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STEPS TO LAUNCH A CONSUMER PRODUCTS BUSINESS


by Nancy Stockton

There are tons of books out there, and I’ve read a bunch of them.  I have another post that describes some of the books I read and the gems of wisdom I retained from each. Since I’m in the thick of it, I thought I would share the steps I’ve followed in a short, easy to digest post. Most of these items have (or will have) one or more detailed blog posts if you would like to dig into the details.

  • Come up with a great idea - decide on product and think about your brand
  • Read books and learn, learn, learn
  • Gain confidence that someone will buy what you’re selling, use the Hero or Zero checklist by Lori Greiner
  • Estimate your investment\fixed costs – patent process, product design, manufacturing molds, development, prototyping and testing
  • Estimate selling price and costs to produce, package, ship, and fulfill
  • Estimate and prepare for ugly surprises
  • Build your first DIY prototype
  • Perform market research, clearly define your target audience
  • Research trade shows
  • Research publicity opportunities
  • Setup an accounting system
  • Execute patent search
  • Apply for provisional patents
  • Name your product
  • Find mentors and ask for help
  • Write a business plan
  • Determine regulations and testing required
  • Contract for and obtain CAD design files
  • Determine material, manufacturing process and manufacturing facilities
  • Create a website
  • Research and decide on initial sales channels
  • Research and decide on fulfillment procedures
  • Build your email list
  • Build your second more professional testing prototype
  • Obtain test item from manufacturer
  • Execute regulatory testing
  • Attend trade shows
  • Launch a Kickstarter campaign
  • Execute manufacturing strategy
  • Execute publicity programs
  • Execute selling program
  • Apply to convert provisional patent to utility patent
  • Execute on additional selling channels
  • Repeat

 

Gem of Wisdom: Entrepreneurs are the only people willing to work 80 hours a week to avoid working 40. --Lori Greiner


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