If you’re building to sell then there are a few things you need to factor in. You can’t just buy a product. There are also a few key things that you need to take into consideration before creating a business for a new product. First and foremost is a new product design. This can be anything that you have and would like to sell. It’s great if you have existing products in the community that you want to bring out in new form.
Second is where to get your products and ideas. There’s nothing wrong with your existing products. Your product needs to be different, your design needs to be different. You want to have a product that’s just not quite right, but better in it’s place.
The design will also be the focal point of your sales funnel which will help to get the product from idea to sale. You should have a good design so everyone can see what can be done. This will also be key to your success in creating a new product.
Third is where to source your designs from and how you can ensure quality. There’s no substitute for local shops. If you’re thinking about building a product in a warehouse and can’t get to a small shop in the community, consider starting at a small company or even start at a big company. As the market gets bigger there will be lots of smaller shops.
Lastly, how can you ensure that you get the best product for the lowest cost and the best price? I love to ask entrepreneurs this question myself. One of my faves is from David Sacks over at Product Hunt. He’s working on a new product, and it’s going to cost $50-$100 to build. In order to buy that product a lot of people are going to have to pay $5-$10,000. I’m a fan of David’s and I’m a fan of building great products. But he has to charge $500-$800? Is that worth it? If you’re building your own product, this isn’t the time to be questioning why you’re charging so much.
As you start building, focus on building a good design with great functionality so you’re just like the other awesome designers out there. Build that idea and create an awesome looking product. As you create improvements keep in mind that you’ll sell your product for a lower price (unless you really did add something cool that isn’t available on the new version of the product) . Be creative and enjoy the process before you decide to go
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