Tuesday's Tip-Know Your Product

I'm so excited to start my "Launching Your Business" series on Tuesday's! For more info on what "Launching Your Business" is click here.

This week I want to talk about Knowing Your Product.

The 1st thing I do when I am trying to decide about whether or not to make and sell a product is to learn more about it. If you want to sell necklaces or jewelry or clothing...whatever it may be....you need to first know your product.

You can find just about anything you need to know on the internet.If you want to make and sell...let's say Soy Candles...for example. You need to know what size...what container...etc. Once you know exactly what you want to sell, search the internet for that specific product. Let's say you are selling 4 oz Travel Tin Soy Candles. Do a search on that exact product. It would then pull up all your competitors....their sites....their retail prices, etc. This is a great way to start looking at what you want, and don't want, on your site as well.

You can also get a feel for the market by talking to friends and family. Ask them what they think of that specific product, would they buy it, what fragrances, colors, etc. would they choose? You have to get a feel for the market for your product, as well as know the pricing, and know your competitors, before making a decision about whether or not to invest your time and money into the business.

This may not seem like much, but if you are considering starting a business, getting to know your product can take some time. I usually take about a month researching something before I ever decide to make it or sell it. Especially if you are going to be selling a product you will be making by hand.

And let me say this too. You can learn how to make just about anything on the internet. I learned how to make body butter...scrabble pendants....magnets, etc......from the internet (and some help from mentors never hurts!)

Starting a business can be a huge endeavor...very time-consuming...but it can be so worth it!

I got lots of great topics and questions emailed to me last week for future "Launching Your Business" posts. Keep the comments, emails, and questions coming...anything you want to see discussed!!

Join me on next Tuesday's Tip for "Pricing Your Product"!