Do you sit around and wonder why you are not living your dream and making the kind of money you want to be making?
Are you afraid to commit to your dream?
Do you know what your dream is?
When I first launched my handbag line over 12 years ago I didn’t know that was my dream. I didn’t have a dream – I just had an idea for this cute little bag. Once it got rolling I realized how much I LOVED IT and it became my dream – my dream was to get my bags in Bergdorfs, Bloomingdales and Fred Segal, in magazines like Instyle, Oprah, ELLE, Lucky and WWD, and to have my bags be in movies and on TV.
Well, with a lot of blood, sweat and tears, I made all that happen for me – it took years of hard work and a lot of rookie mistakes – but I did it.
AND YOU CAN DO IT TOO.
2010 is just around the corner – don’t let another dream-free year go by!
Here are some quick things you can do to get your idea movin’ and shakin’ before 2009 is over!! These 10 steps should only take you about 10 hours!
ONE DAY to get your dream off the ground?? What are you waiting for??
1. If you KNOW what you want to create then start to do the research to see where your product will fit in:
a.Visit stores and see where it would go – what section? Does it need to be folded or hung? Does it need packaging?
b.What other websites can you sell it on?
c.What is the price point of your competitors? Or something close?
2. Make a master list of all the stores or websites you want to be in.
3. Make a list of your competitors and their price points for reference.
4. Pick your ideal retail price point (that you desire) and divide by 8 to get the approximate cost of the item.
5. Play around with the “cost” and see how many you can afford to make – what are you willing to invest in your future?
6. Make a mock up. You don’t need anything fancy. Just find some paper and make a sample. It doesn’t have to be fancy. I know someone who is showing her totally home made sample to QVC before she bothers to make a REAL one. Gutsy right? You can do that too!
7. If you need packaging, hangers, boxes or whatever… then start to look at what is already out there for ideas – buy one if you can for future reference.
8. Name your company and/or your product. If you need help picking a name then invite some friends over for dinner and get them thinking for you – or if you have some $$$ to spare – spend that on a copy writer to think it up for you! It’s worth the few hundy!
9. Buy your domain name ASAP. It’s really cheap on Go Daddy and if you use the coupon code DIGGNATION for $3 off.
10. Register your name on all the social media sites: Blog, Youtube, Facebook, twitter, LinkedIn, or whatever floats your boat. DECIDE to be committed to your product and start talking about it. Maybe you want to chronicle your launching experience, perhaps you LOVE to do videos…..experiment and see what makes YOU the most happy and you will come across much better and be more successful in that medium.
Let me know how it goes!
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Read on: sarahshawconsulting.com/failure-or-success/
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Do you know how to set the right price for your product line? Lordy knows I sure didn’t when I first started my handbag line. But once I learned the correct way to do it, I never mispriced anything again! Now I want to share this method with you so you can be profitable and not wonder why you can’t pay yourself.
It took me years to figure out how to set the right price for my product line when I first started out, so I can imagine you might be in the same situation. If you are not sure if you are making any money, then there is a good chance you’re not pricing your products correctly.
Proper costing is the lifeline to your business and profitability. Taking into consideration and finding all the hidden costs, is the key. So many people forget little things that they add up and then BOOM, you are not making any money. Once you have the actual cost (cost of goods sold) then it is easy to figure out the wholesale and retail prices so you are always making money.
I’d love to share this formula with you. It totally saved my rear when I was in year 3….. Just thinking of all that lost money in the first 2 years…. I want to cry!
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