Choosing a niche for a business is an unexpected problem both for a new entrepreneur and for people who are already doing business. Choosing a business niche directly affects success. If you have taken (are already going) the wrong path, then get ready to constantly overcome difficulties that will appear on the way again and again.
Therefore, approach the choice of a niche consciously: analyze, compare and understand the profitability. It's better than banging your head against the wall and trying to sell a product that no one needs.
Choosing a niche for business - misconceptions and myths
People create barriers for themselves in business. They come up with new products, want to be unique and try to cheat the system.
Some people succeed. But 99% of entrepreneurs with an “innovative” product quickly go out of business.
Less competition - more money!
A common misconception is that you should choose a niche where there is less competition. This is a fundamentally wrong approach. Just a high level of competition indicates that money is flowing in this direction.
Use logical thinking. Would hundreds of people bother with a business that doesn't make money? Obviously not.
This leads to the following misconception - the clients have already been taken away. This is not true. There are always clients.
Select a target audience from billions of people and work for it. The problem is not the number of clients, but the right offer and a well-developed product.
The business idea must be unique
Choosing a niche for a business depends on the uniqueness of the idea - absurd! Quality of service, in-demand product, quick response to market changes, well-structured marketing - these are the basics that will help in developing your business and making money.
Of course it's great if the idea is new. The catch is that it’s harder to promote new things. You essentially have to form a market and instill a culture of product consumption. This requires a lot of money. This point is worth considering.
Clients contacted our agency with new ideas and... 50,000 rubles for promotion. We refused them. Since the amount is small and people simply do not request such a product on the Internet.
If you have a new idea that has been tested on other people, then you should enter the market through the media, plus promotion budgets for at least 1 year in advance. Or find an investor who will make financial investments into the business for a share of the company.
I like the idea, so do others too
It’s great when a person is passionate about an idea and in love with a product. However, here lies the catch. A person believes in his product so much that he forgets about:
- real demand;
- margins and deal cycle;
- calculating the break-even point;
- taking into account market trends and analysis;
- payback period for investments in the project;
- analysis of competitors and target audience.
In the end, no right choice niches for business can lead to problems and cash gaps. The scary thing is that the entrepreneur blames himself for the lack of “entrepreneurial spirit”, for not being smart enough, etc.
Stress, despondency, business closure and... leaving for hired work begin. Although the only thing that had to be done was to calmly analyze the niche.
Make a list of at least 100 niches that you like and analyze each of them according to the following criteria:
- demand;
- marginality;
- deal cycle;
- complexity;
- volume of investments for launch and payback period;
- market trend;
- the presence of successful businessmen who earn millions in this niche; how much, on a scale of 10, do you like the niche you are analyzing.
Pavel Ugryumov
Choosing a niche for business: obvious and non-obvious niches
Niches are divided into obvious and non-obvious. The former are attractive because they are a final and simple product.
The second ones are complex ones, which participate in the process of producing obvious ones. You can choose either type. Each has advantages and disadvantages.
Obvious niches
Obvious niches are business on the surrounding things that we see. Look around: furniture, cars, real estate, books and so on. These are final products that are in mass demand.
Advantages:
- easy to understand and quickly understand the niche;
- formed market;
- easy to analyze;
- a lot of requests.
Flaws:
- there is a lot of competition, therefore a high barrier to entry into the market;
- it is difficult to stand out among competitors;
- high risks.
Non-obvious niches
Highly specialized areas of business that are involved in the process of creating the final product. These are components for equipment, chemical reagents, etc. That is, such products are not found in ordinary life.
Build a business in unobvious niche It's only worth it if you are a master in this area. For example, you have higher education biologist, worked in a relevant industry enterprise, and then decided to open a business on this topic.
Another example is the services of a forester who provides services for allocating zones for deforestation in accordance with the legislation of the Russian Federation.
Working for hire, a person received 70,000 rubles a month. He quits because wages are not raised, but at the same time remains the best professional.
Opens a business and works with a former employer on a contract basis. In this case, the check is no longer calculated in thousands of rubles, but in millions.
Only a person who has reached the “master” level can advance and earn money in highly specialized niches.
If you try to become only an organizer, you will encounter staff turnover and will not be able to fully control the process of providing services.
Advantages of unobvious niches:
- much less competition, while the demand for services is quite high;
- low entry threshold;
- minimal risks;
- possibility of independent pricing.
Flaws:
- You must be a specialist who has extensive experience;
- you need to analyze the demand for a highly specialized niche very well;
- At the beginning of your journey, it is quite difficult to earn money quickly and a lot.
You learned that there are obvious and unobvious niches, and got acquainted with their features. Which one should you choose? It's up to you to decide. The main thing is to take into account the recommendations and do a niche analysis before investing money, time and effort in your chosen direction.
Choosing a niche for business: trending directions
They decided to put this type out separately. Trending niches are similar to the obvious ones, but have a number of features. Here, the analysis of demand for the product plays a major role.
For example, goods from China are ideal products to sell, but only at a time when the demand trend for them is at its peak.
This type of niche needs to be entered immediately and done quickly. The goal is not to build a stable business, but to hit the jackpot and move into another trending niche.
Let's take GPS watches for example. At one time, they could earn millions of rubles in a short period of time.
Now the demand trend is steadily falling and if you want to enter this business, in 90% of cases you will lose money or reach the break-even point.
But the trend for electric bicycles and scooters is growing (2018). You can easily enter this niche. The main obstacle will only be finding a reliable supplier who will not let you down.
Advantages:
- the opportunity to earn quickly and a lot;
- no deep knowledge of marketing required;
- high demand at the peak of the trend.
Flaws:
- business is not forever - as soon as the trend starts to fall, you should leave this direction;
- risks - the supplier let you down, you didn’t manage to sell quickly, demand fell and you’re in trouble;
- the matter is not suitable “for the soul” - main task buy quickly, sell quickly and get a margin;
- you need to closely monitor trends, the slightest mistake and you are in the red.
Choosing a niche in business - algorithm and analysis tools
Choosing a niche for a business should begin with an analysis of demand (this does not apply to unique ideas). In the USSR, the model of supply superiority over demand worked. In simple terms- “take what they give.”
If you have studied modern economy, then you know that demand creates supply, and not vice versa! Trying to impose a product on the market is a path to bankruptcy.
1. Demand analysis
Demand is easy to analyze. To do this, you need to go to Yandex.Wordstat and enter the query you are interested in within the time limit.
To find out the demand for a purchase, add the word “buy” to the request. For example, “buy an electric scooter.” Don't forget to select the region in which you plan to sell goods or services.
Find out how to analyze demand in practice from the video in which our director Pavel Ugryumov will review the Yandex.Wordstat service.
2. Competitor analysis
Choosing a niche in business is impossible without analyzing competitors. Find out which players are present on the market, how much they earn, what promotion methods they use and what size budgets are allocated for promotion.
Imagine this situation: you decided to repeat the success of one project, but did not analyze a competitor who receives hundreds of thousands of dollars of investment from America for promotion.
And you have 50,000 rubles for launch. What will happen? With 100% probability you will fail, as you will not be able to even be at the level of your opponent.
If you analyze your competitors, you will understand whether it is possible to enter the market and whether it is worth doing.
Evaluate your competitors using the following algorithm:
- product line - what they sell;
- determine the best-selling product;
- unique properties of the product;
- determine the marketing strategy - what promotion/customer attraction tools are used;
- find out touch points with the audience;
- calculate the effectiveness of advertising channels;
- check your competitors’ sales algorithm (yes, yes, we leave requests, call, buy);
- determine sales channels;
- check the chain of work with the client;
- find out the availability of sales scripts;
- determine the average bill, number of applications, sales and market coverage among the analyzed competitors.
Result of competitor analysis
Based on the data received, you will understand what the state of affairs is on the market and whether you can take a piece of the pie. Also, based on your competitor analysis, conduct a SWOT analysis, which will help you differentiate yourself from your competitors.
If you don’t want to bother and waste time analyzing competitors, then delegate this process to our agency. Just click the button below and submit your request:
Choosing a niche for a business depends on the target audience. Knowing your target audience will help you understand whether you can satisfy customer needs at the same level or better than your competitors.
Also, knowing and understanding customers will greatly simplify business promotion and development in the future. The target audience is the foundation of the project. Understanding the pains, fears, desires and needs of the audience will ensure a flow of clients.
If you want to learn more about the target audience, we recommend that you familiarize yourself with the course: "". To find out more, just click on the button below:
*Remember! Anyone who knows the target audience has no problems in sales!
4. Assess margins and deal cycle
The choice of a niche for a business is influenced by the product margin and the transaction cycle. These two factors are closely interrelated.
Product margin is the difference between the selling price and the cost price of the product. In simple terms - net profit from sales.
See how profitable the margin is in the chosen niche. The higher the net profit, the better. But there are nuances with the transaction cycle.
The transaction cycle is the time that passes from the moment of contact with the client until the receipt of income. As a rule, the higher the margin, the longer the cycle and vice versa.
For example, a grocery store has a transaction cycle of 60 seconds, but the margin is quite low. Another example is real estate. Here the margin is much higher, but the transaction time takes weeks or months.
Determine the margin-to-cycle ratio and choose the option that best suits you.
5. Determine what your soul is about.
After analyzing the niche using dry statistical data, you will get a dozen directions. When choosing, we advise you to focus on knowledge and love for the niche. If you start doing something that is profitable but not your favorite, then nothing productive will come of it.
Love business, love clients! Well, we wish you success, high checks and a lot of positive emotions!
Anyone who wants to start a company must look for a market, a niche. A business niche is a small area that has the potential to generate income and, by mastering it, you can build a company. A niche can be large or small. Usually, when talking about niches, they mean a small market. But you should start looking for niches that have the potential to grow into a medium-sized business.
When developing niche ideas, it is worth paying attention to a whole range of factors. The success of the niche depends on these factors. The easiest way to measure whether a niche will be profitable is to look at how many copies of a product (product, service) can be sold and at what price. There are niches where you cannot sell a lot of product, but the price of the product can be very high and thus the niche becomes attractive. Below we will look at 5 principles for choosing a niche.
1. See the market.
Seeing a potential market or niche is a constant task for entrepreneurs who want to start a new business. For some, it doesn’t matter what exactly to produce or sell - bicycles and board games or tractors. It is important for other people to love the product - what they are selling. These are usually the majority. That is why you should choose a business niche not only because it is potentially profitable, but also because you like it.
Usually professionals in some field have the skills necessary to create some things, carry out some work. These skills can be used in the future to open your own business. Professionals in a particular field have a number of advantages - they see niches in their professional field and are able to recognize those areas where improvements are needed. In addition, such people usually have all the necessary skills and resources to start a business, often without investment or investment. And even if considerable investments are required, they can immediately figure out who might become an investor.
If you are a professional in some field and you enjoy doing your own thing, then you may want to consider finding a niche in the area where you are most competent. Today, most people start companies not for the money, but rather for the sake of doing things the way they like.
So, it is important to see the market. It’s even better to have several ideas in stock at once, and from the same area. One doesn't work - you can start trying another. Having several ideas from one area in stock at once, you insure the risks of an entrepreneur. For example, it will be much easier for you to start a successful business in the field agriculture, if you have worked in this field and have about 5-7 ideas on what could be improved. In this case, success will be much closer to you - you have experience in this niche, you see what can be improved, you start doing a project and - even if you have difficulties with this first business - you can still start another company, only with a different idea, in the same niche.
Today, builders, pharmacists, seamstresses can start their own small companies by seeing what needs there are in the area where they are employed. If you calculate everything correctly and set up the process correctly, then you can seriously compete with those companies that are old-timers in the market.
2. Describe the target audience. Let's say you have identified a niche for yourself in business. Now you begin the most interesting stage - testing your idea for viability. The viability of an idea is tested only in practice, in other words, one cannot say for sure that an idea will be 100% successful or fail. There are certain rules that help reduce risks, but you can be 100% sure that you have chosen the right niche only in practice.
This is why it is worth starting the production of prototypes or simply selling the product as quickly as possible - in order to understand whether it is worth pursuing the product further or whether you need to go in search of other ideas. But initially it is important for us to understand who our target audience is - the clients on whom we will test the business. Since we need clients to build a company, we should start looking for them. But in order to look for them, we need to understand who exactly to look for.
So, you need to be clear about who the person is who will buy your product. Describe the person’s age, gender, income, preferences, surroundings, places where he goes - you will get a picture drawn by your imagination and some facts on the basis of which you make guesses. Find 15-20 people who fit your profile. Then offer them your product. If the product “does not work,” you will be able to determine why: either no one needs your product at all, or you have incorrectly defined your target audience.
3. How much money is there in the niche? Repeat sales model. In case you have correctly identified your target audience, you should calculate how much money is there in the niche? It may happen that the niche is very small and you can’t earn almost anything from it. How much money are people willing to spend on your product? Will they come back for him again?
It’s easy with food, cosmetics and all products in the FMCG category - if the buyer likes it, he will come back again. It is much more difficult with other products. Especially when it comes to innovations and products that are difficult to sell. In this case, maybe you shouldn’t get involved in creating a business in this area at all.
4. Deal cycles. The transaction cycle is the period of time that passes from the receipt of a client’s application to the receipt of money in your account. The shorter the deal cycle, the better for the entrepreneur. If a person comes to a store, the transaction cycle takes a few minutes - from taking the product from the shelf (or on the online store website) to payment. If you are doing specific building structures, then the transaction cycle will stretch for weeks or even months.
The margin may be large, but all the time while you are negotiating, preparing information for the client, you are forced to pay bills, salaries to employees, and so on. Do you have enough resources and endurance to build such a business? If in doubt, it is best not to take on projects where the deal cycle is several weeks or even months.
5. What you should like and dislike in business. We are getting very close important point, which is important for the project - will your business in the chosen niche be successful? Ultimately, success or failure largely depends on the individual's personal involvement in the project. In any business for which investors give money, it is important that the initiator has a strong interest in the project.
Without participation, without a great desire to build a company, nothing will happen, no matter how hard you try. Personal attitude is of enormous importance. It all has more to do with what you like to do and what you don't. Most people probably find it difficult to prepare accounting reports and submit documents to the tax office, fill a website with goods, and do many other routine things.
Today it is not a problem to outsource everything that you do not like to do. But it’s important to understand what you love to do, and is it possible to build a company based on it? The entrepreneur is required to participate in product development, marketing and sales. Are you ready for this? Will you enjoy selling the product?
Some say that it doesn’t matter to them what kind of business they run or what they sell. We leave this approach to your discretion, but still, the personality of the entrepreneur, the love for your business, the product you make, is often much more important than the willingness to do any business, as long as it is a business and that it generates income.
Usually an entrepreneur finds a niche in an area that excites him. A pregnant woman could not find inexpensive clothes of the appropriate quality and design for herself and created her own store of goods for pregnant women. Someone faced problems with admitting children to kindergarten. Some people are annoyed by queues in supermarkets, and this prompts the idea of alternative food stores.
Bicycle lover can't pick up quickly suitable model. Someone’s feet hurt from walking in heels all day, and the idea of comfortable dress shoes is born, and so on. Typically, solving common problems that millions of people face every day is what finding the perfect business niche is all about. Usually the greatest success is brought by those ideas that are not divorced from life (). And those who built a company based on an idea are usually people who themselves felt discomfort from some unresolved problems and wanted to solve them, first of all, for themselves.
Finding a niche to create a business is both simple and complex.
This may be related to your professional qualities and skills, as we described at the beginning. This could be something in the area of solving problems that you yourself face on a daily basis. In any case, have a list of several ideas and start working on them from the very first idea. If the experiment doesn’t work out, you can move on to the next point - and so on until you finally find something that you are really interested in doing and that generates income.
The e-commerce market is quite young, which will allow us to find unoccupied niches and topics in the next few years, and with a fairly low entry threshold. Good growth is also facilitated by the active development of the market due to the expansion of Internet users, as well as the flow of offline buyers.
In our article we will tell you how to come up with an idea, how to analyze the relevance of the market, and also where to start searching for suppliers.
Let's start with general trends. We advise you to familiarize yourself with our latest Analytics of the online trading market in Russia. You can find a lot of data on the dynamics of product categories, which are growing and which are stagnating. But the most interesting and revealing graph is this one:
It shows the distribution of stores by topic, depending on the number of daily orders. Micro - up to 10 orders, Small - from 10 to 100 orders, Medium - from 100 to 1000 orders, Large - from 1000 orders per day.
From this graph we can see that some industries are already quite strongly consolidated and have clear major leaders (Books, Food, Office Supplies). And vice versa, in the Flowers, Gifts, Decorations, Building Materials, the share of large ones is practically absent due to the strong geographical location, and allows local small players to work in local and regional markets.
In any case, this graph should be considered only in the context of the growth and volume of a specific topic. For example, the share of large stores in the segment of clothing and shoes, computers, and mobile phones is large, partly because the number of transactions in the topics is large.
Niche selection tools
Now we have some vector in general, the next step is tools for selecting narrower niches, as well as specific product groups and positions:
1. Bestsellers on foreign platforms:
- ebay.com
- www.alibaba.com
- www.aliexpress.com
- www.amazon.com
- ru-tmall.com
- www.jd.com.ru
- www.etsy.com
Almost all large Western sites have a HotDeal and Bestsellers section, where the most popular products are updated daily or weekly. Often, trends for some things appear there 2-6 months earlier than they reach Russia.
2. Dropshipper sites
- www.dx.com
- www.chinavasion.com
- DHgate.com
- en.osell.com
The good thing about the range of dropshipping sites is that they are ideal for online trading. With these products you will definitely not have problems with delivery, storage or high customer expectations.
3. Catalogs of Western online stores
You can also look at the catalogs of Western online stores that are on the websites of mail forwarders - these are companies that deliver parcels from Europe and the USA to Russia. Using this link, for example, you can find such a selection based on the popularity http://shopotam.ru/shops of stores from the USA among buyers from Russia; there are more than 5,000 stores in this selection, and there is also the possibility of selecting by topic.
Niche assessment
You can estimate demand using the wordstat.yandex.ru tool. An important step to understand the dynamics of demand in general, the presence of seasonal surges and related products.
An example of a growing trend: “buy a monopod”
An example of a trend fall: “buy a talking hamster”
Example of seasonal variations: "buy touch gloves
In order to evaluate only consumer interest, it is better to enter the words “price”, “buy”, “store”, “delivery”, this will filter out information traffic. Also, do not forget that all trendy, fashionable bursts quickly collapse and if you are looking for topics for a long-term project, then it is better to look at topics with constant and predictable demand.
Search for suppliers when choosing a niche
You can start searching for suppliers with search engines, but if you want to find a little-known manufacturer or an interesting product, we recommend two options
1.Wholesale platforms, supplier aggregators:
- Optlist.ru
- Supl.biz
- comerando.ru
- miix.org
- agoraB2B.ru
The most interesting thing is that on some sites you can leave a request to find a supplier, this will allow you to receive an offer directly from distributors and wholesalers, which, you will agree, is nice.
2.Industry conferences
On the websites of expo venues, look for websites of interesting exhibitions, and on the websites of exhibitions, look at the exhibitors section. As a rule, you can always find an archive with a list of all companies that were present with stands, with contacts and small introductory notes. Therefore, you don’t even have to go to them; we present the three largest exhibition sites in Moscow to help you:
- www.crocus-expo.ru
- www.expocentr.ru
- www.sokolniki.com
To search for exhibition centers in your city or region, you can also use exhibition calendars. for example: www.expocalendar.ru
So, let’s hope that our tips helped you start thinking about the product part of opening an online store and choosing the right niche.
Evgeniy Shleenkov - founder and general director of the Shmel Center for Entrepreneurship Development, co-founder construction company“Eurodom”, owner of the DiMaestri coffee company, business coach and business consultant, wrote a column for us about choosing a niche.
The most common question I hear from beginning businessmen is: “What is more profitable (better, more interesting) to do?” It’s the same as asking: “What profession should I choose to be rich (happy, successful, etc.)?” There is no universal tool for choosing a business niche. This is a personal decision and personal path for everyone. However, I understand where these questions arise: today there is so much information that it is impossible to understand what is still missing in this prosperous and goods-filled world. And if we take the area of online sales, then at first glance it will seem that everything is available on the Internet. What they offer us, and what colorful sites they lure us in with. And in all this diversity, how can you avoid becoming one of the millions? Once again, there is no magic pill. Business is an organism, and it’s difficult to say how it will behave in your specific situation. But there is analytics, experience and a set of knowledge that will help you make a balanced and, most importantly, informed decision.
A niche is the basis of any business. As the sailors say: whatever you name the ship, that’s how it will sail. So it is here: the choice of a business niche often determines its success. People spend a lot of money and effort on advertising and marketing, but in the end they don’t get the response they want. And the reason is the wrong niche. Because if consumers are not ready to buy your product today, no colorful website or newsletter will help. They just don't need it today, that's all. Therefore, at the very beginning, take the issue of choosing a niche seriously.
Remember, the niche you choose must meet three main criteria:
1. The product is beneficial
In this case, product is a more expanded concept; it can be both a product and a service. Today, more and more often, we are moving away from selling physical things into the sphere of solving problems or fulfilling people's desires for their own money. in the best possible way. Today it is not enough to simply buy cheaper and sell more expensive. The market is so crowded with goods that it is almost impossible to beat the price. will ruin your business. And your goal should not be just the desire to sell, but to sell exactly the right thing or service to those who really need it. Price is no longer an advantage. Your main task is to understand what benefits what you sell brings and what it gives to people. There is a wonderful film on this topic - “The Pursuit of Happiness”. Main character is desperately trying to sell medical equipment that people simply don't need. Or necessary, but not for those he called. The story ended well, by the way. However, in real life, such mistakes lead to great losses and disappointments.
2. The product should evoke emotions
Our brain consists of two hemispheres: left and right. The first is responsible for logic, the second for emotions. In the first case, you can convince your customers to make a purchase through comparison, USP, talking about the benefits, expert assessments and so on. In this case, people evaluate you and your product, compare with competitors, find pros and cons. In the second case, you evoke emotions. A person sees your product and wants to purchase it. There are no reasons or they are too abstract: I want that and that’s it, because it’s cool. Women often shop for clothes and shoes using their left brain. That’s why we often hear phrases like this: “I saw this dress and realized that it was mine,” “These shoes are like from that magazine.” A friend of mine who drives the latest Bentley once told me: “The people who understand this car best are those who will never buy it. I knew absolutely nothing about this model; one glance was enough for me to understand that I wanted this car.” Price is a very secondary consideration here. If you really like the item, you won’t ask the price.
3. You are an expert in your chosen niche
A mandatory rule is to understand what you are selling. If you don’t know your chosen product well yet, learn. Today, you don’t even have to get up from your desk to do this: there are a lot of educational videos on the Internet about everything. Otherwise, your incompetence will be detected immediately. The consumer is not a fool, he just doesn’t want to spend his money, so you’ll be faced with a barrage of questions, half of which you simply don’t expect. You must not only know your product, but also the chosen niche, the features of competitors, all possible alternatives, technical capabilities, history, and so on. It is impossible to know everything. However, if you decide to start your own business, be demanding first of all of yourself. Amateurs are immediately visible and this greatly reduces the level of trust.
Also, the following points are very important:
4. Do not purchase goods in advance
A very common mistake among beginning businessmen is making large investments. If you think your product is the bomb and everyone will want to buy it tomorrow, run a test. Make an ad on Avito and see what kind of response there is. Or ask your friends and acquaintances if they would be interested in buying this product. The McDonald brothers once worked for hire (yes, this happened to them once). They realized that time spent on lunch could be used productively. Instead of visiting a restaurant, they began to take a quick snack with them - a bun and a cutlet. As a result, lunch was shortened by 40 minutes, during which time they made calls. As a result, the results improved. After the first award, colleagues themselves began to become interested in the recipe for success. This is how the idea of “fast food” was born. Later there was the first restaurant and waiters on roller skates. Life itself gives us ideas for business. And if you are sure that new Chinese phones will definitely explode the market, try to collect at least the first twenty orders with prepayment and only after that make a purchase. Otherwise, it may turn out that no one needs phones now, since a new Samsung has come out and all that remains is to dump them.
5. Solve life situations. Don't try to "sell"
Very important point- the ethics of your communication with the buyer. Don't try to sell your service at any cost. Go from the opposite - why they might turn to you for it. Pay attention to the most famous brands. They don't sell themselves, they sell an idea. Of course, Apple is the clearest example when selling technology turns into selling a lifestyle. Today this whole philosophy fashion trend, a timeless classic. All together and in one small phone or laptop. They sell us technology that can make our lives easier and communications faster. We choose a convenient, and most importantly functional design. And of course, the left hemisphere turns on! Such an integrated approach to selling its products has made the company a leader!
6. Study trends, catch the wave
There is one more concept - this is fashion. The phenomenon is very controversial and ambiguous, and also fleeting. Sometimes the lifespan of one trend is only one or two months. But competent salespeople make millions from this. Today, environmental friendliness is the trend. The greens won and filled everything around with the postscript - eco and bio. Today we see eco-fur coats, eco-cars, eco-food. People stopped eating meat, which led to the emergence of countless bio-markets both in reality and online. Another trend is local marketing: local food, local designers, local handmade markets and so on. In fact, today you can easily make money on anything you make with your own hands. Under New Year- these could be handmade garlands, by March 8 - bouquets of vegetables, in the summer - signature smoothies made from celery and oak bark. Imagine, try it yourself, don’t be afraid to create things with your own hands: the more it looks like handmade, the faster and more expensive you will sell it. Stay on trend and don’t forget, everything has its deadline. Especially in modern world.
7. Use analytics
Before purchasing a product or opening your own online school for anything, study the market. Recently, novice businessmen rely on Yandex Direct. The method is good, but not always correct. Remember, a request in a search engine is not a sale. Very often, performance famous person on TV or bright advertising generates a surge in requests for a particular product. For example, you are offered to buy a car for only 300,000. And you enter the model in a search engine and compare prices. You start wondering how much this car cost before. As a result, there are thousands of requests for this car, but this is only temporary activity and is not a fact that the car is at the peak of sales. I would recommend looking at analytics on coupon sites. If you go to past promotions, you can see at what time and what services were sold. They actually sold, you know. A query in a search engine is simply a search for information; it is not always a purchase. See real analytics, where you can clearly see what kind of product and how many people bought it. Only in this case can we talk about the demand for a particular product.
Don't rush to earn money. Emotions only harm business. Be extremely careful and prudent. Today everything can be sold, even air from the Himalayas. There would be a desire and there would be demand. Therefore, before you rush to conclude an agreement with suppliers, test what you want to sell, conduct an in-depth analysis and be sure that you already have the required number of orders for the successful sale of the first batch. Take your time and believe in yourself and your product. Good luck!