Often the hardest task, when you open your store, is finding a niche, ie the most suitable sales market. I want to give you 5 tips that will be useful when choosing a niche where you could start your business. These are based on the experiences of the people on the luminablog.
Choose a trade area or niche that you like
Many people make the mistake of opening a store and starting to sell a product just because it is popular right now. If this product is really popular, then you will most likely have to face huge competition. And if you are not passionate about what you do, then you will not be able to stand out from the crowd of competitors.
It is also very important to have experience with the product you intend to sell. This will help you differentiate a quality product from a low-quality product when you decide what to sell in a store. The ability to write detailed high-quality product reviews, as well as write competent product descriptions, will also help increase customer confidence. Another important point is small business loans reviews that will help you if you are interested.
And most importantly, selling the products you like gives you confidence and determination. In the first six months after the launch of the online store, our income was about 5,000 rubles per month. But given the fact that we liked what we did, as well as the fact that we paid special attention to our customers, we were able to hold out until our business started to make significantly higher profits. The first 6-12 months of the day you open your store are the most difficult. You will feel despair, longing, and remorse when your business moves slowly or not at all. If you are not passionate enough about your work, then you will not be able to overcome all these difficulties.
Choose an item that is usually difficult to find
If you sit down and think, then maybe you will come up with at least a dozen products that you really need, but that is not so easy to find in stores. Recently, I was looking for complete sunscreen on the back window of my car, to keep the sun out of my child’s eyes. You can’t even imagine how hard it is to find one. Moreover, a few weeks have passed and I still haven’t found what I need.
Choose a product that has a good profit
Of course, you have to follow your passion. However, it will certainly be easier for you to sell a product that has a high profit and a high value. Customized products or handicrafts will have a much higher added value, while technical products have constantly faced the problem of profit and falling prices during their existence.
Choose a niche where you have connections
If you have family or friends who are already running a successful business in a niche, seek their help. People who already have their own business probably have a good idea of what will bring and what will not bring profit in their particular niche. In addition, they certainly have a lot of good ideas that they have thought of in the past but did not have time to bring to life.