How To Bring Your Product Idea To Life In 5 Easy Steps
To start a new business, you need an idea and the determination to see it through. Transforming that concept into a fully-fledged reality is both simple yet daunting. In order for abusiness to succeed, it isn't enough to just pour money into it. So, if you want to know ‘how to start my own beauty brand’ or ‘how to start a supplementcompany,’ or even how to manufacture supplements, here we are going to explain everything you need to bring your product idea (be it cosmetics, OTC products, or supplements) to life.
Step 1: Formalize The ConceptWhen you have your concept thought out, the next step is to formalize it and determine exactly how you want to turn it into a reality.Writing down your thoughts can make it easier for you to comprehend all of the questions and concerns regarding your concept. Having a business partner is really beneficial because it ensures that you and your partner are on the same page and that you are both aware of what your goals are for the brand. Additionally, it may prevent you from investing in the wrong way. How you tackle any problems that may arise with your brand will decide your company's success as a whole. Because of this, you will need to establish a positive and growth-oriented attitude and have the ability to articulate a unique vision for your company.
Step 3: Research Key IngredientsOnce you have conceptualized the idea and done market research to compare competition's ingredients and quality, the next step is to look for key ingredients you want to use in your product. For instance, if you plan to launch a moisturizer, you'd want it packed with ingredients that deliver intensive moisture to the skin to keep it hydrated and fresh. Your research should revolve around ingredients such as science-backed studies to ensure there are no issues with the legality of their purpose in the first place. We recommend finalizing the top 3-4 ingredients as going with a high number of ingredients will lead to increased cost.
Step 5: Focus On Unique Selling PointsYour target audience makes a buying decision based on what they see. For instance, a vegan won't buy a skincare product that uses goat milk for a moisturizing effect. Even the “Made In USA” stamp on products means high quality. The outstanding health and safety requirements that the United States of America sets on its manufacturing facilities help build trust among consumers. One consumer research found that 80% of people who buy American goods feel that the products are manufactured under better working conditions than those made in other countries. In fact, consumers don’t hesitate to pay 10%-20% for a USA-made product simply because of high safety and quality standards. Therefore, you need to choose what should be your selling points, e.g. Cruelty-Free, Halal, Dermatologically Test, Diversity-Owned, or Vegan Capsules, etc.
Step 7: Find A Reputable Contract Manufacturer And Start The Discussion PhaseFinding a reliable contract manufacturer could be a painstaking task. So, do your due diligence before choosing the right contract manufacturer. It means discussing everything from formulation, ballpark costs (starting budget could be as low as $3,000 for the first product), and other factors that go into the contract manufacturing process. And please make sure to sign a Non-disclosure Agreement (NDA) before sharing your formulation.
Step 9: Conduct Market TestingInstead of putting all eggs in one basket and trying to go ALL IN, you have to ensure the product is actually going to work. This is where market testing comes into play. For instance, if you are selling custom skincare products, try to go for small scale production from a reputable contract manufacturer instead of a production order of a big batch of skincare products. Dip your toes in the water and see if it works. Here are some of the advantages of market testing:
- The ability to accurately identify the target audience
- Feedback from targeted customers that is objective and critical
- An understanding of the actual demand for the product and the modifications that need to be made before the product is launched in full-scale production
- A better insight into what the customer is willing to pay for your product
- Insight into the demand for your product
- An understanding of how to make changes to your advertising and marketing plans