Starting an online store is easy. Finding the right niche for an online store is hard. These two factors interplay against and compound upon one another. As the barriers to starting an online store continue to fall, more stores are started, meaning that competition for online sales is generally increasing. The good news is that powerful undercurrents are broadly increasing online sales, and thus the size of the overall market or pie for an online store. The bad news is that now we have to figure out how to pry away our piece of the pie amidst a healthy landscape of competition from other would be entrepreneurs. So, as you can see, it becomes increasingly important to find a theme for our store that will give us an advantage and create operating leverage:
How can I differentiate my store?
Be more specific than the next guy. Consider developing a tightly focused theme for your store, like The Robot Collector. By focusing on a specific theme for your store, you'll offer potential customers a "pure play" on information and products pertinent to that specific theme. This pure play should have a competitive advantage over other websites that are broader in nature, exhibited along several different dimensions that matter. Specificity helps build relevance and gives people a great reason to choose one website or online store over another.
How can I come up with an original idea for my store?
Survey the market opportunity and then focus on your passions. Ask yourself, what am I passionate about? What do I think about in my spare time? How do I spend my disposable income? What are my kids passionate about? What are my hobbies or interests? By focusing on something that you are passionate about you'll have a far greater chance of success because you'll approach the opportunity from a point of strength and credibility. Passion breeds success.
Read voraciously. Pick up a copy of the Wall Street Journal, especially the Weekend Journal and look for ideas. There are hundreds of ideas in any one issue.
Is [fill in the blank] a good idea for an online store?
How passionate are you about this theme or niche? Your level passion is a good leading indicator for success.
How tightly focused is the idea for your online store? Make sure that it is not too broad in scope. More specific is generally better.
How much do you know about the products you'll be selling? The more you know about the products, the greater your ability to assist folks with helpful advice and information about these products. Online purchasing decisions can be challenging and stressful - a trusted source of information could be perceived as valuable by potential customers.
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