Moving from reselling physical products – whether dropshipping on Shopify or Retail Arb on Amazon – to developing your own products is a big step. It’s really the key to creating a really valuable, sellable business. This is the real prize these days – I know so many business owners who have sold their product businesses for high 6 or 7 figures. If you’re going to keep owning your business, it also means it’s defensible and profitable for you.
But it is a big, expensive and complex undertaking compared to simply reselling others’ products. So today we’re going to go over how to approach this complex process in a structured way to get you the best chance of a profitable product that gives you profit and makes your business valuable and – if you choose – sellable .
On this episode you’ll learn:
- How do we best go about developing custom products
- Big Area No. 1 – Market research
- Brainstorm Products
- Assess Market
- Find members of target market
- Product Development : Suppliers and Samples
- Customize Your Products