We write a lot about manufacturing products here at Pivot International. Heck, it’s what we’re here to help you do, from the services we offer to the blogs we post about various aspects of product development.
But let’s zoom out a bit, and move backward. What about the beginning of this process, when you’re just getting started on your product-based business? What are some best practices you can follow? We’ve listed some tips about how to launch a product-based business below.
Know the financial risks first
Belief in your product is vital, but sometimes that belief might lead you to gloss over some important facts – especially the financial ones.
A product-based business can be lucrative, but there’s a potential for losses, as well. What kind of financial situation are you in personally, and what kind of capital do you have to start this business?
If you don’t have the resources to absorb some losses once you begin creating your business, and your product, it might be a good idea to wait a little longer until you do.
Include some cushion in your timeline
The odds are that just about every step of the process is going to take longer than you think. Not just perfecting your idea or finding investors or moving through the design and development processes.
It’s highly likely that all of the things you need to do to start your product-based business are going to take longer, potentially much longer, than you realize at first. It’s vital to be patient with this process and resist the urge to rush, no matter how long it takes.
Attempting to speed up any step in the process is bound to hurt your business in the long run.
You’ll have to make more than one product
Think of all the successful brands and businesses out in the marketplace right now that you can. Now ask yourself this question: Do any of them make just one product?
We’re pretty sure the answer is no. It’s important to know throughout the process of building your new business and your product that, no matter how new or exciting or revolutionary it might be, you’re eventually going to have to create something new to put out into the world. That could mean either a refinement of your current product, or something entirely different.
Do your market research before moving too far forward
Have you done research on the potential market for the product you’re creating? Do you know what the comparable products already in the marketplace are? Have you worked through the idea for your product as thoroughly as possible?
Don’t take these questions to mean that your product needs to be flawless. No product is, and there will be surprises during the design and engineering processes that will help bring those flaws, and their solutions, into focus.
But a poorly thought-out product idea isn’t a great foundation for a business.
Start thinking about your product launch early
There are few moments more important than your product launch. That’s where all of the hard work you’ve put into creating your product and your marketing campaign comes into focus.
So while you’re preparing to take the first steps in this new endeavor, it’s important to think about that final step. It doesn’t have to be in the forefront of your mind at all times; there will be plenty of other things to occupy your thoughts, from finding your manufacturing facility to establishing your supply chain to hiring your workforce.
But by keeping that launch in mind as you go through all these steps, you have a goal to focus on, and there’s nothing wrong with being focused on a goal.
Want even more in-depth information about starting a product-based business? Download our ebook “Turn a Great Idea into a Thriving Product.”
