The Top 4 Tips To Bring Your Product To Market From This Trio Of Entrepreneurs
If you are thinking of creating a product and bringing it to market, this trio wants to share their experience with you and explain why it is essential to know your finances.
These co-founders of URJA Intimates by Dr. Sherry share their top finance tips:
1. Identify a need in the market
For your product to succeed, the first step is to ensure that there is a need in the market. The key is that this product needs to solve a problem for the consumer to pay for it. Do your market research to ensure you don’t put all this effort into creating a product that nobody is interested in buying.
2. Be prepared to self-finance
Bringing a product to market is a hefty investment with significant costs attached to it. Costs include: testing the product, manufacturing the products, ensuring the safety of the product, packaging costs, and all the backend requirements to run a business successfully. Be aware of the costs and carefully plan because running out of funds midway through the project and having to postpone it or shut it down entirely would be a waste of effort.