There are many ways how you cane come up with a product or service to sell. Here are only some of them:
- Solve a problem you have. For me, this is the best, because you know who is your potential target market – people like you. You know what annoys you and makes you tick, so you can address your potential clients speaking from your own experience.
- Talk to family and friends or conduct an industry research you’re interested in. Maybe you notice a process in your employer’s company that could be improved? You already have the experience and
- Build on an existing product or service e.g. look into franchising offers the advantage of proven business models, established brand recognition, and ongoing support from the franchisor.
- Start with a hobby – you can always find ways to monetise it if you choose to.
- Jump on a trend. For example, sustainability and eco-conscious living is on the rise and there still seems to be room for more brands.
For Oishya, it was the first one.
I had a problem: It was close to Christmas and I really wanted to spend 500 GBP on a knife for my bf.
I found a solution: I went directly to the source, Japanese blacksmith who made me a personalised knife for quarter of that price (Never mind that the knife arrived way after Christmas, the end result – that joy in his eyes when he saw the knife – was accomplished :). Bonus point: I got to use a really cool knife too and develop my love for high quality knives (cooking can be a pleasure !)
Before you pour any serious money, try validating need for your idea first. Check:
a) demand: do people even want it?
b) profit margins: will it make enough money for you to grow?
b) logistics: will it be doable to source / import the product or semi-materials for its development?
c) product continuity: it’s always best to own the product and its design, vs. drop ship or resell somebody else’s brand, but it’s not always possible, especially at the start. Product design and manufacturing usually require a large capital up front so you’re better off starting with
I share those also on my IG _hankka, so feel free to connect there too.
