It’s the one question every new seller (and even those more established) ask constantly: “What is that one product that will launch my business into the stratosphere?” Unfortunately, there isn’t a simple answer there. Everyone pushes to find that “breakthrough” product, and it can stifle your success if you put all your energy into finding it.
What Is Your Goal?
The goal of many sellers is trying to find the holy grail of products that can ultimately pull in around 100K or more monthly, but there are A LOT of variables there; none of which are guaranteed to be easy on your wallet. The three big ones to consider are timing, trends, and being at the right place at the right time. In other words, it’s like roulette. You may get incredibly lucky, or you could lose it all chasing that great white whale into the depths of the online sales world.
In business, dependability and consistency will be what keeps you alive….
So what do you do?
The real money is in diversification.
Spread the Wealth
Who needs one product that makes 100K a month when you could have ten SKUs that pull in 10K a month each? Well, everyone would still “need” a 100K a month product, but that’s beside the point. Finding stable and steady products that bring in a predictable amount of income monthly is where your business’s longevity and constancy will stem from. Better still, by diversifying your portfolio, you run an ever-shrinking risk of being “out of business.” Even if one of your ten products fails, you have nine others pulling in consistent and reliable income month to month to month to cover the loss and give you time and resources to find another product to fill its place.
Protect Your Business, and Keep Your Eyes Open
With that said, if you happen to find a product that sells like hot cakes, TAKE ADVANTAGE OF IT. However, that shouldn’t be your focus. In business, dependability and consistency will be what keeps you alive, not one hit wonders.
Build your SKUs. Don’t overextend yourself while doing so, but always be looking to expand. Who knows, while you build and diversify, you may still find the diamond in the rough. Even if you don’t, by using this tactic, you can fail safe your business and keep the money flowing for years to come. You don’t have to be the very best to be wealthy, you only have to be CONSISTENT.