter what you sell. Make sure you find a product that people will still be willing to pay for after you adjust your price for the product’s cost.
Join a Community
If you are still stuck on choosing a product, there is no better way to get help than joining a community of other similarly-minded entrepreneurs like yourself.
This is my profile on WealthAffiliate.com, a community of people who have gone through exactly what you are looking to do. They are a resource you can use any time, and signing up for access to the community is initially free!
Make your passions into real passive income! Get in contact with me or leave a message below if I can help you in any way.