Top 10 Tips for Developing and Building a Product Business

Top 10 Tips for Your Product Business
Starting a product-based business has many challenges from choosing a product to finding suppliers and manufacturers to figuring out how to market your awesome new product to your target market.

Over the years, I found my way through the development of over a dozen products and helped other entrepreneurs with bringing their product ideas into the world. I’ve been keeping track of the some of the most helpful tips along the way and compiled them here for you.

Quick Start Tip #1: Consider your job and hobbies when searching for a product or product idea.

Quick Start Tip #2: Don’t be afraid to ask questions of people who have similar businesses. Most entrepreneurs love to talk about their business.

Quick Start Tip #3:  Ask potential manufacturers to sign a non-disclosure agreement before you provide the details of your product idea.

Quick Start Tip #4:  Before you commit to any advertising campaign, research the fees and success rates for your type of product.

Quick Start Tip #5: Research the laws that apply to your products. Hire an attorney if you need help determining the applicable laws. “I didn’t know” is not a good excuse for not complying.

Quick Start Tip #6: Find out about and complete applicable safety testing requirements before you do a large production run.

Quick Start Tip #7: Do not spend years developing your product. When it is 70-80% perfect, get it out there. Then you can improve upon it for version two.

Quick Start Tip #8: When dealing with suppliers, search until you find good ones who are willing to work with you on volume and price and then be loyal to them.

Quick Start Tip #9: Assess your strengths and weaknesses. Do what you know you can and outsource things that you cannot.

Quick Start Tip #10: Ask strangers for honest feedback on your prototypes before ordering thousands of units.

If you get to the end of these tips and feel completely lost, reach out. We are here to help you. If you feel that you need a lot of help, email me for information on our individual coaching programs. Or, consider becoming a Patron of our page at Patreon. At Patreon, you’ll get exclusive content and answers to your specific questions. You can find our Patreon page here. We look forward to chatting with you!

 

About Tracy_Barnhart

I was born and raised in Princeton, West Virginia. Both of my parents were scientists and educators. My mother was a middle school biology teacher and my father taught chemistry at a nearby university. I remember doing a 6th grade science project on plate tectonics but I never knew that I was headed toward geology. I attended Furman University, planning to be a business major. Since it’s a liberal arts school the students must fulfill a series of science requirements so I chose two geology classes my freshman year. It was during those classes that I realized that geology was fun, but microeconimics made me want to scratch my eyes until they bleed. After Furman, I received a Master’s degree in Geology at the University of South Carolina where I specialized in groundwater computer modeling. I have been a professional geologist for almost 20 years now. Yikes! It feels weird to put that in writing. I work with environmental companies to assist with the assessment of soil and groundwater contamination. If a property has contamination, I work with engineers to design and implement a remediation system. Several years ago, I took my love of rocks and minerals and turned it into a small business. Our line of rocks, minerals and fossils keep me busy when I’m not assessment contaminated properties. You can find out more about my business at www.MiniMeGeology.com.
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