When starting a business, too many people make the mistake of just chasing after what’s popular or trending. Rather than trying to sell something in a crowded marketplace, you’re much better off finding a product hardly anyone else is offering. But, how do you go about finding an undiscovered product? Check out our advice, below.
Look to Solve a Problem
First, your product should solve some sort of problem. People are much more likely to buy something if it makes their life easier or better in some way, no matter how small. Think about what problems you encounter in your own life, or even what people in your specific region care about. This should get your mind working toward the type of products to solve this issue.
Don’t Go Too Big
Another common mistake of new businesses is choosing a product that’s too expensive. People rarely spend thousands of dollars on a purchase – you need to aim a little smaller. The ideal price range is probably somewhere between $100 and $200, but there is certainly some wiggle room in either direction. Just remember to keep your products within reason for a better chance at selling.
Find Something to Bring Back Customers
A great type of product to sell is one that keeps customers coming back. For example, let’s say you decide you want to sell custom towels. How often do people need to purchase new towels? Sure, you might get some people who come back to buy more eventually, but your potential for return customers is likely limited.
On the other hand, selling a beauty product is something people replenish. Once they use up the product, they will return for more. A great niche product is one people consume or use up, as it gives you more potential for repeat customers.
Something Hard to Find Locally
Finally, since you may be doing a lot of your selling locally, you should think about what’s already offered in your area. If you want to sell custom birthday cakes, and there are already five bakeries within a few miles of you, you’ll have some competition. Conversely, if no one around you customizes their desserts, this could open up a wide market.
Once you have some ideas for a product, see what’s already available in your area. You may need to adjust your approach to remain competitive.
Start Doing Your Research
It’s hard to find a niche product to sell if you don’t do some research. Take the time to study different industries and find a niche that’s underserved. That way, once you decide to open up a pop-up shop and begin selling, you’ll have the market all to yourself.
If you’re interested in launching your niche-products within a pop-up format, contact Westfield leasing today to learn more.