I’ve been really open about how launching my own physical products literally changed my business and my life. This week, with 2019 fast approaching you may be starting to look ahead at goals for the year, Here’s 8 great reasons you should consider creating and launching your own product.
1. The flexibility – you can literally work when and where you choose
As you’ll probably know, I started Tiny Chipmunk when my youngest was just weeks old. The nature of this business is that you can literally work from anywhere, whenever it suits you. It means it’s great as a side hustle, a way of earning a little extra cash, a passion project or, as I did, something to do on the side while at home with a baby!
I’m updating this blog in August 2019 – right in the middle of the school holidays. With two kids at home all day my consultancy business has had to take a back seat – yet I’m still making product sales, every single day. Don’t get me wrong, I do still work, but as there’s no urgency I can make that first thing in the morning, when the kids go to bed at night, or (like now) on a rainy day when they’re engrossed in a film.
2. Everything can be done online
Leading on from reason number 1, you can do most, if not everything, online. From sourcing your product, to working with designers and getting it on a marketplace to sell. I’ve built my business using Alibaba, 99Designs, Amazon and Shopify – and you can do all of that without leaving the house! Alternatively you could do all of that from a coffee shop, the beach – anywhere at all, as you’re not constrained by location.
Of course, if you want to start getting stocked in physical retailers, you will need to get out a bit more, but it’s definitely possible to get started working from your laptop, anywhere you choose to be.
3. It’s scalable
If your product does well, you have the option to add more products to your brand, or to just add variations on your existing product. If your products sell, you make some profit, and you can reinvest in more stock, you can keep going and going until you’ve built up something pretty big.
4. You can change course
However, if you start off with small production orders, you can make changes as you go. Most of us don’t always get things right first time and that’s fine. From packaging to pricing, you don’t need to worry about ‘getting things wrong,’ because nothing is set in stone. You may remember I changed the material for my boxes after my initial order, as they just weren’t sturdy enough. Until you get something out there, and start getting feedback from your customers, you won’t always know if it’ll work. Luckily this is a business where you can continually improve.
5.You can improve existing products
How many times have you brought something, or looked at buying something, and had that frustrated feeling of “this could (and should!) be so much better?” Creating your own product gives you that opportunity! I’ve spoken a lot about how my products came about after I realised there just wasn’t much on the market for babies that was high-quality, sustainable, made to last and affordable.
6. You can create something entirely new and unique
Every unique product out there was created by someone. And now, it’s easier than ever to become an inventor! If you have an idea you can make it real and you can even use crowdfunding to help fund it!
Be sure to validate your ideas before you go ahead though.
7. You can see something you’ve visualised, come to life before your eyes
It’s so exciting when you hold in your hands something that was just a dream weeks, months, or years ago. Seeing your vision come to life (and then seeing people buy it and use it!) is super exciting!
Your products should be meeting a demand and somehow making your customer’s lives better (even if just in a tiny way), so if you can do that, it’s amazing.
8. If it’s not for you, you can stop!
Of course, I hope that if you launch a product it takes off, you’re profitable and you sell thousands (if not millions!), if that’s what you want. However, if it’s not for you, for any reason, you can always sell off your stock (either to customers, retail outlets, or wholesalers, shut down your website or marketplace account and call it a day. I do think knowing you don’t have to be in it forever, is a benefit for anything!
Provided you can find a product with a relatively low cost to get started, it’s not too much of a risk.
So, there you have it! Are there any that you’d add? Let me know in the comments below if so.