What Kind Of Products Can I Sell To Build Wealth Online?
Once you've defined your strengths and interests
, and you've found a hungry niche, you need to consider what you are going to give your potential customers.Firstly, let's ask the question, 'What is a product?' A product can be anything that satisfies the needs or desires of another person, and which they are willing to pay for. It really is that simple.
Now, your product could come in many possible forms. Here we're going to look at which kinds of products an internet business owner can sell to his customers, as well as the pros and cons of each one. These are the different categories:
Digital Products
Services
Memberships & Subscriptions
Physical Products
Digital Products
The internet is the perfect platform for selling digital products. A digital product can come in the form of an eBook (electronic book), or some music presented in MP3 format, or video, or graphics, or software, or photos basically anything that can be downloaded digitally.
The Pros: No overheads and no shipping costs, in other words, you get to keep 100% of the profits. The delivery is automatic and instant, so it is 'no mess, no fuss.' Updating digital products is easy to do all it requires is a little of your time.
The Cons: There are not many cons to speak of. All in all, digital products are the most cost-effective, efficient way to do business over the internet.
Services
Can you write or translate? Can you design? Can you take expert photos? Can you programme? These are all examples of services that anyone can sell online. In fact, if you offer a service offline which you don't offer online, you are doing yourself a grave disservice (if you'll excuse the play on words). Get online and find the business you deserve!
The Pros: You are offering a service which you are competent to provide, therefore, it will usually be fun and rewarding. You can cheaply and easily get yourself a piece of online 'real estate' as your platform to sell from. You can offer your services to anyone worldwide, as opposed to being limited to your geographical location.
The Cons: There are only 24 hours in a day, and you have to sleep at some point, which means that there will be a limited number of clients that you can take on. You need to know your rights as a service provider this may mean having to learn a little about copyright law.
Memberships & Subscriptions
Memberships & Subscriptions are a great way to make money consistently, on a month-to-month basis. In short, customers pay a monthly fee to be allowed access to a site which provides valuable content.
The Pros: A consistent paycheck once members sign up. A membership site usually guarantees you credibility with those in your market.
The Cons: The running of a membership site is usually quite high maintenance and it requires new material to be added fairly regularly. Membership sites need to offer exclusive information that can't be found anywhere else, in order to be marketable.
Physical Products
Lastly, we come to physical products. These are the kinds of tangible items that you can buy in a store. If you make high quality, hand-stitched, leather-bound journals, they would be an example of a physical product that you could sell in your online marketplace.
The Pros: In terms of potential customers, your reach will be much greater online. If your business is exclusively online, you will not need to worry about a brick and mortar store, and there will therefore be no rent worries. This is also a great way that existing businesses can extend their reach to a broader base of customers.
The Cons: Shipping and storage of physical products can be costly, not to mention the schlep of accepting returns, should it come to that. There are also more legal considerations in dealing with physical products.
So the question is, 'What is the kind of product which will best fit my marketplace?' It may be one, or a combination of the above mentioned product types. Once you have found a product to sell, you are in business.
What Kind Of Products Can I Sell To Build Wealth Online?
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