3 things to think of when starting a business or selling a digital service

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3 things to think of when starting a business or selling a digital service

Many people out there have great ideas and want to sell a service of their own online, but they run into some hurdles along the way.  Most people think their idea is unique and quickly realize they're not the first to market, which can be a motivational killer, but what you do after you realize you have competition is what makes you shine.  Are you able to rise above the competitors and become the main service provider within your industry?  Can you get awards for your outstanding work in the field you've chosen?  Can you keep your customers coming back time and time again to make additional purchases?

There are many things to think about when starting to sell your digital services, but the three main ones that will help you understand everything are as follows

Is your area of expertise flooded?
Look around and see how many people are offering the same thing as you.  Are there a couple of dozen, or are there a couple of thousand?  Now, how many of those sellers are offering something as high quality as what you have for sale? 

If the market for a specific skill is flooded with high quality services, then you have two choices.  You can either dive headfirst into the area of your choosing and work as hard as possible to be the best you possibly can be.  Your second option is to drop your pricing as low as you possibly can, get a wave of customers coming in, do a ton of work with little pay, and scale upwards while increasing your prices gradually over time.  Either way, you'll be doing a lot of work and probably not making much money right away if your area of expertise is flooded.

Does your product or service change the market?
There's a difference between making a market and changing the market.  If your product is cutting edge and changes how people view the market you're in, that's a good thing.  If you're trying to make a market to sell your product, that's a bad thing, and that's because you won't have a horde of people to tap into who are already aware of the other markets. 

Creating your market is almost impossible to do while taking over a market, and changing it is still difficult but much more rewarding.

Does your product or service require vast knowledge to use?
If someone has to read an entire book to understand how your product or service works, then it's probably not going to do very well.  Today, people need to understand how something works after reading about it for a minute or two.  You can't give them a 500-page owner's manual and expect them to read everything to use your product or service efficiently because that doesn't happen.

If you need to teach someone how to use your product or service, you'll probably find yourself not getting many sales, and you should try editing something, so your product or service is more self-explanatory.

Final Thoughts,
It's easy to start a business, but it's not easy to make it successful.  If you know what to look for in terms of market strategy, saturation, and profit potential, then you will understand how to develop something a lot of people want, and not many are offering.  Know your market and understand that people don't want to be taught about something, they want to understand it, and if you can do that then you'll have a winner on your hands 3 things to think of when starting a business or selling a digital service

Thanks for reading 3 things to think of when starting a business or selling a digital service

- Tommy


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