Choosing The Best Niche For High-Ticket Dropshipping | Niche Selection Coaching Call with My Student
Things we discussed:
- Important things to know when it comes to niche selection
- Different nuances of niches - what he needs to know before deciding
- Issues about financing your business
- Things you need to prepare before you start
My student listed 3 niches which are considered European. He makes sure it has less competition and lots of suppliers. He researched as well about its trend and make sure it has good research volume.
- Golf Simulator
- Espresso Machine
The golf simulator is a good choice for Black Friday.
An espresso machine is a good niche however, the manufacturer is in Italy. It is always ideal to deal with US-based distributors. You will have a lower profit margin since you will be dealing with the distributor instead of the actual manufacturer.
Sauna's niche is complex. You have to learn the product and be willing to get on the phone with a customer. Customers would love to be on the phone before they buy it.
He also considered bathroom vanity specifically tub niche but it is a complicated and high competition. They are prone to chipping upon delivery. However, bidets, Preston toilets, or illuminated mirrors. You can make a broad bathroom store, you can niche up like three to five product categories. He can have a bathroom remodeling bathroom website. Bidets are decent but not enough suppliers to make a website out of it.
He can have a lot of content in multiple categories. Any website with a broader category. For a beginner, it will be a one product category.
He is also thinking of a niche that is good for the winter and fall. He wants a beginner niche that is not complicated.
I advised him to look into the 99 Niches and follow the steps in finding the best niche that is perfect for him. Consider a niche that is evergreen. It should be something that will pay you all year round.
Q4 is a big selling month because of the holiday season but that is not necessarily the only thing you can look for. If you are going to launch now, you will be behind the Q4. There is a lot of things you need to establish first. You can still launch and get some sales.
Don’t get your emotions to get the best of you, this is just the business. If you are going to do business, just do it. Don’t think of it because you want to take advantage of Q4 as it is only a holiday season. It is going to be there every year. You are going business in five to ten years, that is something you need to focus on.
As a student of marketing, you have got to understand the better you get at marketing, the more you the money you will make online. Understand that promotion is different if you’ve ever taken a marketing course in college.
The four P’s are Product, Placement, Price, and Promotion. Promotion is one of the biggest things about marketing because if you don’t promote, the store in your products or services, your potential customers are going to know about you and they are going to buy from you.
Also, you have considered a high limit credit card because it will make a big difference as to what niche you should choose. You have to pay it upfront once your customer will purchase on the website so as not to delay the delivery. The target is to process it within the day of order so it will be ship within the week to the customer.
The worst thing you do is to procrastinate and think about this that you want to go and then see how it goes. The point is learning the skill set and doing the things that need to be done.
To summarize everything, just make sure that the niche you choose matches all the criteria. If you don’t have skills, just be willing to learn about it and start a store. Be a student of marketing and improve every day.