Starting a business can be challenging, especially when you have no experience. And whilst there are plenty of resources out there to help with the transition, it tends to be a learning curve that will adapt throughout the process. When you’re an entrepreneur who’s looking to sell products, whether it be online or in a retail store, you must think carefully about how you’re going to get your product to the market.
Ultimately, your end goal is to achieve as much profit and sales as possible, without going into debt in the early stages. But you’ll also have to consider how you will break into the market successfully while engaging your customers and generating brand loyalty.
To help you through the process, here are the top 5 things you should consider when selling your products:
How you will develop your product
The development stage is perhaps the most crucial part of the process. During this step, you’ll have to create something innovative, eye-catching and ultimately unique in order to capture the attention of your target audience.
Designing the purpose and the look of your product could involve building a prototype which you can then use to help market them. Whether you make this in your own home or have a manufacturer build it for you, it’s an invaluable stage that kicks off the process. If it’s a unique product that’s never been created, during this step, you can also patent it – so that no other companies will develop a similar item.
Which manufacturer you will choose
Next, you’ll have to select who will create your products. If you’re selling products, such as paintings or jewellery, you might find that you’re able to continue to manufacture these yourself. But if your products are more complex, they might require the assistance of a high-quality and reliable local manufacturer. To find the best one for you, it’s a good idea to visit several manufacturers, to get an idea of their capacity and what current clients think of what they do.
Test your market
Once you’ve chosen your manufacturer and created a prototype/have samples, it’s time to head out and test the market. Give the product to your family and friends, sample it at trade shows, etc. and see what the reaction is.
During this time, explain what the product can be used for and how it differs from other products already available. By asking their honest opinion on whether they would buy the product or not and if they have faced any challenges when using it, you can use the feedback to refine your product before sending it out to a larger market.
Choose how you will distribute your items
In order to get your product to the market, you have to choose how you will distribute them. In this decision, you’ll have to consider whether you want to sell your products online or in-store. This can be dependent on your target audience and your personal preference – some may prefer to sell products locally at markets or fairs, whereas others want to sell them internationally via the Internet.
Once you’ve made this decision, look into various distribution companies. As your business grows, you might find that you’ll require your own distribution centre or hire one out.
Create a marketing plan
A marketing plan is an essential document for any business. Detailing the features, benefits and ways in which it differs from existing products, it can be used to sell your product to retailers. It can also benefit you by helping you to decide the best ways to promote your product – whether that be through magazines or through online ads.