1 .Offering a Reputable Track Record
Business Plan, proper paperwork, having the correct licensing, business credentials, trademarks, patents and files in place. Also this protects your product.
2. Building Your Network Before You Need Them
Make connections, mingle network, and get the word out their about your brand.
3 .Getting Product Credibility
Gain press, build your social media following and engage with your audience. You can do this by contacting your local media and news outlets by pitching your brand with your media kit. Not to mention, you can let friends and family spread the word for you. Word of mouth advertising is free.
4. Seed Money
Get ready for minimum funding. Find zero – to – no interest loans. Kiva Zip is an organization that offers zero interest loans but someone in their network has to endorse you. If you need an endorsement and feel you are ready please contact me. I may be able to assist you with getting your first $5,000 loan as your trustee.
5. Build Your Brand
Prepare your online/local marketing, get your website together, and/or create an E-commerce store.
6. Know Your Customers and the Stores You Want to Sale to
Conduct the right market research primary and secondary research is a necessity. Be sure to know as much as you can about your target customer and the stores you want your products to be sold through.
7. Offer Customer Service and Loyalty Programs
Create good promotions online and locally. Offer incentives for your loyal customers. You can have special events as well as attend other events where your potential customers may frequent.
8. Suppliers & Distribution Channels
Be sure to have this in order by the time you are ready to start getting serious funding or seeking an investor. Your production, quality prototypes & and packaging are very important to getting your product in stores and getting the funding you need.
9. Pre-Order and Offering Consignment Deals
By creating a good marketing plan you will be able to attract an increase of sales. A unique way to test your product and get an increase of sales is to connect with local stores or boutiques. Offer to put your product in their store and give them a portion of each sale. This way you are able to test, sale, create a working relationship, and build you track record or credibility in the industry. The owner of the store benefits because you are offering their customers something different and the store owner doesn’t have to flip the bill. They’re only profiting making this a win-win situation for all business entities involved. Make sure your product fits with the store’s demographic.
10. Increase Your Conversion Rate
The more people that know about your product and are able to tract it the more sales you will get. This will help you get closer to your ultimate goal. Track finances, find out where the greatest ROI is coming from, and track your sales.
11. Get the Appropriate Amounts of Additional Capital
From Credit (depending on you business structure you could qualify for $5,000- $250,000 credit with no interest for 18 months. Be sure to be responsible and pay off the loan before your 18 months are up. Also, crowd-funding is a smart way to get smart money to launch your business or new product. There are also other zero to low-interest loans that can benefit your business and are appropriate for someone who wouldn’t otherwise qualify for a bank loan.
12. Development, Achieve Milestones, & Review
A good way to get to the development stage and reach help you through the process is to get support or get an accountability partner. Having a coach that will help guide you through the process is a good way to achieve your milestones.
BONUS: The final step is to get ready for manufacturing in order to be able to deliver big orders.
To learn about other loans information, financial management and career coaching you can ask questions below or send an email to me at firstname.lastname@example.org.