Choosing a Product: Part 1

In my last entry I wrote about capitalizing on your passion.  The truth is there is a continuum of beliefs about this.  From “Do whatever you love!” to “Screw what you love – do what will make money!”  I sought out various viewpoints, and while I still believe you can make money doing ANYTHING (even something like a passion for Bug Eating – isn’t there a TV show about that??) I also know that when you are setting up a store online to sell a product, things like market size, and ease to market can make a BIG difference.


Little did I know, the product selection phase can be the most difficult for people.  Many an entrepreneur-want-to-be has stalled out here after months of searching.  I don’t think it needs to be that hard, but you will be throwing your time and energy into this, so it’s worth a second thought.


A couple of good friends put on the Hot Seat this morning, as I threw out ideas.  The conclusion, start with your target market, not the product.  Who is going to be searching for your product?   Who is going to spread the word and be your biggest fan?  Who are you going to draw in from the World Wide Web?  It’s not going to be everyone, and it’s not going to be someone searching for your unique new thing (at least not at first).  Who is your market and what problems do they turn to the Web to solve?  (Thanks Alan and Doug!)



Now, given that the textile and home goods markets are highly saturated, and given that it would require a great deal of time and energy and capital to bring to market what I would like to, and given that it would take a lot of upkeep and energy to keep it going, I have decided that this idea does not fit the model I am trying to build.

In FACT, when I ran a Google keywords search to find out how many other people in the United States  searched for items similar to what I wanted to provide, I found that last month there were a Grand Total of . . . drum roll please! . . . .   28!  Total. 

This means that either, people don’t want what I was thinking of offering.  Not likely!  (Ha!)  OR, they aren’t searching for it because they primarily shop off line, or through major retailers they already know.  Yup, that’s it.

Here is The Criteria (for now):

1.  Have a niche market generating local (ie national) related Google search terms of 3,000-6,00 or so.  (This means you have a big enough market to drive traffic, but small enough not to have as many other dominate players to compete with for page 1 on Google, and the strong national market helps reduce international shipping issues at first while you are building your business.)

2.  Main product to have a price point of $100-$300 or so.  (This means that you can still turn a profit as a little guy, can more easily scale as your profits won’t be eroded as fast, and you won’t have to put in as much time and money towards customer support as you would with a product at a higher price point.)

3.  Product is easily brought to market.  (This means there are already 2 or more distributors in the states offering your product and willing to drop ship, OR you can search out a manufacturer to make a product with minimal variations and parts sourcing.)

4.  Product selection has minimal turnover.  (This means you won’t have to search out and manufacture new product 2-4 times a year to keep up with seasons and trends.)

The best source for information about HOW to do this, that I have found so far, is a guy by the name of Andrew Youderian, who blogs and wrote an e-book you can find at www.eCommerceFuel.com.  He also wrote a wonderful blog (with lots of ideas I have adopted, as you will see) at Shopify.com.  Click here - Andrew's Cool Blog Post.    Andrew leans towards the do-what-sells end of the spectrum, and offers a realistic perspective that is very useful.

This post may leave you wondering how long it is going to take me to come up with a target market and product.  Have no fear!  I’m well on the way!

I blog a minimum of twice a week.  So follow along, bookmark this page and come back often!

What to do? Where to start?

First thing first.  What kind of business (remember – asset, not job) do you want to build?  What passion do you want play off?

My husband and I recently bought our first home, and one day as I was complaining about all the stuff I wanted to do with it and how much it all would cost, someone told me, “Melissa, the two things that keep our economy going is Houses and Babies!”  They were right!

Well, I’m not in the baby phase (my son will soon be a teenager), but I have really enjoyed working on our home.  I enjoy decorating, painting, and most of all Pinteresting (yes, it’s a verb now) ideas for things to build and items I would like to purchase.

Ok, decision made.  Household decorating/remodeling it is!

Next question:  How do I capitalize on that interest/passion?

I’m going to start with an online business.  I like this for 3 reasons. 

                1.  It is completely mobile

                2.  It can be worked on at any hour of the night or day

                3.  As it grows the work can be easily outsourced

Also, I’ve already decided to go with a product first, as opposed to a service or knowledge-based design.  (There are many ways to do this – one of which I will explore in my second venture… more on that later.)

The questions you should ask yourself are:

1.  What isn’t out there already?

2.  What is out there – but I could provide or promote better?

3.  How niche-y do I want to be?  (It’s been proven that highly niche product lines do best online.)

Well, one thing I looked and looked for online were curtains to cover my backyard sliding glass door that were brightly colored with a large printed design.  Easy, you might say.  But I looked for MONTHS and couldn’t find anything!  I finally settled on a more muted design in a shower curtain, and found a specialty retailer online that sold extra long shower curtains that would fit my window.  Yes, I have shower curtains as drapes.  Actually, they are quite lovely. 

The other thing I couldn’t find online were retailers catering to the next generation of homeowner.  Sure, everyone TRIES to.  From Target to Lowes to Sears to the millions of tiny online retailers, they all try.  However, with all the millions of dollars they spend on the best research and brains around, none of them really GET it.

Now, trying to take on the likes of Target in the design arena is hardly niche.  It also is a big bite to try to chew on a first time attempt at this.

So the question becomes, how could I marry these two ideas, stay niche, and still answer the second question above?  What in these arenas could I provide and promote better???

More on this next time….   J

I blog a minimum of twice a week.  So follow along, bookmark this page and come back often!

The Mission

There IS a Better Way!

If you have ever felt trapped in a dead end job, felt trapped financially because you have no job, been frustrated because what you do every day brings you no joy, isn’t creating a legacy, and isn’t changing the world,  if you’ve ever felt the paralyzing fear of being in more than just a financial “pinch” as you view an empty bank account and pray that some miracle will happen that will allow you to pay you rent or mortgage this month, if this is, or has ever been you, then this blog, this experiment - is for you.

I have been both up and down financially.  In some jobs I have loved what I was doing and, in others I have loathed it so much that Friday night I can’t get to sleep because it only means 1 thing – that Monday is one step closer.  I have felt the fear the empty bank account brings, and the joy and satisfaction when it’s full. 

Through this all, I have known to my core that there is a BETTER WAY!  The corporate way – trading your life for money – isn’t all there is.  Go to school, get a good job, be set for life - is a LIE.  See, I have also owned businesses.  I have owned assets that generate money for me.  THEY pay my bills – not my time.

Ever since I was young, as the oldest in a family of six kids, with my dad working two and sometimes three jobs just to make ends meet (still SO proud of my dad for this!), I knew if I wanted money I had to find a way to make it appear.

As a young adult, I tried many things, worked full time, went to school on the weekends, started businesses, worked for other people – the whole nine yards.  Through it all I always felt that even though God would provide, that it was MY responsibility to make ends meet.  It was MY responsibility to make money appear when I needed it.  And the best part – I knew I could do it.  I had been doing it for years.

Now, through the Great Recession, I have met hundreds of people who used to believe that no matter how soul-sucking, the way to provide for their families was to trade their time and very life for money.  Unfortunately, while they were (and still are) ready to trade – the other side isn’t.

What happens to people, to families, when there are willing people, but no businesses who want them??  Answer: The same thing that happens in 2^nd and 3^rd world countries.  Struggle, homelessness, starvation.  It’s depressing.  BUT, it doesn’t have to be this way!!!!!!

There are SO many ways to create an income for yourself. 

The problem is that people look at success stories and say, “That could never be me.  They had x, y, and z going for them – I don’t.”  People give up before they even try because they don’t see HOW it can be done in THEIR world.

I’m here to change that.

I’m here to say – “There IS another way – Here it is!”

The Great Experiment

Over the years I have daydreamed of developing a method of creating businesses that were capable of providing for families - Businesses that could run almost without the owners -Businesses that would take minimal capital to start - The Holy Grail of the financially strapped and corporately burdened.

I KNEW I could do it – and even more, I KNEW I could teach others to do it too.

I am passionate about Helping people provide for their families while doing something they enjoy.  Too many people don’t do this because they don’t know HOW, and they don’t know where to START.  That’s what this experiment is all about.

The ultimate goal is to develop this method of business creation (i.e. - assets that generate revenue – not “businesses” that only create another job for the owner) that can be implemented readily, by almost anyone, around their unique passions, within a short period of time, and generate enough revenue to provide for their family and “pay the bills”.  Ultimately, I would love to create a “4 Day Weekend” method, so that you could take a couple of PTO days, and emerge from the weekend with your 2 week notice!  (I don’t even know if this is possible – but if you’ve already found a way, let me know and I’ll cease all efforts here and promote your method instead!)

Best I have found yet, is a loose method that takes about 6 months, $100-$1,000 to start, takes 4-5 hours a week to run once up and going, and provides enough income to pay the bills.  I’m going to start here and make it better!

And the Blog…

During this experiment I will blog as I go, showing both successes AND failures.  A lot of people are afraid to fail.  Let’s get that out of the way now.  I WILL fail.  And I WILL succeed.  And YOU get to watch (and give advice, comment, follow along, and even try it for yourself!)  I want to hear YOUR stories too.  I do believe that “there is nothing new under the sun” and that we learn from and build on each other. 

Imagine a world where there is no fear of losing a job – you only work where you do because you WANT to.  You always have alternatives, and you are always contributing to your legacy.  Imagine a world where you could pick up at any time and take a vacation for a few months.  You could stay home to care for your kids, or you could travel the world.  It’s all your choice – because you HAVE CHOICES.

This isn’t a croc.  People have been doing it for YEARS.  It’s time to make this attitude and lifestyle accessible.  I can do it.  YOU can do it.  Watch me.

I blog a minimum of twice a week.  So follow along, bookmark this page and come back often!