A simple guide to developing a product for your small business

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When you sell a service, you’re effectively selling time, not a thing. Get in touch with the Bionic team to learn how we can help you save time when sorting your business essentials, meaning you’ll have more time to build your business. The biggest issue you might face if you’re looking to enter this industry is finding a vendor or manufacturer. Competitive pricing will always be a big factor to consider, but the quality is vital when customers are purchasing at a greater price point. Furniture sets itself apart from other high-demand products in that these items tend to see less overall sales but their higher price point can make their profit margins much bigger. With popularity comes competition, and the clothing industry is notorious for being a fiercely saturated market.

When looking for suppliers, there are plenty of resources both online and in person. While it may seem old fashioned, many business owners choose to attend trade shows dedicated to sourcing. New product development is the process of bringing an original product idea to market.

Bionics guides to business essentials

To make your business memorable – images ingrain in our memories, so people will remember you and be able to recollect your business long after they’ve left you. To enhance your company branding – images convey messages much easier than words so apply graphics that reinforce and enhance your brand. To meet Health & Safety legislation themotorettes.com and improve productivity – employers have a duty of care to provide a comfortable and functional workplace. Window film can help achieve this so that employees can work more productively. Research FDA regulations and how they pertain to your product and packaging, both where they are produced and where you intend to sell them.

On top of that, genuinely believing in your product can speak volumes for your business’s branding. Your passion should shine through all your customer touchpoints, creating a brand ethos that’s meaningful, authentic, and makes people really believe that you want to help them. This knowledge puts you at an advantage as you can then create that product that’s missing from the market and satisfy customers.

Products may also become redundant or need to be pivoted to meet changing demands. An example of this is Netflix, who moved from a DVD rental delivery model to subscription streaming. Get free expert advice on coronavirus recovery tactics and stories from your peers at Rebuild, our dedicated support hub. Idea distillation – to screen out any ideas not worth taking forward.

  • This can be done by focusing on innovation to generate unique features of a product or by establishing completely new offerings.
  • OrderWise, a software company, offers clients websites and trade portals, stock control, sales, CRM, business intelligence, store EPOS, warehouse management, purchasing, marketing and accounts.
  • However, more often than not, entrepreneurs will work with a third party to prototype their product.
  • A strategy where you’re differentiating yourself on features, products or services and you’re targeting a broad market.

Launched in 2009, the Donut websites have grown to be the UK’s largest resource for small businesses. Learn more about key small business marketing topics such as eCommerce, social media, and online marketing. Ask existing customers what they value in your product, which competitors they rate most highly and why they choose to buy from you. Direct marketing can be a good way to generate sales from existing and new customers.

Google Shopping

The answer comes in the form of the growing number of outlets that sell of end lines and leftover stock. These include T K Maxx and Overstock, as well as sites such as eBay. Looking for helpful advice and guidance to deal with coronavirus business issues?

Opportunities for business growth

To see how leaders can turbocharge their small business product development to achieve more in the next normal and beyond,download our free eBook, 5 Productivity Tips Every Small Business Needs to Know. Productivity and innovation go hand in hand, especially for SMEs with limited resources. Driving productivity through innovation is one of the best ways for small businesses to not only stay competitive but sprint past their larger competitors. The team leader, or ‘product champion’, should delegate responsibilities at the beginning of the project, making sure that expertise and tasks have been properly divided. From there they can create a blueprint for tackling ‘mission critical’ tasks, then see where innovative solutions might help. Another option is to seek assistance from an outside PDC, which can provide expertise on a for-hire basis.