How to make money selling your own product is the next step you have to learn more about in order to actually sell your own product.
You have sat and made a list of ideas for products to sell so that you can make money selling your own product, but you don’t know how to make money selling your own product; you don’t know what comes next.
You have your product. You’ve made it or have had it made up by somebody else, but it’s yours – your own product. You know that your product is a good product. You’ve done a little research and have already found out that many people may need or want your product. Now just to sell it, so that you can make money selling your own product.
What to do?
Well, people have to know about your product so that they can decide if they want to buy it or not:
You have to:
- tell people about your product
- or put your product in places that people may visit so they can see it
- or display photos and information about your product where people might see the photos and information
- or, all three of the above
In short, you have to advertise your product, or pay somebody else to do the advertising of your product for you.
Before starting to advertise your product so that you can sell it, you need to work out your costs of making your product, including how much time is spent on making your product.
You cannot just decide on a selling price and think you’re going to sell many of your products and think you will be rich soon.
You need to work out many things like:
- How much will the materials cost that you need to use to make one product?
- How many products can you make in a month?
- What other costs may be involved? – add them up
- Your selling price
- If you sell all the products you make in one month, how much money is that?
- If you sell only half of the products you make in one month, how much money is that?
- If you sell only a quarter of the products you make in one month, how much money is that?
- if you sell only a quarter of the products you make in one month, do you still make a profit?
- How much money do you have available to spend on advertising?
- How much time do you have available to spend on advertising?
You need to know that if you don’t sell all the products that you can make in one month, in one month, that you will still make a profit. If you think you won’t make a profit, then you may need to advertise more, or improve your product, or both.
You may have a wonderful product that many will need or want, but without advertising it, you may actually have nothing.
You should make up a list of different ways to advertise, and of how much each advertising method will cost (and what you get for your money – for example the amount of people who may see your advert), or how much time you may need to spend on advertising if doing the advertising work yourself. The ideal advertising for your product would be advertising that reaches many people, at not much cost to you.
When thinking of the time and cost that goes into advertising, it may help to also remember that some kinds of advertising also need their own advertising, or would be better advertising if also advertised.
How to Make Money Selling Your Own Product?
- make sure your product is good
- make sure your product is better and cheaper than something similar on the market
- make sure many people will want or need your product
- make sure it is profitable – how many can you make each month?
- make sure many people know about your product – advertise a lot or effectively
- hand your product over to your customer
- take money from your customer
You can switch the order of the last two if you like, but, that, in a nutshell, is basically how to make money selling your own product.
Learn more about advertising.
© Copyright Teresa Schulz 2014