I have a great product that everyone tells me I should be selling all over but I don’t know how to take the first step. I want to get sales, but feel like I need to have inventory on hand. I don’t want to make them myself as it’s not worth the cost. I don’t know if I should go overseas. And I am afraid to spend money on my website because I don’t have sales. Thanks in advance for your advice,
Kerry Goulder KidGiddy
Thank you for your honesty. You are not alone in your feelings, there are many women out there in your same exact position. But you don’t have to stay stuck there. I saw your product and it looks fantastic. Get it out there before someone else does girlfriend!
First of all, you need to make the decision to stop having a “weekend crafter” mentality and start thinking like the entreprenette that you are. You created a really cool and needed product, and one that people are going to want to purchase. One does have to invest a little bit of money to get a product business launched. As I have said before, I have launched all three of my accessory companies on $5000.
I think the first place to start is with your website. It is going to be your “store front” to the world and it needs to be clean and clear, and show the product really well. I think a video of you showing how it works is in order here. It shouldn’t cost very much to get that going.
As for your manufacturing situation. You certainly don’t have to make them yourself. Without knowing more about your competition and the price point you want (or need) to sell it for, I can’t recommend manufacturing in the US vs. overseas. If possible, it is always best to keep it small and close. If not, then going overseas is always there.
As far as sales go, yes, it’s a good idea to have some stock on hand especially if you are going approach boutique type stores. They usually want it right away. If your plan is to go out to big chain stores then you can tell them when you are going to deliver and collect all the orders before you manufacture.
I am happy to share some sewing contractors in Los Angeles and overseas if you need them. Just email me.
Best of luck with this great idea!
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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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