We started looking for products that could generate a significant amount each month. This is the process that we will carry out to achieve this.
It was time to stop fooling around. My way of doing business is emotional. I like to do things but not always necessarily those that can bring us money. This is the “problem” I have. I don’t like the money itself, but rather the process of entrepreneurship.
These holidays, in addition to being able to disconnect, also helped me organize my thoughts and thoughts. We can still have a good time and also earn some money. That’s why I challenged the team to find a product that can charge 10k with a profit of 2.5k in 6 months. Whoever gets it will have an incentive.
Use tools like Helium10
The basics of research are tools like Helium10 where you can get sales and billing data. It’s a process where you can start with something random and then from there you move on to different products that have nothing to do with the initial idea you had.
Objective: to create a brand
The product can be part of an existing brand or a new brand can also be created. The idea is that it has the potential to add more products later. In this way, the asset that is created is not only the products that generate revenue, but also the brand that may have the potential to be resold along the way.
Find a product with an average level of competition
It’s easy to find a product that sells a lot but not so much with an average level of competition. The tools we have, other vendors have them too. That’s why the most obvious is where everyone is going. Finding products with a good level of sales and with the potential for more is key. It’s not easy at all.
A product that can outperform the competition
Then it has to be a product that can become a niche leader. This requires the competition not to be too advanced by already having thousands of ratings above four in their rosters. The optimum are competing products with less than 300 ratings and if, in addition to the average, they do not reach a four, even better.
The ideal would be to find a product that is not only sold in summer or winter. Something that sells throughout the year and can bring us great and small joys as the best time of the year approaches.
A product that is purchased in units greater than one and is recurring
If we already want to find the Ferrari among the products, it would be to launch a new one which is typically bought in units of 1-0 and which is also recurring. In other words, the initial customer who had a good experience comes back 1-3 months later to buy more units. It’s typical in food but we don’t want to sell food.
You see. Finding the perfect product is not easy. In the end, you have to settle for something imperfect. We’ll see…
Stay tuned.
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