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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.

 

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