How To Pick A Market To Launch Your Shopify Store
E-commerce is huge. The potential to make money with online shops is nearly endless. One of the biggest advantages is that you don’t even need to invest a lot of money to be successful with it. Plus, it is a great way to make money online either from home or literally from anywhere in the world. Perfect for everyone who likes to stay location-independent.
It’s a good idea to validate your product idea and market before investing a lot of money in it. That means you want to be sure that people will buy it before you spend your life savings on a huge purchase order.
But of course that’s easier said than done. Others have written lengthy guides on exactly how to execute a sophisticated marketing experiment. And you could try them. However, while running such an experiment may be cheaper than buying your product upfront and then hoping it sells in the market, it’s not free.
It’s impossible to guarantee that your product will be profitable in the market you choose. However, it is possible to heavily stack the odds in your favor.
Consider scratching your own itch when choosing a market for your Shopify store. Scratching your own itch means selling a product that you want for yourself. If it scratches your itch, then it has already been validated for a market of at least one customer. And the odds are good, if the product fulfills a need in your life, it will do the same for others like you.
And because you are a member of the same niche, you are intuitively equipped to sell the product in the market that you choose. You have empathy, and it’s completely organic, not manufactured or learned. You know on a gut level exactly why people need your product. Because you needed it too.
Some of you are wondering if you have to be a designer, creator, or inventor to use this method. The answer is no. You could also repackage or rebrand an existing product that is being marketed poorly or to the wrong customers.
Here’s a simple exercise you can use to generate a huge list of validated product ideas that you can choose from. We did a few test with existing products and with great feedback, with a waterproof backpack the market was found easy and the product just sells itself, again it’s important to study the product to see the quality and performance of it to actually find a good niche market to sell it..
Go back to your notepad. At the top of the page you have already written down your niche. Now write down your answers to the following questions. You don’t have to limit yourself to one answer per question.
- What is something you wish existed in your niche but doesn’t?
- What is something you wish was easier to get in this niche? That could mean easier to buy online or it could just mean less expensive.
- What is a product in this market you wish was made better? This could refer to packaging, quality, or the actual features of the product.
After completing this exercise, you will now have a list full of pre-validated product ideas and how to market them. They are already validated because you want them. A few of the ideas are probably already popping out at you, just waiting to be turned into a business.
The niche I selected was the simple result of how I spent all my free time: in the gym. And the product I created was the answer to this question: “What is a product in this market I wish was made better?”