You don’t find success in life by starting a business without product to sell. After all, business is all about making a profit. And without a product you have nothing to offer to your prospective customers.
If you have nothing to attract customers, you don’t profit. Your business plunges like a barrel over Niagara Falls. It drops straight to the bottom before it even steps on the first rung of the success ladder.
The earliest activity of every business entrepreneur is to decide exactly what niche to start the business in. Knowing the niche tells you what type of products you’ll market. Then all you need is to find those products.
Will you market a physical product, a digital product, or a service product?
Service products are self-designed. You just figure out what you’ll do for people (the service) in return for their money. Then you create a process for providing that service.
For physical and digital products you have many options.
The product you’ll profit most with is one that you design, and create, yourself.
When you have your own product you keep 100 percent of the profit when you sell. When you market someone else’s product you get some part of the profit.
To get your business growing your best bet is to market other people’s product as an affiliate marketer. That gets your profits started early, and you’ll have income to fuel more growth. Since the product already exists you only need to make sure of its quality, and then figure out the best places to advertise that product.
If the affiliate product you choose is physical, you get smaller profit percentages. Those commissions often fall into the five and 15 percent range.
Do a google search for wholesalers, and drop shippers, to locate physical products. Keep in mind that wholesalers normally require that you buy lots. You’ll need funds to make large purchases, and you’ll need storage space. Drop shippers store the product in their warehouses, take your orders individually, and ship the product under your business name.
Or search for “affiliate programs” in the product niche of your choice. Some outfits that sell physical product through affiliates are online bookstores. Others are affiliate networks.
Digital products pay higher. You’ll find payouts for ebooks, videos, and audios as high as 75 percent, and higher. Some authors offer 100 percent commissions on basic products. They get their profit by marketing what we call back-end, or up sell, products. They offer those products to customers after the customer’s initial purchase.
Repeat customers don’t cost anything for product advertising. Or that advertising costs little. That means that profit margins are higher for those repeat customers.
A Google search for digital affiliate programs gives you lots of options. The biggest sources are affiliate communities. Here authors offer their products to affiliate programs. Commission rates vary for these products.
The community site normally tracks your sales. And it manages commission payments.
When you’re starting a business, and after you determine your niche, it’s time to find a product to sell. Choose carefully. Make sure the product you select is a quality product. And make sure the product you sell enjoys a high demand.