When you decide to start an online business, the most important decision to make is what to sell. There are three types of products you can sell on your web site:
1. Hard goods
– produce something yourself – become a reseller for another company – examples: jewelry, booklets, clothes
– can you do something better than others? – can you perform a service that others are willing to pay for? – examples: graphic design, business consulting, research, translation
3. Electronic product
– develop it yourself – obtain the rights to it – examples: software, e-book, tutorial, newsletter
In deciding what to sell consider how much money you can afford to invest into your business, what is in demand and most likely to bring you profit, and what your passions are.
Obviously, the most money-demanding business is the one selling hard goods. There is inventory to keep, materials to purchase, contracts to sign and so on.
Services are great to offer on your web site, but keep in mind that there is only so many hours a week you can work. Your income will be limited to only the time you can work, unless you offer other non-service products for sale as well.
Electronic products are the easiest to produce, don’t require a large financial investment, can create an unlimited revenue, and is extremely in high demand. Computer software that makes people’s lives easier, tutorials that teach them how to use it, and information on just about any subject in the world are the hottest products.
If you have any knowledge or experience on a subject that most people are clueless about AND are willing to pay for information that teaches them about it, then you’ve got a winner.
Write it, sell it, license it, publish it, grow it into a bigger product – with a consistent and smart marketing plan, only sky is the limit to your bottom line.
Milana Nastetskaya is a full time web developer and the author of the “65 Instant Web Design Answers”. http://www.instantwebanswers.com