Chapter 5, Sections 1 & 2: What do you want to sell, and who wll you compete with?

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by Jordan Piccinin1 view·Updated Mar 15, 2021
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  1. Chapter five, identify the demand and identify the competition.
  2. Section one.
  3. What do you want to sell?
  4. Now that we have an understanding of private labeling and
  5. custom formulas, how to be a salesman and selling online
  6. versus in person, we have to ask ourselves, What do
  7. you want to sell?
  8. You can sell anything from private label toothpaste to shampoo,
  9. dog food to hockey sticks, cutlery to coffee.
  10. You have to pick a product that you will be
  11. passionate about, and one that solves a fundamental problem for
  12. your customers.
  13. Do you believe that people need to have waiter teeth?
  14. Great. You can set up a subscription based private labeled
  15. toothpaste company.
  16. Do you find yourself running out of shampoo or dog
  17. food before you need to resupply?
  18. Great. You can set up a subscription based company for
  19. these two products to supply your customers on a consistent
  20. basis so that they never run out.
  21. Are you annoyed that you have to defrost the windows
  22. in the morning during the coldest of winters?
  23. Great Start, a private labeled company that sells windshield covers.
  24. If you're having these problems, just imagine the amount of
  25. other people out in the world that are having these
  26. exact same problems.
  27. Those are your potential customers, people just like you.
  28. Now that you see how business owners solve problems for
  29. people, what kind of problems are you looking to solve?
  30. What kind of products are you looking to sell?
  31. Will they be consumable?
  32. Will they help with tasks?
  33. What purpose will they serve?
  34. Business owners are problem solvers.
  35. When you look to solve problems for others, you are
  36. looking at opportunities to be successful yourself.
  37. Section two.
  38. Who will you compete with?
  39. Now that you have a general idea on the kind
  40. of product you are wanting to sell, it is integral
  41. that as a business owner, you understand who you will
  42. be competing with within the marketplace and how we will
  43. use this analysis to our benefit.
  44. Now that you understand the industry and potentially the sub
  45. industry that you could be selling into, let's now find
  46. and examine three main competitors that you believe will be
  47. competing with you for your customers.
  48. Hard earned money.
  49. Oftentimes, these are products that we utilize in our everyday
  50. lives that we thoroughly enjoy and buy regularly, but sometimes
  51. question why things aren't one way or another.
  52. It could be a certain color that we don't like
  53. within the packaging, a certain design, a fragrance, a taste,
  54. a motto, anything that you believe if you had a
  55. similar product, you would make better.
  56. This kind of criticism allows us to evaluate where opportunities
  57. lie for our business and how we can exploit the
  58. weaknesses of our competitors to make our products that much
  59. stronger and stronger.
  60. What are three comparable products to the one you would
  61. like to private label and what are their associated costs
  62. at retail?