So you’re interested in starting a home-based business. Good for you!
Now you come to a screeching halt. How do you choose what product or service to offer?
There are many things to consider. Here are three critical factors when choosing a product or service.
1. Consumable product
It’s very important that whatever product you choose to sell or service you choose to provide is CONSUMABLE. This means that eventually it runs out.
If you choose to sell a product that is not consumable, as soon as you make a sale you are unemployed again, searching for your next customer. Consumable products mean recurring sales, assuming that your product does what it’s supposed to do and your customers are happy with their results.
Examples of consumable products and services include medical and legal services, skincare, nutritional supplements, and food items.
2. Large and growing market
Let’s face it, you can be the best sales person in the world and you will not make any money selling eight-track tapes. There just isn’t any market.
Think about the markets that are growing. It’s estimated that the biggest markets over the next 15 years or so are going to be in health and wellness, skin care, and legal and financial services.
3. Unique product or service
Why would someone choose you to buy this product or service? Why not go to Wal-Mart? The easiest way to ensure you don’t lose your customers to the guy down the street selling something cheaper is to make sure your product is patented, copyrighted, or otherwise UNABLE TO BE COPIED.
If your product is NOT unique you will have trouble keeping customers. Many people are looking for the cheapest thing they can find, and if there isn’t an important difference about your product or service that cannot be provided by a cheaper competitor, you will lose them. You cannot compete with Wal-Mart on price, I guarantee that.
By the way, I didn’t come up with these three factors to consider all by myself. I have benefited enormously from training I purchased from Tim Sales. If you’re interested in learning more about home-based business and network marketing, you should definitely visit his website at First Class MLM Tools. Sign up for his blog and you’ll learn a lot!