Tuesday, 17 April 2018

Finding Your Niche and Starting an Online Business

There was a time when starting a business seems a doozy: you need to secure a physical store location by buying the lot first. But you can’t do that if you don’t have the funds for the purchase. And to get the necessary funds you have the option to loan from the bank, look for investors, borrow from people, or take all the expenses from your personal savings.

But now, an eCommerce website costs significantly less. In fact, if you have the patience to wait for profit to come in, you can start a website with just a purchased domain name and a free website builder. What’s difficult is finding out the perfect product to sell.

The Two Kinds of Products

According to Big Commerce, no matter which industry you are in, your products will fall under two categories: commoditised products and niche products.

Commoditised products are basically necessities. These are your clothes, food, and appliances. Niche products, on the other hand, are products that are made for a particular group of consumers. These are products that are handmade or so unique that a specific brand may well be its only manufacturer.

In many ways, we all want to produce niche products. Not only are we able to take advantage of our monopoly, but we’ll also get better brand retention if there are no other competition. But how can we find the best niche product for us? Here are some of the ways.

Identify a problem

The danger behind providing a niche product is we’re so focused on providing unique products that we’ve forgotten to take necessity into account. When creating a product, see if it addresses a problem first. Simply by looking at your tasks and pointing out what makes your tasks hard can already help you with ideas.

And there are many other opportunities to create ideas like improvements in an existing product or identifying a gap in the consumer market.

Turn your passion into a viable business

They said you should never mix business with pleasure -- but if you don’t find satisfaction with what you’re doing, then you probably shouldn’t bother. If providing a solution to an everyday problem is not helping you with business ideas, maybe the causes you stand for or your passions are the answer.

An example would be supporting your artist friends by launching anapparel store that features their art. Not only are you earning from the sales, but your friends are too.

Potential to be top-of-mind

There are times when it isn’t about the product, but the brand’s potential to be top-of-mind. This boils down to how you’re marketing your brand and the persona you’re using to reach your audience.

This may start with the domain nameyou’re using. If it isn’t exactly your business name, is it still relevant to your brand? For instance, Procter & Gamble uses pg.com; and Buffer uses bufferapp.com. Domain names are important because out of all the content or copy you’ve created for your web page, this is the first thing audiences will remember.

Another brand retention technique is creating a persona your audience can relate to. Is your chosen tone playful? Maybe post something fun every day. When you’re engaging with your audience, maybe it’s best if it’s conversational instead of formal.

Take on trends

When you see that a style is about to get traction, don’t hesitate to invest in it so you’ll be a pioneer product. There are a lot of brands who have taken advantage of trends. For instance, when it comes to rucksacks, Herschel is the first brand that comes to mind mainly because they’re the most prolific brand when it was slowly becoming a trend.

There are no right and wrong techniques when starting a business. The online arena, however, has made it possible for anyone to start an eCommerce venture. This means that standing out from a crowd of hundreds is more important than ever. Consider these tips when generating ideas and create a product that everyone will enjoy using.

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