12 Months to $1 Million

Develop your first product

Instructions

Understand your target market.
Begin by understanding who your potential customers are. Conduct market research by creating spreadsheets to compare different markets. For your research, you can use social media, surveys, and focus groups to gather information about their preferences and needs. Ask questions like: "What products do you currently use?" and "What problems do you face with these products?" This helps you tailor your product to meet their specific needs.
Define your initial product idea.
Based on your market research, choose a product that addresses a common pain point or fulfills a demand in your target market. For example, if your market research shows that yoga enthusiasts struggle with knee pain, you might decide to create an extra-thick yoga mat.
Search for contract manufacturers.
Use platforms like Alibaba.com to find manufacturers who can produce your product. Start by ordering samples to evaluate the quality and fit for your specifications.
Test and refine your product idea with samples.
Once you receive the samples, test them in real-world conditions. If you’re creating a yoga mat, take it to a local yoga studio and get feedback from yoga instructors and practitioners. Ask questions like: "What do you like about this mat?" and "What improvements would you suggest?" This will help you refine your product.
Finalize your product specifications. Based on the feedback from your sample testing, make any necessary adjustments to your product. Communicate these changes clearly to your chosen manufacturer. Ensure that your final product meets the quality and functionality needs of your target market.
Place a small initial order.
Start with a small order to minimize risk. For example, order 100 units of your yoga mats. This allows you to test the market without overcommitting financially.
Develop a simple, focused marketing plan.
Create a basic marketing strategy to introduce your product to your target audience. Use social media, email marketing, and word of mouth to generate interest. Offer a discount or promotion to early buyers to encourage initial sales.
Launch your product on a single platform.
Choose one platform to launch your product, such as your own website or a major e-commerce site like Amazon. Direct all your marketing efforts to this platform to maximize your impact.
Gather customer feedback and reviews.
Once your products are sold, encourage your first customers to leave reviews and provide feedback. Use this information to make any necessary adjustments to your product or marketing strategy.
Focus on improving and scaling. As sales start coming in, concentrate on refining your product and scaling your business. Look for ways to improve your supply chain, reduce costs, and enhance product quality. For example, negotiate better terms with your manufacturer based on your sales volume, or find ways to streamline your shipping process.
Stay committed to your core product. Avoid the temptation to diversify too early. Focus on perfecting your initial product and growing your market share.