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Finding Your Product

A lot of entrepreneurs start with a service. They know something, and they would like to share that something with others. This is how people typically find their entrepreneurial spirit and learn that they are tired of working for “the man” and find much more fulfillment working for themselves. After a while of servicing others, however, many of the same people decide they would like to release a product. Why? Because it is a great way to earn passive income and stop working so many hours. It’s also a great way to branch into something different altogether.

The question eventually arises, “How do I figure out what product to create and sell?” There are actually three strategies (yes, actual strategies) that can be used for figuring out what product you can sell.  

Check The Markets

Some things are simply hot on the markets, and these are things that will sell no matter who is selling them. This is a great option for the entrepreneur that doesn’t want to create something, but simply wants to sell something. Gather your startup funds and check sites like Amazon and see what’s selling the most. Then, find a manufacturer for a similar product that may be a little cheaper, but will be just as popular. Create your website, make your order, and starter up!

Entering A Competitive Product Market

If there’s a particular market that you’re interested in, find the top providers, and start checking reviews of the products. Find out what all of the bad reviews (there are always some bad reviews) are saying about the top 3 product providers, and optimize on sales by finding what’s missing and creating it. This will be a great way for you to tap into the market where there’s already competition.

What Do You Want?

A lot of the most successful products to date were created because the creator him/herself felt a need for it. The light bulb is a prime and classic example. Everyone wasn’t asking for it. Benjamin Franklin wanted it himself. Think about the things that you’re interested in and the products you use. Think about one you’re never completely happy with no matter how many different types you try out, or simply think of a need you have that you wish there was a product for. This is how you take this route. Get in contact with a manufacturer and see if one can do it for you. Order prototypes from a few different manufacturers until you find one that can make it the way you want it. Create your website, make your order, and you’re in business!

These three strategies will help anyone who would like to sell a product but doesn’t know exactly where to start. If you spend time brainstorming and researching on these different levels you will surely come across a few ideas that could work. From there, test out your prospective products and see which one will lead you to the highest passive income, and get started!

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