How to make products and successfully sell them!
If you have an idea and it needs to be made, we say go for it!
Over the course of our Money Making Journey we have met many entrepreneurs that had an idea, ran with it and struck gold. They are living, breathing, examples of 'One product really can make you rich'. Don't get it twisted, they still work, but now they work on their next invention, product or range and just go with it.
Making a product is the same as stating a business or selling online. First you have an idea, then that idea needs to become a reality.
It's not an easy journey, and making a product or even a prototype does not mean anything, if no one is interested or you have no marketing know how.
These questions are very important and need to be written down and answered to the best of your ability. Unless you have a mentor, this journey may seem long winded, hard and you may even give up and walk away.
Don't do it, believe in yourself, believe in your product and stick with it!
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What do you want to make?
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Is there a need for your product?
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What is your USP (Unique selling point)?
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Have you done market research?
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Who are your competitors?
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How are you going to overcome any hurdles?
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What are your pros?
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What are your cons?
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Do you have a business plan?
These are important questions you have to ask yourself when starting out. And you need an answer for every question.
A business plan is your first point of call, as you write your business plan, avenues will open up and your business will start to evolve, we have a business plan template that you can use here.
Any idea you have needs to become a reality (Physical or virtual) and there are steps to get to the latter stage.
Once you have completed your action plan, you need to understand what your product can do and its benefits (USP - Unique selling point).
To do this and to make sure you have an audience that will be interested in buying your product, market research needs to be carried out to make sure it is feasible.
Who is your competition? What does your product do that their's does not. What is your products strengths and weaknesses?
This point is very important (especially when asking for funding) as it shows you have thoroughly researched your market and know your key selling areas.
Through research you can lay out all the hurdles in place that may arise on your journey. Every business has hurdles and problems and nothing really pans out how you see it on paper, so preparing for it makes you a smarter business owner.
Once you have the paper work sorted you need to work on your design. A prototype is needed to make your idea a reality.
If your idea needs to be manufactured you will need to get the design, concept and prototype made preferably by one company.
There are companies out there that offer such services. From sitting down with you to discuss your idea to product reality in the form of a prototype, all for a fee of course!
Once you have your prototype you need to test it out on your market to see if it does what it is made to do.
Market research is very important in your 'making product' journey. You may think you have a wonderful product, but unless you test it out on the market you'll not know if your audience likes your product, finds it useful, convenient, or if there's anything that can be improved or make it more cost effective.
Sourcing parts / ingredients for your product is another part that needs thorough research. With the departure from Europe looming, a lot has changed in regards to buying abroad!
The pound has lost some value when looking to purchase overseas so make sure that it is worth the saving you get instead of buying in the UK. Look out for VAT added on purchases when they get to the UK custom and border control as well as extra postage needed for delivery if your item is heavy etc.
Add the costs up, you may find that buying from the UK might be less hassle.
When you have your manufacturing, design and concept ready you will need to think about registering and protecting your product.
Why is this so important?
To sell anything to a customer you need to make sure you are fully aware of all the legal requirements needed before your product goes to market.
There are legislation in place to make sure consumer goods are safe to use / eat.
Whether your selling; online or offline you need to do it legally.
If your item is a cosmetic based product (a product that is applied to the skin, nails, hair, lips) then you must comply with the legislation Cosmetics Regulation No 1223/2009.
This legislation applies to the whole of Europe. Trading standards make sure you are adhering to the legislation and can check in on your business at any time.
Steps to take before selling:
• A Product Information file (PIF) needs to be completed. This is information about your product, the ingredients used, how you manufacture the product, show how you can prove that your product does what it says (banishes wrinkles), prove you are following Good manufacturing practice (GMP), Cosmetic Product Safety Report and information on any animal testing.
• Labelling a product is not as straight forward as it seems. Due to legislation and safety your label must have specific information to be legal to sell in the U.K. and EU; Name of the product, weight, size, ingredient list in alphabetical order, address where PIF is located, manufacture info, and best before date.
• Claims made about your product must be evidenced legally.
When protecting an idea?
Before you submit an application to protect your idea you need to know what it is you are protecting.
When you launch your product you will become responsible for the distribution, manufacture and advertising of your product. There are lots of different options involved within this: whether you choose to manufacture abroad or in the UK; whether you sell via your website / shop or through a distributor along with your advertising channels.
There are other legislation to adhere to if your product is of any other nature.
We will be blogging about specific categories soon, please sign up to our newsletter to find out when they are available.
If your item is beauty based, there are a few sites where you can buy your ingredients in the UK for samples.
Neat wholesale
This is a UK wholesaler that provides Natural and Organic Oils and Ingredients at low prices.
Baldwins
Has been around since 1844. Selling natural and organic herbs, ingredients and oils. Including bases and equipment.
We will be blogging about Making products in the following categories soon:
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Beauty
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Clothing
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Electronics
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Music
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Crafts
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