2020 has been a great year for small business owners, with many new entrepreneurs joining the workforce, either due to losing their existing jobs or deciding to seize the opportunity the pandemic has given them. After all, with consumer behavior jumping years into the future when it comes to e-commerce, it’s a better time than ever to be selling items online. By that same token, more and more customers are also spending time on social media, which also offers a cost-effective way for you to market your business to others.
While it may be exciting to start your own dropshipping company or begin sourcing items to sell on your own, not all products are created equally. In fact, there are some sorts of items that will perform better than others, just based on the sorts of things that appeal to customers and the buying relationship they establish with your company. From creating consistent repeat sales to increasing your profit margins just be nature of the MSRP of the product in question, there are a few different directions you can take when it comes to setting up your business. Here are just a few product-based business ideas that can offer you long-term success.
Sell products that require regular maintenance and accessories.
When it comes to picking what to sell, there are a few different philosophies to consider. One business model puts a lot of stock in the idea of repeat, consistent business from the same customers. This is most obviously apparent in the rise of subscription-based streaming platforms; however, there are plenty of other products that can offer the same sort of repeat business without requiring you to create your own media empire. Selling pets and pet supplies is one great example of this.
For example, even if you aren’t selling pets yourself, selling pet food and accessories can offer multiple purchases throughout the year. Perhaps you’re selling mealworms and dubia roaches for owners of gargoyle geckos, or you might offer terrariums and heat lamps for new gecko owners. Selling pet supplies that are expendable but important to the upkeep of the pet itself can offer you repeat purchases each month, as supplies dwindle and the pet owner still needs to feed their pet. In this way, you can ensure that you’re consistently getting money each quarter in a more sustainable, predictable manner.
Pick items with a high value to boost profits.
Obviously, selling pet supplies doesn’t have the highest revenue capability unless you can really scale your business. As such, some people choose to stock products of high value so that it only takes a few sales in order to make a considerable profit each month. One obvious way to do this is to sell jewelry. From necklaces to earrings and bracelets, offering fine jewelry that complements a variety of fashion trends is a great way to build your profits by selling high-quality products.
Another benefit of selling jewelry is that it will always be in-demand. As couples celebrate anniversaries, engagements, birthdays, and Valentine’s Day, jewelry remains a top gift. Diamonds, sterling silver, and gold never go out of style, meaning that there will always be demand for your product, and, in turn, sales. Especially with the way that businesses can advertise to people on social media with upcoming or recent events like birthdays or weddings, selling jewelry online becomes even easier to do.
Stock high-quality niche items that build word-of-mouth.
Sometimes it doesn’t matter if your products aren’t the highest price or purchased with any consistent frequency, as long as they have a considerable following. In fact, word-of-mouth can be one of your best assets, particularly in an age of social media and constant reviews and feedback online. Getting recommended on Instagram, Facebook, or Twitter is all it takes for an item to blow up in popularity and create a loyal following.
One example of a high-quality item with mass appeal is women’s intimates. Bras, underwear, and lingerie are always going to be in-demand; however, many women are looking for a mixture of comfort, fashion, and support that common brands don’t provide.
By sourcing a high-quality product that fits these criteria, women will recommend your product to other women. Especially in the world of bras, it’s hard to find a true fit that provides the right amount of support at a fair price. By stocking high-quality items that meet these needs, you’re bound to build a loyal following, in-person and online.
Look for ways to optimize your business.
Once you’ve found the right products and business models, it’s important to look into ways to increase sales for your business. Subscribing to the right newsletters or digital magazines can go a long way in offering you need ideas and insights about the world of sales and sales management, not to mention running your own business in the first place.
It’s important to have a few different sources of information that you read with some regularity if you want to keep your business successful. Staying up to date and never settling for where you are can be the difference between truly optimizing your company or staying stuck where you are.
As you can see, when it comes to picking the right products to base your business on, it’s important to think about the question from a variety of angles. On the one hand, selling products that require regular purchases in order to be properly maintained, such as pets and pet supplies, can offer you repeat customers each and every month, even as the prices of these items aren’t the highest.
On the other hand, you may be fine only selling a few units a month if what you’re selling is a luxury item such as jewelry. Regardless of which avenue you pick, if you only source high-quality items, you’re going to build a great reputation in your sector. This will ultimately allow you to find other ways to increase your sales as you continue to grow your company. While starting and running your own business is by no means easy, by thinking through the products you source using the guide above, you’ll be well on your way to establishing long-term success.