What is the most difficult aspect of starting an online business? Typically, it is the initial generation of a business idea.
Coming up with product ideas to sell online can be difficult for many new entrepreneurs, but it’s an important part of getting started, so if you can speed up the process in any way, you can get your business up and running much faster.
If you’re one of the many entrepreneurs who want to start an online business but don’t know what to sell, we’ve got some suggestions for you! We have 15 tried-and-true strategies to help you come up with ideas for what type of online business to start.
But there’s one more thing to keep in mind: coming up with business ideas is only the first step. To turn those ideas into anything of value, you must actually act on them and make them a reality.
TURN YOUR IDEA INTO A STORE: #IDEATOSTORE
So, as you read through the strategies in this article, keep in mind that an idea is only the first step — albeit a very important first step because it paves the way for the rest of the journey; however, an idea is only as good as its execution. To open a new store, you’ll need an idea, seed money, mentorship, access to resources, and even a domain name, so following through on an idea can be difficult.
But keep in mind that assistance is available to you. When you’re just starting out, your best asset is the entrepreneurial community at large — so many brand owners and companies help fledgling entrepreneurs in any way they can because they understand what it’s like to be in that position. Our long-term collaborators. Store Domains, for example, encourages and supports entrepreneurs through their IdeaToStore contest.
What exactly is the IdeaToStore competition?
IdeaToStore is a project.
Store Domains were created to remind and encourage entrepreneurs to take the first step toward transforming their idea into a store. Their hashtag #IdeaToStore says it all: don’t keep great ideas to yourself; share them with the world in the hopes of one day turning them into a store.
.Store Domains is the most popular domain extension for online retailers. It allows businesses and brands to secure website URLs that end in “.store,” indicating that your store is “open for business.” They recognized the value of simply encouraging founders to take the first step as a result of their experience, so they built the entire contest around the idea of simply getting entrepreneurs started.
With the IdeaToStore contest, you can win fantastic prizes such as:
- Cash prizes of up to $30,000 are available.
- One grand prize winner will receive a cash prize of $20,000
- One runner-up will receive a cash prize of $5000.
- Five weekly $1000 lucky draw prizes
- The opportunity to bounce ideas off accomplished entrepreneurs BossBabe and John Lee Dumas
- A one-on-one mentoring session with BossBabe A one-on-one mentoring session with John Lee Dumas
- The winner and runner-up each receive an annual membership in the BossBabe Société.
- Every registered entry will receive a guaranteed prize of a 99 percent off coupon code for a.Store domain.
- And, of course, bragging rights!
As previously stated, starting a new store requires an idea, seed money, mentorship, access to resources, and a domain name — all of which the IdeaToStore contest provides if you win, so you’ll be fully prepared to turn your idea into a reality.
The IdeaToStore contest begins on Thursday, September 30th, 2021 and ends on Thursday, November 15th, 2021, so get your online store ideas ready!
15 Ways to Come Up With an Idea for Your Online Store
BUSINESS IDEA STRATEGY #1: IMPROVE AN EXISTING PRODUCT
You don’t have to invent the wheel; instead, consider how you could improve an existing product.
There are so many products on the market that, with a little tweaking here and there, could be even better. Make a point of noticing things in your daily life that you could make minor changes to so they could be sold as their own product.
Chaim Pikarski, an Amazon seller, has made a living doing just that. He sifts through Amazon reviews for products where a customer reviewer mentions wishing the device had a handle or some other minor adjustment. He then locates a product that corresponds to the desires of the consumers and seizes a portion of the market share.
It’s a simple yet effective way to get started selling online without creating something entirely new.