Step 1: Prepare – What’s a Good Product?
If you haven’t read my previous post on importing, I would highly suggest doing that before going any further, as it really ties the whole concept together.
After you’ve done that, you can move on…
Now what we have to do is understand what I actually mean when I say “product”
I talked to one person who asked me if I thought he would make money if he sold towels…
That is not what I meant when I said product! So let me explain…
What’s a product?
When I first started my importing business, that “big niche” kind of thinking caused me to lose money hand over fist.
Every “niche” I tried I lost money in. Samples were causing me a fortune and it seemed that the only way out was to quit.
In a desperation move, I started only buying products I was selling consistently and making money on. What I discovered was that there was no profitable “niche” per se, but many profitable products!
You see, you need to be looking for a single profitable product to sell, not a profitable product niche to operate in. If you are looking for a profitable product niche, you are never going to be looking for the right thing. You are going to be completely overwhelmed from the beginning looking at mountains of data that are not at all relevant to what you’re trying to do.
The one exception to this is if you want to create a brand and branch out. But even then, you probably still want to start with one product, the one that will be your most profitable.
If you are trying to make some nice easy side income for yourself, then you don’t need to worry about branding or branching out into new products yet. All you need to worry about is finding a single profitable product to sell, and selling it.
What makes a good product?
Now that you know you are only looking for one single product to sell, you need to know a few things about what qualifies a product to be “good”.
There is a specific sweet spot that you should be looking for.
I would suggest you read over the following list a couple of times before moving forward, and really grasp all these points and why I put them there.