Revealed: The Simple Steps To Sourcing And Selling A New Product!
If you run a business, you are no doubt looking for the next big “thing” to sell. You want to make sure the products you offer are best-sellers and are easy to sell. Of course, finding such items is a bit like searching for the Holy Grail!
The good news is that, with a bit of hard work and patience, you can source and sell products like that. But, how do you get started? And are there are “trade secrets” or tips that you don’t know? Let me share with you a few methods to find the next big thing in the business world:
Do some marketplace research
The first thing you need to do is understand what it is your consumers want. To do that, you need to carry out some in-depth market research. Successful companies make money by doing accurate predictions. And to enable that to happen, they need to know what people want to buy.
Sure, a product might be a bestseller today. But, that doesn’t mean consumers don’t want something else in the future. In a nutshell, you need to find out what features – not products – people want the most. That way, you can source products that are an accurate fit for their needs.
The brilliant thing about the Internet is that marketplace research is at your fingertips. For example, take online services like Terapeak. They are great for giving you insights into consumer spending habits.
Choose a business model that works for others
Why invent the wheel? There are many business models that could suit what you sell. For instance, some firms import “white label” products from China and resell them. Others could package many products into a “solution.” One example is bundling a motherboard, RAM and hard drive to sell to computer builders.
With your research hat still on, find out which business models work for the competition. Of course, avoid researching companies that are making a loss!
Get a guarantee from your suppliers
The last thing you want to do is sell products that could end up injuring or killing people! It’s a sad fact that some firms try to cut costs on safety. As you may have guessed, karma comes back to bite them!
Let’s face it; you don’t want a wrongful death attorney to take you to court. That’s why it is crucial you get a guarantee from your suppliers. They should supply you with safety testing certificates for a start. You should also verify they are legitimate too. That’s because some manufacturers lie to their clients.
You should have an agreement with them in place about faulty products. If you receive plenty of returned products, they should compensate you for your troubles. After all; your firm’s reputation is on the line here!
Use any opportunity to gauge feedback on a potential new product
Before you buy a lot of stock, it’s important to find out how useful people will find it. Consider setting up a focus group to test the product and report their findings to you.
By following the above tips, you’ll soon be able to sell an award-winning product. And, did I mention you’ll also make a lot of money in the process?