Picking the wrong products to sell can doom your business to failure before you even have time to figure out what went wrong. What’s worse—making poor product choices can end up costing you a lot of money. You could eat up your entire business budget trying to sell a bad product only to find out you have to start all over again with a new product; minus the money you had set back to start your business to begin with! Not good.
There are common mistakes new sellers make when deciding what to sell. Some are obvious and some are not so obvious but all of them can be devastating to a new business.
Sin 1: Rushed Decisions - The need to make money right now because your bank account is approaching critical emptiness, unfortunately, will not make the money appear any faster. If you rush thru your research and pick the wrong products to sell all of that money you spend to start your business is for nothing.
Sin 2 : I don't have to research, I *know* what products are selling - Diving right into obvious high selling product markets so you don't have to do any research ends up costing new sellers more money than they can spend.
Sin 3: I gotta sell what I'm Passionate about - Your passion for a product does not mean you can compete in that market. Research that product to ensure its a good idea. Many successful sellers are not passionate about the product they sell...they simply want to sell what will make their business the most money.
Sin 4: Only gonna sell "Hot Products" - Hot selling product categories and lists are usually flooded with advanced sellers with big budgets. Most products that are considered "Hot" are mainstream items that new sellers have extreme difficulty selling in. Niche products, on the other hand, while they don't often show up in those feeding frenzied Hot Selling categories can make new sellers a lot of solid, steady income with minimal competition.
Sin 5: Wholesale means I can compete with anyone - Wholesale Prices are based on the amount of product the Retailer (you) purchase from the Wholesaler. It's not uncommon to find the wholesale price for 1 item (dropshipping) to be as much as your competitors retail prices if those retailers are buying in volume. Dropshipping does work but only if you pick the right products to sell. It doesn't work with every product.
Sin 6: I only want to sell Name Brand items - Not recognizing a product brand name doesn't mean it's a sub-standard product. There are hundreds of thousands of brands that don't get hyped up in ads that are still quality products with a great customer base. If you only want to sell brand names you recognize (and you only know a handful of brands yourself) then you will pass by tons of niches that will make your business money from the start.
Sin 7: I gotta pick the product with the highest demand - When you compare products you are research, the highest demand isn't always the best. Keep in mind that niche products, compared to mainstream products, will always show a lower demand; but low demand on the internet can still mean thousands of customers for your business.
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