Where & How to Start
Starting Principles
Let me save you time and money.
Read this, and then read it again.
The first and most-important step is to find one winning product.
The best way to find a winning product is to test as many products as you can.
The best way to test many products is to use an environment with low testing-costs.
The most effective way to expand from one winning product is to iterate laterally.
Let’s break down each part below.
A winning product is one that is both profitable and scalable. I have immense respects for hunters and flippers, but it’s is an exhaustive process that will eventually eat you alive. Find something others want, are willing to pay for, and that you can *repeatedly secure for less money than others are willing to pay for it.
In the search for a winning-product, you should act like a shotgun rather than a sniper. Cast a wide net. List multiple goods. See which items get a bite. Let the market provide you the information you are looking for, and then allocate your energy accordingly.
The problem often encountered in step 2 comes with costs. You need to intelligently set up your testing grounds to ensure you can do so economically. If each test requires your monthly salary, you won’t be able to test often enough to succeed. Read more on this below.
Once you find a winning-product, use it to build your second and third winning-products. For example, if you design a phone case that people love, add a PopSocket that shoppers can pair with it. Now, you have two winning-products.
Starting Advice: Use Online Marketplaces
In sports, you start on the playground before you ever see the stadium lights. Ecommerce really is no different. Take the time to build your skills properly.
One of the best ways to do so is to use online marketplaces like eBay and Etsy. Read our full piece on this subject here.