It’s a big decision deciding what you want to sell, what business or franchise product or service speaks to you and will also make you money when you decide on what type of franchise to buy or business to own.
Have you ever thought about why stores in your neighborhood sell what they sell? For example, a Postal Connections in Islandia, New York, is an agent for U-Haul and a store in Redmond, Oregon, sells greeting cards and locally made gifts and crafts.
How did they and how do other local stores decide what they want to sell and what would also work in their markets? Here are 15 points to consider when making this decision:
- Do you like the product you’re considering selling to the point that you would buy it yourself?
- Would you champion it to a friend or family member?
- Does it look like the product or service has staying power…will it still be moving over the next five to ten years?
- Can the product be advertised and sold for a reasonable COGS (Cost of Goods Sold)?
- Can you make money selling it?
- Is there a demand for the product in your local area?
- What problem does the product resolve for your customers… how does it improve their life?
- Who will you be selling it to…what are the demographics?
- Do you like the customers who will be using this product or service?
- How will the product or service by promoted and sold?
- Does the need exist for the product?
- What is the guarantee, service process or replacement procedure?
- Name three ways the product is superior to its competition in the area.
- Is the product priced lower and/or of better quality than similar products?
- How is the product or service manufactured or produced?
To sell a product or service, everything has to be right: price, timing, demand, supply and especially your contentment in selling it.