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A Proven Approach to Building a Successful Product Company by Jennifer Love





A Proven Approach to Building a Successful Product Company by
Article Posted: 04/07/2014
Article Views: 624
Articles Written: 1
Word Count: 866
Article Votes: 0
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A Proven Approach to Building a Successful Product Company


 
Business,Home Business,Small Business
Launching a company is hard work and takes not only time, but talent and the experience to do more of the right things. You constantly feel scared, overwhelmed, frazzled, confused and uncertain. But fortunately, most of those can be relieved with the right plan of action. Doing more of the right things helps you achieve more success. These tips should help.

Here are some of the best ways to succeed with your product company:

• Learn how to communicate effectively with buyers. First and foremost, have a product you absolutely believe in, are passionate about, and that either solves a problem, fills a void, or brings innovation to a category. Then know why your product is a great fit for that specific retailer. Be able to answer the questions, "How will your product improve sales if added to my store(s)?"; and "What will you do to help support the growth of your brand and products in my store(s)?" Before meeting with the buyer, make sure you understand who their consumer is and why that consumer wants your product. Keep in mind, you are competing with possibly hundreds of other companies for that same 'shelf space.' So, the more you can help the buyer understand why they absolutely need to carry your product, the more easily you'll get a 'YES' and be well on your way to growing your sales.

• Apply the values of smart spending and cash conservation in your business. Be smart with your dollars, because every single one of them counts! Create an annual budget that is broken out into monthly detail. Then...STICK TO YOUR BUDGET!!! If you want to spend money on something that is not in your budget, then you need to take something out to make up for it. A strategy that has really worked for us: do your due diligence. Before hiring a contractor, placing an ad, or sending samples to bloggers, make sure to ask the right questions. For example, if you are hiring for a website design, make a list of questions to ask as you go through the interview process: i.e., what key components do you want on your site; what is important to you in the person you work with; who have they worked with and how did it go; what is their ideal client experience, etc.? Asking the right questions will save you from hiring the wrong contractor and ultimately save you frustration, money and time.

Another great example of cash conservation is when you get requests for samples from bloggers, make sure to check out how large their following is and that their following is in fact your ideal consumer. If their following is small or is not your consumer, then don't waste your money. These money-saving tips will help you stretch your dollars.

• Strategically manage your growth. While it seems that becoming an overnight success would be amazing, that’s not always the case. Growing too fast can actually put you out of business. Why? Because if you don't have the money to sustain your growing monthly cash burn then you will find yourself in that frustrating position of having the sales, but not being able to fulfill them. Retailers won't put up with that and you will quickly be out of business. Work towards solid and strategic growth. Be clear about what sales channels you can support and focus your growth in a very targeted and calculated fashion.

• Maximize quality products with limited resources. The bottom line, the quality of your products is one of the most important factors in your success. A great tip to maintain quality with limited dollars: find the opportunities to get into contract with suppliers. This locks in a great rate for a period of time, typically based on volume, and allows you to stick to your budget with confidence.

• Get the money you need to run your business. Keeping your budget streamlined is important, but you do need to have adequate resources to operate and produce those quality products. Find the backing you need, budget accordingly, and then monitor closely. #1 tip for getting the money you need: be flexible, boot-strap as long as you can, and start 'dating' investors before you need money.

Growing a business requires hard work, determination and a 'Can-Do' attitude. One way to learn how to grow a successful business is to follow those who have done it before you. By learning from those who have already been successful, you can avoid many mistakes and challenges and learn results-proven strategies that you can put to work for you. You can build the business and life you love. It's not a matter of "can I?"— it's a matter of "how can I?" @JLoveBiz

Jennifer Love is a seasoned entrepreneur, business coach and wellness expert with her latest venture, www.JenniferLove.com, offering a series of dynamic training programs. She is also the co-founder and CEO of NibMor, a highly successful, multi-million dollar wholesale chocolate company based in NY. She has been featured on the Today Show, Every Day with Rachel Ray Magazine, Natural Health Magazine, Wall Street Journal, Oprah.com, Shape Magazine, Newsday and more. Connect with her on social media at https://www.facebook.com/JLoveBiz1, JloveTV.com, @JLoveBiz

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