The Internet has made it much easier to get information on business opportunities and with such low start-up costs it is also now possible for many people to make a healthy income from promoting and selling products to customers around the globe.
The key to setting up and running a successful home based business online is to find the products that are in high demand so that you know there is already a hungry market out there.
If we start with the definition of demand given by the Webster dictionary, this will help to give context to the products listed later in this article. According to Webster’s dictionary, demand is defined as:
- “willingness and ability to purchase a commodity or service”, or
- “the quantity of a commodity or service wanted at a specified price and time”.
The constituent elements of this definition tell you why it’s such a key factor in determining your success with any online home-based business. Once you know that customers are willing and able to buy the product or service your are selling or promoting, then all you need to do is get the right product to them at the right price and time. Sounds simple, doesn’t it? And the good new is that it is simple!
So, what products are customers online looking for, and willing to pay for?
Not surprisingly, in view of the role of the Internet as a source of information, the main types of products in demand are information products, which fall into 4 broad categories:
1. Multimedia and Web 2.0 Products
Since the term Web 2.0 was officially coined in 1999, and reinforced in 2004, the movement on the web has been to a more interactive experience and the demand for multimedia products, such as Video and Audio Streaming, has increased dramatically. The change in the landscape of the Internet has also meant that there are new and varied ways for marketers to drive traffic to their sites so any products that show customers how to leverage Web 2.0 to their advantage are also in high demand.
2. E-book information products.
Whilst there are many sites that provide individual content and different perspectives on subjects that range from home improvement and making money online to golf and wedding planning, there is still a high demand for products that bring this information together into one place.
Consumers still place a value on their time and organisation of information that caters to a high demand market is one way of increasing your chances of success. Most products are compiled into e-books although this approach also caters for other business models, such as niche membership sites.
3. Web Design products
Many people are looking to start their own online business and as connection speeds have improved dramatically over the years, there is now the ability to design attractive websites using graphics and templates. However, new business owners do not necessarily want to get involved in graphics and website design, and there is a large market for templates and graphics products to meet this demand.
4. Scripts and Software
As technology continues to make things easier, by automating and simplifying our lives, there is a constant demand for new scripts and software to continue this progress. Products that help make people’s lives easier sell extremely well, and anything that helps individuals to set up shop on the web has an ongoing high demand.
Having looked at these products you may now be wondering how this translates into an opportunity for you.
The good news is that you don’t need to create the products, unless of course that is something that appeals to you, as many of these high demand products can be purchased cheaply with resell rights (giving you the right to sell these to others) or promoted through affiliate programs, where you get a commission every time a sale of the product is made.
This is one of the key reasons why the start up costs of an online home-based business are so low compared to a traditional business, and makes the possibility of running a successful online business a reality for many people.