Skip to main content

10 THINGS TO CONSIDER IN STARTING PRODUCT BASED BUSINESS

Starting product based business is not easy. Manufacturing and selling a product involves setting up production, business systems, and a sales team. It is exciting, challenging and includes a lot of hard working. knowing what motivates you is key to starting product based business. 

Here, we explore 10 crucial things to consider in starting product based business of your own.

#1. Check Your Idea

Before starting, check your idea twice. After developing the idea of the product, check your potential competitors in the market, both direct and indirect. Define your ideal consumer demographic.

#2. Get Market Feasibility Report

Starting product based business includes manufacturing, sales, marketing, accounting and HR operation. You may have a great product, but are you in the right market? Having a market feasibility report prior is highly recommended. It will define your distribution mechanism, pricing structure, and other business variables.

#3. Craft A Business Plan / Project Report

A business plan is most crucial in starting product based business. Without having a solid business plan, your business is ready to fail at any moment of time.

#4. Get Right Licensing & Registration

Your legal structure will depend on the liability you are willing to take, the number of investors, the tax structure, etc. Choose the right form of the organization according to your need. Obtain proper licensing from agencies like NAFDAC, CAC, SON among others.

#5. Location

Your warehouse or production location isimportant . You need to think about moving the product from your base to the market. Also, think about the nearby availability of raw material.

#6. Plan Out Operation

Look for channel partners. Else you can promote the products through the retail store. Get the ingredients and raw materials source. A specialty product, must not be overly distributed as it could lose its perception as a specialty good. A mass-market product, on the other hand, must be distributed with consumer convenience as the prime consideration.

#7. Protect Your Product

Protect your product through intellectual property rights. Patents, Trademark, copyrights are the common ways. Protect your brand name and logo.

#8. Packaging

Pay attention to packaging.  It will be one of the first things a potential buyer sees. For the consumer, it will be all about appearance. Your product must be designed and marketed to clearly demonstrate how it will satisfy an unsatisfied need.

#9. Pricing

Pricing has a major impact on your success. Fix pricing carefully. If you fix to price, too high and you will rule out many customers who cannot afford it. Price it too low and people will doubt its quality.

#10. Develop Follow-up Products

You can’t stop at just one product. Very few companies survive on just one or two products. You have to keep adding new items every year in order to stay relevant and ahead of the innovation curve.

 

Need professional cleaning services???
Contact Clean sweep on 08166133385



Labels:

Comments

Post a Comment

Popular posts from this blog

How to Make Money Selling Goods on Jumia

Regardless of what you sell in real life, the truth is anyone can sell anything online. It’s even more interesting when you discovered that you can sell your product on Konga or Jumia. For the business tycoon, business women/men and to those who are wondering where to sell your products, Konga and Jumia has made available a platform to display your product to millions of customers on their site. You don't have to be an internet guru to do this: Today, let's get the details on Jumia Sellers Program..... Jumia Sellers Program: Jumia Nigeria offers an online platform for individuals and companies to sell their goods, although many people are unaware of this, Jumia itself just like most ecommerce websites sells only very few goods, majority of the goods are sold by traders registered by Jumia who then pay a percentage of their sales to Jumia known as commision which is currently from 3 – 15% of the selling price of any product. Jumia have more than 3 million visitors e...
Post a Comment
Read more

Signs you are ready for entrepreneurship

You have brilliant ideas for a new business plan on something you have always been passionate about. After considering all the possibilities and challenges you might have to face in the future, finally you decide to leave your day job and swerve your way into a full-time entrepreneur. From managing financial plan, designing the product and testing the prototype, to testing the potential market, you have prepared everything carefully. But then you start questioning yourself, are you really ready to launch your business? Starting a startup can be an exhilarating experience that will not only drain your energy, time, and money, but also your emotions. As a newbie in the entrepreneurial world, you will more likely feel worried about the future of business you are about to introduce. The equal chances of gaining phenomenal success or total failure often leads to a feeling of doubt and uncertainty about the path you choose. While you might have prepared a detailed and thorough product design...
Post a Comment
Read more

Make your goals SMART

SMART Goals Goals and objectives motivate people and help them to work in the right direction. This helps them to focus on short term goals by giving them enough time to achieve them. In other words, the strategy for your goals should be  SMART , which when elaborated in this context means − ●        Specific  −  The  first thing is to be sure about your goals. Like imagining your goal for 10 minutes every day. ●        Measurable  −  Set a time by which you should probably reach your goal. Like becoming more productive and increasing some percent of productivity is not specific. ●        Attainable  −  Make goals that you can achieve within the given timeframe. For example, if you are thinking of doubling your salary within a month, it is not possible. ●        Relevant  −  The  goals you aim should be like your s...
Post a Comment
Read more