by Janet Attard
Are you thinking about launching a new business? Do you have some
new product or service you want to sell? Are you pretty sure the
product or service will be a big hit if you can get enough money to get
started, or get the time and resources together to add it to your
existing offerings? Whether you're starting a new business or expanding
your existing business, be sure you stay focused on the most important
aspect of any product or service: what real, living, breathing
customers want or need badly enough to buy.
Remember that what your intended audience will buy, may not be what
you want to sell. If your great idea proves to be a dud, you're out the
money you spent to acquire or produce it, package it and advertise it.
So, how do you get it right? There's no crystal ball to predict
which products or services will thrive and which will bomb. But there
are ways to hedge your bets and improve your chances for success. Here
are nine characteristics products and services need to make you a
profit.
- It must be something people want or need.
- It must be good quality and effective.
- It must be something you can buy or produce at low cost and sell for at least 2 to 5 times your cost.
- It must have a market you can afford to reach.
- You
must be able to describe a typical customer in that market in detail.
(For example, how old they are, what gender they are, do they buy the
product for themselves or someone else, why they want or need the
product or service, what their annual income is, how often they buy
this type of product or service, where they get this product or service
now)
- It should be something that involves repeat sales to
the same customer or that allows you to up-sell and cross-sell
additional products.
- You must have an affordable and reliable way to deliver or distribute your product to customers.
- There should be related, and possibly more expensive products you can sell to satisfied customers after the first sale.
- It should be something you like and believe is worth the price you put on the product or service.
| 
