If you are considering at the enormous benefits of having an online business, you probably have tons of great ideas for products and services you might offer. Some could be passing ideas that you wrote down and then later crossed off your list. Others might be more exciting to you.
And there are probably a few ideas that you have circled, highlighted, and put exclamation points after! These are the ideas you are falling in love with… They wake you up at night, and sneak unexpectedly into your thoughts.
But wait — don’t start developing that product yet.
Do People Want to Buy What You Want to Sell?
The hard truth for many business beginners (and even many experienced business owners) is that the product idea they have thought about, dreamed about, and fallen in love with may not be a viable product to try and sell.
Before you spend days or weeks (or maybe even months) creating your product, there are some key questions you need to ask. The answers to these questions will help you decide whether to move forward… or not… with product your development.
Seven Key Questions You Need to Ask Before Creating a Product to Sell Online
- Is there a market for your product? Do people want it?
- Are people searching for it on the internet?
- Can you find and somehow reach the people who are looking for the product? How?
- Are people willing to actually pay for it? How much are they willing to spend?
- Are other businesses selling similar products (either offline or online)?
- Is anyone advertising similar products using Adwords or other paid advertising?
- Will your product stand out from the others? Can you identify a number of benefits or features that will encourage prospects to choose your product over others that are available? Is your product unique, or will you deliver it in a unique way?
How Did Your Product Do?
Were you able to answer ‘Yes’ to each of these questions? Great!
While favorable answers won’t absolutely guarantee that you will make sales or build a successful business around that product, your chances are better than if you have had to answer some of the questions with a ‘No’ response.
So, what should you do if you answered “No” to one or more of the questions?
Well, that’s when you have to look long and hard at whether you want to invest your time and money in developing that idea. It is very likely that that you will have a much better chance of success if you consider starting with a different product — one that has more potential in the marketplace.
So if your first product didn’t pass the 7 Question Test, just take what you have learned and keep researching these questions for each of your product ideas. Then select the idea that holds the most promise and move forward with that one.