As Harry & Meghan set sail on their entrepreneurial journey into the world of launching a few products (in excess of over 100 items from hoodies to socks) to be exact!
I thought I’d share my 5 top tips on how to make your leap one which is a little less based on faith, and more stacked with success.
It would seem that, despite connections, money and the best advice money can buy, they are STILL facing the same process and obstacles anyone entering the world of launching a product face, with their first hurdle being trademarking.
I had (yes, albeit on a seismic smaller scale) the very same issue from the get go when I launched my brand back in 2012; a trademark wrangle, so I fully get where David Haigh, the chief executive of Brand Finance is coming from when he suggests they get a different brand; that’s just what I did…walked away from the original brand I had created before it would have been very costly to do, i.e. before we’d launched the physical products.
So, here are my top 5 tips for anyone launching their product-based business;
- We’ve covered it above, but, yes, look into all your trademarking, and have a think if you want UK or global. What are you planning for your brand or product, and also think about range and brand extensions; what other categories could, or would you like to expand into, so you bag these from the get-go?
- What’s your why? What is the reason you want to develop the product you have in mind? Are you solving a problem with your product? If you want to create a brand, why? Is it for financial reasons, have you identified a gap in the market, is it for personal fuelled reasons or need? Get REALLY clear on your why and understand what is already in your marketplace.
- Define your target audience and understand them. Is your idea really that amazing? Everyone thinks theirs is, but drill down, ask family and friends or in a focus group and use online and offline research methods; knowledge at this stage really is power. All too many times I see this stage skipped over, or at the very least done with as much depth as can be gotten away with. I know it’s not the most appealing bit like the marketing for example, but trust me, this bit can be your insurance policy for your successful launch and growth!
- I believe innovation to be the key to success; that could be fulfilling a gap in the market place, taking an old ‘tired’ product and updating, identifying a ‘trend’ and optimising on it, defining a ‘problem’ then defining a ‘solution’ or emerging consumer demands. Whatever form of innovation you take, my tip here is to make sure that you do have innovation at the heart of your product.
- My final tip is in sourcing how and who will make your product. This is something which you must consider in the beginning. Where will you get your product made? Are you able or going to make your product yourself? Consider the pro and cons to each route. Lots of things to consider in this point with your skills and initial investment to get started being just a couple. Having clarity on this tip, brings further clarity in the form of which routes to market you can and will take, and you need to make decisions on this from the off too. That’s not to say these won’t change as you grow and expand, they will, but you need a starting point and strategy.
You don’t need the budget, connections and advisors around you that Harry and Meghan have in order to bring YOUR dream to life, but I would suggest getting some help to give you THE best possible chance to successfully launch your product based business in 2020, or indeed reach that next level if you are already launched.
I am not sure if you have noticed but there is a whole raft of help, coaches and advisors out there if you have a service-based business, not many for Productpreneurs though, is there?
Creating, selling and growing a product-based business, and building a brand around a physical product, is a different ball game entirely, and one which comes with its own unique challenges…and lucky for you that’s where I come in!
I’ve not only walked a mile in your shoes, I’ve ran a whole marathon (or swum a Channel, but that’s a different post entirely!)…anyway what I’m saying is; rather than try to figure out how to launch and grow your products and business, why not learn from someone who already has and can help save you time, money and sanity in the process
I hope my tips have been useful, and if you’d like to know more exactly how I can help you let’s have a call, email me at firstname.lastname@example.org and we can take it from there!
Let’s unleash your inner Rockstar! 😊