Making your own product and selling it can be a rewarding way to make a living. But just what steps are required to make it happen? Whether you want to brew your own craft beer or launch your own fashion line, here are some of the steps that you’ll likely need to take.
Design
The first stage of launching any product is the design stage. Start by brainstorming all the features your product needs to have. Consider factors like the cost, functionality, aesthetics, health & safety and USP. Then aim to incorporate all of these factors into your design. Consider working with professional designers to come up with accurate drawings and measurements. When it comes to products like foods and medicines, consider the recipe and the packaging.
Testing
In order to find the perfect design, you need to be willing to test your product – which means creating virtual and physical prototypes. By testing all the ways in which your product will be used, you can find flaws and fix them. On top of doing your own testing, consider assembling a focus group to test your product and identify any issues. Keep testing until you’ve settled upon a prototype that you’re happy with. Manufacturers may be able to help you build prototypes if you do not have the means to build them yourself.
Manufacture
Now it’s time to manufacture your product. If you’re not building your product yourself, take your time to look for the right manufacturer – compare costs, reviews and scalability. When deciding how large an initial batch to produce, consider who you plan to target and the shelf life of your product. If you plan to sell food or pharmaceutical products to retailers, you may want to wait until you’ve got orders to manufacture them. With non-perishable items that you plan to sell directly to individual customers, consider manufacturing a small batch initially while you build demand.
Marketing
Marketing is key to securing customers. You can start marketing your product before you manufacture it by advertising concepts or even doing a countdown to your launch. Create a website for your product and social media pages, and then invest some money into paid advertising. You can also reach out to influencers and relevant media outlets for reviews or sponsorship. This will further help you drum up attention.
Sale
To sell your products, you will need to be able to accept payments. This involves having a business bank account and either card machines (if you’re selling in person) or a payment gateway on your website (if you’re selling online). Think carefully about what types of payments you’re willing to accept – including which currencies if you’re selling your product internationally.
Delivery
When selling in person, you may be able to simply hand over the product. But if you’re selling your product online or delivering batches to retailers, you’ll need to consider how to ship your product. Many companies outsource fulfillment services to take care of warehousing, packing and sourcing transportation. Try to find a reputable fulfillment service to work with.
Customer retention
You’ve started getting customers! However, the journey doesn’t end here. A successful business needs to be able to maintain a steady flow of customers. Providing your product isn’t a once-in-a-lifetime product, you should be trying to entice back previous customers to buy from your store again. Loyalty points, subscriptions and exclusive discounts can all be strategies for getting customers to buy your product again.
