Let’s be honest. Starting a product-based business takes alot of time and money. Managing time correctly can help you optimize the most of it, but how do you get money to add to the funds you already have saved for launching your business?
If you don’t have an investor ready at hand, starting small may be your best solution. Creating a cut-and-sew fashion line or a footwear line will cost alot in product development. Then you’ll have to purchase your inventory, store it, purchase shipping material…the list goes on. Starting with a less expensive, relatable item will allow you to test your brand in the market and generate revenue while developing your main product.
Already have a profitable line? This article is for you too. This can help you diversify your business and test the market for expanding your product offerings.
Here are some things to consider when starting small.
1. Think of Impulse Buys
When you check out at most retail stores, there is a group of unnecessary items waiting for you near the cash register. If you can see your main product potentially sitting in Urban Outfitters, visit and see what impulse buys they have. You can do this for any store that you would want your product in. This is a great way to start brainstorming some smaller products you can start with.
Going strictly e-commerce? The same rule applies. Add items to your cart and see what items are “suggested” as you continue to browse or when you have to confirm your purchase.
2. Think of Size and Fit
Bigger is not always better, especially when it comes to storing your inventory. Producing smaller items will reduce the space required to keep the items in your fulfillment center, storage unit, or basement. Smaller items typically cost less to ship as well. Lastly, avoid items that are fragile and subject to damage in shipping.
Choose an item where the fit is standard and universal. Something that a Small – Medium – Large is true to size. Don’t venture into 7, 7.5, 8, 8.5….or sizes like 32, 34, 33,…. If an item doesn’t fit right you are more likely to have a higher return rate and customers will be less likely to continue purchasing due to the risk of picking the wrong fit again.
3. Think of Complementary Items to Your Main Product
This one is great for fashion entrepreneurs with a successful line, as well as those just getting started. If you have a footwear line or planning one, maybe you start small with socks or hosiery. If you want to start a suit line maybe start with pocket squares, neck ties, bow ties, cufflinks, etc.
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Adding a complementary item to your business where you already offer a higher price point product gives customers on the fence an opportunity to experience your brand at a lower cost of entry.
If you are just getting started with an activewear line, start with a sports bra to lower the cost of your investment and start seeing a return sooner than later. The possibilities are abundant here!
Need Help Thinking of Product Ideas? We started jotting down some ideas for you:
- Paper Goods & Notebooks
- Picture Frames
- Costume Jewelry
- Screen Printed Shirts
- Sports Bra
- Cosmetic Products
No matter what product you decide to start with, the value comes with “starting.” Choose an item and start building with the confidence you will learn and only get better as you keep going!
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