When I first consider a new product idea I've first looked at whether there might be a demand for it. The next aspect is sourcing suitable materials, then designing the product. It's then a matter of refining the design with the input of end consumers.
With the high visibility vests, for example, I initially supplied them to a dog grooming and pet retail business I knew in Wellington that had sold some of my knitted dog coats.
I supplied them on a sale or return basis, and then they gave me feedback from customers about what they liked about the product and what they thought could be improved.
Another important part of the process is setting the product price, because before I can commit to ongoing production it's important to assess whether it's possible to make the product at a price customers might be willing to pay. When I developed the coats I worked with my accountant to help with this.
As a solopreneur, what have been the main challenges for you when you've been developing your products?
The main challenges are time and cost. A new product takes time to develop on top of the usual demands of business - and life. You also need to finance it upfront, because usually there's a minimum order requirement for the materials that need to be paid for immediately, and any prototypes you make might not be suitable for sale. Generally it's about taking a leap of faith.
In the case of the booster seats, I was asked to make these by a retailer who bought the first run, which was really helpful. But even once you've got a product available to market, getting it into retail outlets as a small supplier can be difficult.
I had a small amount of government assistance when I began developing the high visibility dog coats, and I've been supported at times by family and friends. I've also found most of the large firms I've dealt with when trying to source materials have been open to helping a small business person who has an offbeat request.
Do you have any new products in the works at the moment?
At the moment I'm developing some high visibility products for horses. I've had several requests for these over a number of years, but it has been hard to define exactly what product people would like. So my plan is to make some high visibility products to take to the Horse of the Year show in March, where I'm hoping to test the market and get feedback from the attendees.
Coming up in Your Business: How do you outsource offshore? What are the options, how does it work on a practical level, and what are some of the pitfalls? If you've got a story to share, drop me a note: nzhsmallbusiness@gmail.com
