I am so blessed to speak with entrepreneurs every day who either have a goal to create their own line or have created one and need help on their next phase on the journey.
Usually on our initial discovery call there are several recurring myths that most of my clients believe and I wanted to get these cleared up for them and you so you can move forward with your goals!
Myth #1: They have to have it all figured out…right now!
Building a brand whether with custom formulation or private label products is a process and it requires a well thought out strategy. Rushing often equals a disaster. People want to get it done now….this is the nature of an entrepreneur (myself included). The problem is when you are creating a product or a brand there are so many steps that are involved and process that are out of your direct control. Remember to craft your strategy and learn as you go!
Creating a brand is a process. It requires planning and strategy.
Myth #2: Products have to be created FAST!
Creating a beauty product (skincare, haircare, makeup, body care, nail polish line) takes longer than you expect. Guaranteed:)
- Private label takes 4-6 week lead time on the initial order.
- Customizing a product is at least 3-6 months.
Yes, you can create a product faster it is possible. I helped a client create one in 10 business days (it was crazy and not a recommended pace)
He was a very experienced Amazon seller and this was a new brand that was strictly for Amazon. He also trusted me to handle the details of the project to get it done faster. If you are new to creating a product learn the techniques and strategies on the first product and then you can go faster:)
Myth #3: I need to have a complete line before I launch.
I hear this one often, and my answer is no you don’t. You can launch with one product and be a success.
For some products such as a make up yes, you want to offer multiple colors unless it’s part of a kit.
For skincare, I would suggest at least 2-3 SKUs.
For hair, I would do at least 2-3 SKUs with the main product being a hero product and the other’s supporting r
Often times my clients want to launch with 5-10 products across every category. They want a complete skincare line, makeup and nail polish line for their brand. And while Honest Company launched with 17 products most privately held brands start with 2-3 products and add on.
There are many successful brands like Mixed Chicks that just launched with 1 or 2 main products and have done very well. It all depends on the platform that you are launching on and your goals for the brand.
Myth #4: I need a big budget to make this work.
Creating a product for most people involves a lot of unknown expenses. How much does it all really cost anyways?
I recommend having a healthy budget of $2-5K for your project. Notice I did not say your PRODUCT and let me explain why.
- Creating a product is only part of the strategy.
- You must have money to market and sell your product.
- I recommend spending 30-50% of your total budget on products. The rest goes into your marketing plan.
Don’t be shocked, I teach the strategies of creating a brand with a limited initial investment to all of my clients no matter what size of a company they are. Right now, it’s about proof of concept and creating a sales & marketing funnel. Once that is in the place you can scale your inventory and investment.
Myth #5: Don’t quit your day job.
One thing I am asked often is “Should I quit my day job?” My answer is always it depends on your situation. If you are in a situation that your business or you have other means to support yourself then please go ahead. However, if you are quitting your job and depending on your start up business to support yourself it may or may not work out well.
A business requires money to run. It’s difficult to support your life and a growing business initially. I often encourage my clients to reframe their current job as an investor for their business and use the investment to grow and replace your current income.
Got more question on how to create a product?
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