Niching down

Figuring out what to sell if tougher than ti sounds. Just because y9u are good at something or passionate about it does not mean anyone wants it. And even if they want it that does not mean they are willing to pay for it. So this is a process of trial and error, finding out what people want what they are willing to pay you for it and how you can deliver it to profitable way. That they are willing to pay for it and how you can deliver it to them in profitable way. That is business and the best way to start is not with what you want to sell but with what people want to buy.

Whether it is something you create a special piece of knowledge you have to share with the world or a service you want to provide, picking the right product can make or break a business. The mistake many early entrepreneurs make is they focus too much on the product instead of on the audience. Placing the right bet is not just about what you sell, it is about who you sell it to. You want to choose wisely when it comes to picking a product and it usually helps to start small. That way without investing too much effort or money up front.

You never want to sell something that is available to everyone. If you see a product in Target or Walmart, chances are that it is probably not going to be a good fit for your business. That thing has already gone mainstream and it is going to be hard to compete with. Do not take your entrepreneurial cues from Shark Tank. Instead, focus on offerings that are being overlooked by the big guys. In other words niche down.

When a person who are starting a business, I often advise them to get as specific can small as possible. You can always broader as you go but you do not want to be what marketing guru calls a wandering generality. You want to offer s pacific solution to a deeply felt need.

Launching your first product should not be attempt at revolutionizing your industry. You do not need dome big idea for a product that will change the world. You just need something that sells constantly over time in predictable ways. Growing too fast is not all it is cracked up to be. Growing too slow can easily kill you. So we’re looking for that sweet spot between enough people care about this and everyone in the world wants this.

Entrepreneurship is a competition after all and you are not getting into the game to put a great big target on your back. You want t keep your company as nimble and as anonymous as possible at least to your competitors, so that you can stick around for a long time. Do not sell a product everyone wants. Pick one that someone wants.