This article is contributed by Spencer Reid.
Creating a product that you hope to sell is a highly exciting process and one that many of us will be highly enthusiastic about in the lead-up to the launch. This enthusiasm is good of course, as it helps us to go through the difficult processes of designing packaging, of going through the process of getting intellectual property perfection and of finding a manufacturer who will be happy to produce our product for us.
But this enthusiasm can also have a downside if it means that you end up rushing to release your product and not taking every precaution as a result. Seeing that you have done all this work and you’ve gone through all the difficult and boring parts, you may as well take the time to ensure that what you release is a high quality product that’s actually likely to be successful.
Here then are some last minute considerations that you should bear in mind before you complete your final design.
Before you get too carried away and order a batch of several thousand units, it’s important to first make sure that you aren’t breaching any safety regulations and that it is actually legal for you to sell. Consulting with an expert can help with this, but you can also find the information you need online if you’re confident. For most products there shouldn’t be too much you need to worry about, but if you’re creating a product for young children, that will come into contact with food or that involves a radio transmitter/receiver then you will need to get certification before you can start selling.
Common Sense Safety
Just because your item doesn’t need a certificate though, that doesn’t necessarily mean you’re free to proceed as you please. Of course an element of common sense also comes into play here, and it’s critical to ensure that the item you’re going to sell isn’t going to land you in a lawsuit or involve some seriously bad marketing. If you’re designing a chair for instance then, you need to make absolutely sure that the said chair isn’t going to break when someone a little heavier than average sits on it. Run safety tests and make sure that you’re absolutely confident that your product is safe and resilient.
Hopefully if you’re already considering the launch of your product then you will have perfected the design in every way possible. But just in case it’s slipped your attention it’s worth going over your product design a couple of times to see if you can reduce the materials used or make the product easier to manufacturer in some way without damaging the quality of the item or the safety. Often initial designs will include sections where the material is unnecessarily thick, or will include unnecessary details that don’t really add to the product.
Improving efficiency is important of course because it will help you to ensure that your product is as profitable as possible. And obviously this is something that you should consider very seriously before going ahead with a launch.
And just because the price you can sell your object at is greater than the cost of the materials does not mean that you have a success on your hands. To work out the profitability you need to think about the cost of manufacturing, of packaging, of storage and of delivery. Likewise you need to think about how much you are going to spend on marketing and you need to ensure that everyone involved in this process makes a profit too.
You should have been doing some market research every since you thought you had a product that would sell. Now is the time to do some more extensive market research to confirm that there are people out there who are willing to pay what you intend to charge for your product and so that you can make an estimate of your likely sales growth. Collect as much detailed information as you can before you go ahead. Make sure that the item you eventually launch in the market place is filling a genuine need and is tailored to what the market wants. With all this information you should find it’s much easier to get investors, business partners and collaborators on board too. Only when all stakeholders are pulling together are you likely to achieve your sales goals.
Author Bio: Spencer Reid works at Sneddon and Kingston Plastics, specialists in plastic injection moulding in Melbourne. He is a fitness enthusiast and considers swimming to be the perfect all-body workout.
- team thinking image courtesy of U.S. Army Corps of Engineers Europe District
- growing sales image courtesy of pixabay
- market research image courtesy of Ramotion studio