Business Set Up Part 8 - Product Research

It's now time to think a little about researching a new product line. Creating your product is a personal process but you are placing that product in a market for consumption therefore people have to want to buy it!

You need to figure out what the buying public actually want (add that to your hard goals list). Flick though the 'lifestyle' magazines, look at trends, visit local shops and attend craft shows or trade fairs to seek out your future competition - it will all help! But ask yourself these questions:
  1. What products already exist and is there already market saturation?
  2. What products are missing?
  3. What trends did you notice?
  4. At craft shows, how many tables are selling similar products?
  5. Why did certain designs appeak to you?
  6. What are the wholesale and retail prices?

Attending a craft fair or trade show is a fantastic method of research. However, try not to make it too obvious you are on the hunt for ideas! Trade shows can be hard to access initially as you often have to prove you are a legitimate business. But, once you gain entry, check out the floor plan and booths you wish to visit and get moving! If you are able, pick up a price sheet and catalogue and always keep a notebook handy to write down the information - but perhaps over a coffee and not infront of the booth.

Craft fairs can be easier to access, I attend a minimum of one a year to check out what's new and behave like a shopper - all in the name of research for Butterfly-Crafts you understand!

If you return home in a major panic about all of the work required to reach the standard of those at the craft shows or trade fairs just remember - everyone had to start somewhere

Coming next time in the Business Tips (monday) - Tempted to copy?

Friday, 7 August 2009 | 0 Comments

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