This is my TAC Day 4 post. But today is day 5 in my TAC Challenge.
I should have posted yesterday but unfortunately, I wasn’t able to because I did not have electricity at home. You know, third world problems.
Anyway, I have just finished evaluating the list of products I came up with on my last post.
To be clear, I want to build a formidable brand that I will be proud of and can even sell sometime to the guys from Shark Tank! No, not really. What I mean is I don’t want to simply make some few affiliate commission or sales on Amazon. I want this to be A BUSINESS. Generating some revenues worth making heads nod.
So, from the 16 products I came up with, this is how I evaluated them:
i) Must have the potential to be sold for $10 or more on Amazon.
ii) Should be small and lightweight (preferably less than 2 pounds). This will make shipping cheaper.
iii) Is allowed to be sold at Amazon. This was simple. I simply went to Amazon and looked whether the product is available.
iv) Durable and not prone to breakage. I don’t want refunds from customers should the items break.
v) Can be private labelled. To determine this, I simply searched for the product on Alibaba.com Generally, nearly all products you find at Alibaba can be private labeled.
vi) It should have the potential to be sold with other complimentary products to the customer. Remember, we are building a brand here, not a one off home-run. This is why complementary products are a must in the selection process.
When I was coming up with my product ideas, I was searching based on the above rules. Therefore, as expected, most of the products fitted the criteria. However, I still found some that did not fit and I am glad that I will not be building my business around them.
Here is how my Excel sheet looked like:
I have reduced the products from the Product Column in the Excel file. That will be a post for another day.
Anyway, from the 16 products, I will not be further evaluating the 3 that do not have complementary products that can be sold to the same customers.
My next step is to evaluate the competition of the remaining products and hopefully know the product that will be a home run.
Until next post, stay grinding.
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