Starting a business can be Hard Work.
As an aspiring entrepreneur, you’re faced with many daunting questions.
“What should I sell?”
“How should I sell it?”
“What price should I sell it for?”
You may feel alone when answering these questions, but you’re actually in good company.
Getting these questions right will be the driving factor in choosing how much YOU profit!
Entrepreneurial success isn’t supposed to beeasy, but with the right resources it is.
If you can answer the 3 questions I mentioned, you’ll be well on your way to choosing how big of a profit you take… and the sky’s the limit!
Let’s jump into those questions and get you on your way…
“What Should I sell?”
I was talking to a friend the other day who said he so desperately wants to start a business.
He knows the tools he can use (answered in the next section), he has a little bit of capital to get started, but he’s stuck on one thing… he doesn’t know what he should sell.
I laughed and I think it initially offended him.
“That’s the easiest part!” I told him.
I asked him what he loves. What his hobbies are when he’s not working.
To protect his niche, I won’t reveal his answer. But that question set him on his way to setting up his business.
So, I ask you the same thing…
What do you love? What are your hobbies when you’re not working?
Answering those questions will answer the main question at hand.
You should sell what you love – what you know.
Doing so will make your business not feel like work.
Since you’ll be selling something you love learning about, you’ll be able to push through the hurdles of business ownership much easier.
Once you have that answered, we can move onto the next question.
“How Should I sell it?”
Well, there are many ways to sell whatever it is you’re selling.
Is it a service? Is it a product? Is it an idea?
There are so many tools on the internet that you can use to market yourself.
If it’s a service, take a look at websites like Fiverr.com and Upwork.com to get started.
If it’s a product, you can sell on ecommerce websites like Shopify and WooCommerce (there are plenty of simple tutorials to get started once you’ve found the right one!).
If it’s an idea, like a design for example, check out RedBubble and Society6 where you can list your designs for people to buy.
My point is, the answers to “How Should I sell it?” are endless, but the most important way to answer that question is to pick 1 and grow that avenue before moving onto other platforms.
“What Price Should I sell it for?”
This is my favorite part.
Probably because it’s the question that stumps entrepreneurs the most, but it has the simplest answer.
The real answer is What the market is willing to pay.
When answering this question, I always refer to nuts at a hotel mini bar.
You know those snacks in the hotel rooms? Yes, the overpriced ones.
Like me, you’ve probably complained about them before for being so overpriced.
But the reality is, they are priced a penny less than they’re worth to the traveler in that moment.
If there are no other options and you’re feeling snackish, you’re going to pay that price. Or at least somebody will. That’s why they’re priced that way.
So the only true way to figure out how much you should sell it for, is to test it out.
Launch it at what you think is a fair price. Take notes of sales, then launch it again at a different price.
Go up and down.
You may find you’re better off selling 100 units at $10 than 50 units at $15, thus choosing how much YOU profit.
Whatever the price is, the market will tell you!
And that wraps up the 3 questions that allow you to choose how much YOU profit!
Take them for a spin and let us know how you are answering these questions!