I promised to start adding a splash of business development posts to the blog, so here’s the first.
One of the most important things to consider when you’re looking to launch a product is the retail price. Often, potential clients ask me… “How much will the product cost?” Unfortunately, that’s not a question I can readily answer. There are a number of factors to consider when thinking about the final cost/price of a product including the ingredients, volume (how much is in the bottle), packaging, target market and profit margin. I encourage clients to determine what price will suit their target market and also how much profit they would like to make per unit BEFORE we begin the project. Everything else can be adjusted along the way. Often, a contract manufacturer can deliver the results you seek within your budget. The key is to know up front.
While catching up on my reading, I stumbled upon an article on Entrepreneur.com about landing major retail placement. Among the tips was planning ahead for profit. Read that article here
I added it to my bookmarks for future reference, I recommend you do the same.
Here’s to the Glam Life!