What should you take care of before launching?
Everyone wants to start their own brand and be their own boss, but their brilliant idea out there and work at their own pace, all while guiding a well-curated team through victory. Sounds amazing – and it is! – but it’s not as easy as it sounds. Starting a company from the ground up demands heavy planning and management skills, paying close attention to details like niche audiences, communication tone, time management, and many other skills that are not learned in a classroom.
From a CEO’s point of view, building a company comes with multiple challenges and risks never faced before, and some beginner mistakes can be easy to make while balancing multiple tasks at the same time. In order to be prepared for anything and not make beginner mistakes when starting a business, you need to learn from other experienced business people and case studies and make a checklist to assure everything is going according to plan.
1. Have a legal company, as manufacturers prefer to work with companies than with people
It’s much better, both for the manufacturers and for the retailer’s side, to work from the perspective of a legal company. With a legal company you can pay less taxes, get government benefits, and other advantages.
2. Have a budget ready and understand how much money you will need
Contrary to popular belief, launching a product doesn’t have to be expensive. It can be, definitely, if you opt for a super customized product that demands contract manufacturing and want to customize every aspect of it. If that’s not the case, the best option is usually the private label, as it offers a few customizations while keeping the price low and the production time short.
The budget will vary depending on the product that you want to produce. Everything will influence the budget for your product. The sales channel, the kind of production, the type of product, the country you’re producing in, etc.
3. Plan your sales channels
The sales channel will have great influence on how your product is sold and how you should market it. Different sales channels have different advantages and disadvantages. The sales channel will also depend on who is your final consumer and your goal target, in which part of the shpply chain you’re part of, and how you plan on selling your product or service. Some of the most common sale channels include:
- Wholesale
- Retail
- D2C (Direct To Consumer)
- B2B
- Ecommerce
- White label
4. Fully understand what your product is
You are very skilled and knowledged in a field, but decided to launch something completely different from what you know, just because it’s trending? This might not be such a good idea. Your competitors, who are already established in this market, have a lot more knowledge than you, and that might be an implication for failing. Instead, why not stick with something you’re good at, studied for years, and know like the palms of your hands?
There is nothing harder than launching a product you know nothing about and want to be successful. You need to understand the product you’re launching and who you’re launching it to in order to optimize the product and satisfy the industry you’re in.
5. Use Wonnda to find the best manufacturer
Are you interested in producing your private label products in Europe but don’t know how to get your production up and running? Whether you’re an aspiring startup entrepreneur with an innovative product idea or an existing retailer looking to diversify your assortment with your products, launching your brand through a private label or contract manufacturing could be just the step you need to take your business to the next level.
Here at wonnda, we work with top European producers for private labeling and contract manufacturing. The first step in getting your product to market is probably the most crucial – finding the right production partner for your project. The great advantage of wonnda.com is that you can let us do the heavy lifting. Just tell us quickly about your project or product idea. We will then approach the most suitable producers for your project and connect you with them. Sounds interesting? Then fill out the form!