Profitable products: How to find your first

If you’ve always been interested in entrepreneurship and starting an online business, you might understand the frustration that’s involved in finding suitable products and ideas. Don’t worry too much though: chances are you’ve already got ideas you can build on.

1. What’s your passion?

Everyone has interests. You might like reading, or fishing, or going for walks. No matter what your passion is, try to think of a time you’ve dreamt of a specific tool you’d have liked.

Thinking about your interests and passions can help you create the perfect product to help people with similar hobbies. While there are some risks in pursuing something close to your heart, as you might not be able to distance yourself when needed, there are also benefits to being invested in what you’re creating.

You’ll be able to better maintain motivation and enthusiasm, and you’ll have insights others lack.

2. What are your skills?

Have a think about your experience. Which industries have you worked in? What do you know more about than other people do? It could be that you have a specific skill other people might find value in. Your experience could help you come up with the perfect product!

Entering the market this way means you’ll have a unique advantage: no one else will have your exact skill set and experiences, so why not capitalize on them?

If you’ve created a unique filing system to help you manage tasks, or a desk device to help you prop up items, consider sharing and selling it!

3. How can you help someone else?

If you can’t think of any ideas based off your own interests or work, consider complaints your friends and family have. A key element of succeeding in business is solving pain points. It could be that one of your friends is frustrated with a product they have to use on a regular basis.

How could you improve it?

Talk to as many people as you can and try to find products they’re frustrated by. If you can solve a problem for someone, you’re in business! You can also comb through existing product reviews on existing online stores. Pay close attention to any trends you identify. If people consistently wish for the same thing, you could be the one to swoop in and provide it for them.

The key thing to remember is that there’s no such thing as a perfect product: just a profitable one. Try to avoid becoming paralysed looking for a flawless product. You won’t find one. All you can do is try to continuously improve, incorporate feedback, and get your product in front of people.

If it can make any profit at all, it’s a winner.

Lena Klein