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How to Start a Business Selling your New Innovative Product
by Startacus Admin
You could argue that there are only two kinds of businesses – the ones that spring up because there’s a demand, meaning that these enterprises already exist and the innovators, who’ve created something or developed an improvement on something, and just need to get their idea out there.
So, if you are looking to start a business selling your new innovative product we’ve produced a guide to getting started on your business selling your new product.
Make sure people actually want to buy your product. Just because it’s new and different, it doesn’t mean it’ll automatically sell. There may be a niche out there for people who need a toaster that also prints photos, but you’ll never know if there is or if there’s even a big enough niche unless you do your research. Surveys, public demos and events are always a good way to mingle with a consumer base, show off your new device and see if people like it, or even take a gander at stuff that the customers are interested in. There’s an abundance of source material; Use It!
Ideas are the backbone of business. However you can’t just go out and make your fortune from an idea, that’s just not done, you need to work on it, fine tune it, and figure out the flaws and problems with the original idea. That’s only the beginning of the development stages. Once you have a coherent idea for your product, you have to start the more in depth development. Design, functionality features and even the colour schemes. It all needs to be on point, to maximise the appeal. Now that you’ve gone through the development stage, you need to sort of back track and check out the customer market.
Arguably the most gruelling task you’ll be asked to do is to source the funding for your product. There are numerous ways to do it, but of course, the most common would be investment, subsidies and crowd funding. There are other ways, like loans etc. Just remember however that these all come with their own legal and financial ramifications down the line, so balance your finances against what you stand to lose before making any rash decisions. There are plenty of tips and advice out there to think about when looking into financing your new business.
This isn’t the longest step, but it’s one of the most important. You need to know what you’re selling, and who will be buying it. That’s simple, questioning people, and getting feedback from your customers is par for the course.
Make sure that the product works, is to a high quality and to customer satisfaction.
Unless you’re a really talented business person, (and a criminal) you can’t sell people nothing. Make sure your product is up to snuff, and make sure you’ve made stock to sell. No product; No business.
Now the work really gets heavy, getting the word out and promoting your product. This is usually one of the more comprehensive tasks that startups have to undertake when selling a new product. Nobody knows what it is, or how useful it is. You have to make them understand that they NEED this. This is basically up to you to determine. You can utilize Social Media, paid advertisements online or television and radio, even promote it throughout startup sites and other promotional outlets. Oh, and feel free to find out about our own Startup publicityofferings too.
There are an abundance of choices that you can take when deciding how to sell your new product. Supplying it to outlets and stores is an option, or if you’re focussing on something a little less mass produced or personalised, there is a large community of people who use sites like ebay, Amazon and Etsy to sell their wares themselves. Each has their own benefits and pitfalls so make sure to do your research. Another important thing to remember here are the legal ramifications of sales. Most sites keep you in check, but it’s best to self check in order to avoid a legal disaster. Making sure your product doesn’t break copyright or patent laws in the territories you’re selling to or from is always a good place to start. From there you should also make note of any import fees, taxations and other problems that may arise from your shipping locations. This should all be reflected accurately and fairly in your price after shipping and taxes are calculated. You don’t want to lose money, nor do you want your customers to get upset when they have to pay more money than they expected for import charges etc.
This is far from the final step, but it is one that will be happening throughout the life of your product. You’ve been selling, doing well and getting the product out there, Great! But is your product actually perfect? Are there no improvements to be made? If not, then congratulations, you deserve to win every business award ever, but if that’s not happening for whatever reason, maybe you should look at your product and expand on it. That’s not all though, your brand is just as important. People won’t buy from a brand they don’t believe in. Make sure there’s always improvements to social networking, promotion and sales pitches and make sure the customers are aware of how good your product is. With success and growth comes the expansion of your products. An expanded range of products, home website and order page and even self sustained development are just a few of the perks you can look forward to.
These should constitute a pretty decent road map to get you started on your journey to selling that product you’ve envisioned. So turn that idea into something tangible, then make that something into your business!
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Mi-IDEA Manchester Networking Event
27th Sep 2016
The teams from CISCO and Manchester Science Partnerships have teamed up to create Mi-IDEA, a post-accelerator designed to foster and nurture digital innovation in the North West of England.