244 | How to Decide Which Product to Manufacture Next with Katie Hunt
Are you stuck trying to decide on which product you want to create next in your product line? I believe there are six very important considerations when selecting that product to ensure it’s a good fit for you, your business, and your customers!
In today’s episode, I’m walking you through all six of those considerations, why they’re important, and how you can make an informed decision based on all six.
Six Key Considerations to Determine Your Next Product
If you’ve been listening for a while, you know that Paper Camp is our program that helps take the guess-work out of selling wholesale. Recently, one of our students asked how she could expand her product line and which new products to pursue. I see this question time and time again, so I thought it would be so important to share here on the podcast.
What you chose to move forward with will be based on six key considerations, which we’ll run through one-by-one in today’s episode.
Personal Interest
First, consider what you’re interested in creating! What gets you excited, but also compliments the products you sell? When you’re excited about a product, it shines through in every aspect of the creation and marketing process.
I recently had a conversation about this very topic with Alex in episode 237, where she discussed her decision to expand into bath products. Make sure you take a listen to how her experience went with introducing bath products to her business.
Market Demand
The next thing you’ll want to consider is what are customers asking for? Is there anything that you could offer that would aid them in using your products?
For example, if you sell a journal, a few additional products you could consider adding that would meet the demands of your customers but also aid in the use of your existing product could be stickers, washi tape, paper clips, custom pens and pencils, and so much more.
Profitability
One of the most important ones to really consider as a business owner is the profitability of your products. This involves research and development.
Take the time to brainstorm all products that you have interest in creating. Once you’ve considered that, consult with Google. How much will it cost to create each of these products? Are there any minimums you’d need to hit? What does that profitability actually look like?
This will help you make an informed decision on which product to pursue next in your business.
Ease of Manufacturing
Now that you’ve determined products, what does the ease of manufacturing look like? Are you manufacturing this with a vendor or is it a product you’re hand making? Additionally, if you are manufacturing it with a vendor, do you have an existing vendor that can take it on or will you have to do more research and find one.
Cash Flow
When moving forward with a new product, you need to consider your investment into that product. Some products are more complex to manufacture, so you need to determine what your budget is and how much you’re willing to invest in order to test this product in your market.
Your Personal Risk Tolerance
When we create something new, we’re investing our time, energy, and finances into it without knowing if the product will be a success. Will it have popularity? How much time will it take for the trend of this product to pick up? You need to consider your risk tolerance when you plan your next product.
Keeping these six key considerations in mind when you’re planning the next product you want to manufacture will help you make the most informed decision.
Today’s episode is brought to you by our free resources library, where you can find the tools to start, streamline, and scale your product business. From determining if wholesale is right for you, to designing a tradeshow booth that won’t break the back, to deciding what to delegate in three simple steps, we have the resources for you!
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Connect with Katie Hunt
Katie Hunt is a business strategist, podcaster, mentor and mama to four. She helps product based businesses build profitable, sustainable companies through her conferences, courses and coaching programs.
Website: prooftoproduct.com | Instagram: @prooftoproduct
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