Before spending any money on creating or sourcing your product, I would suggest doing some validation to see whether your product has the potential to make a profit.
It doesn’t matter how much (or little) it costs to create your product if you’ll never see a penny of it again. Doing this work can help you feel more confident about investing the money in the first place.
Remember, I’ve been there!
My number one solution to finding out if someone will buy your product, is to find your ideal customer and ask them!
In episode 5 we covered:
Finding out who’s your ideal customer
Who your product is for (and who will buy it)
A few other ways to get input and carry out research online
A few other things you can do:
Share prototypes or samples of your product and ask some good questions
Get some pre-orders and make money before even creating anything. (Only actually take money if you’re confident you’ll have something to sell - or be prepared to pay back every penny you take.)
A note on price:
I always recommend working out your selling price before you find out what it will cost to produce it. By all means ask potential customers for input here. That way, you can make an unbiased decision - rather than setting the price to cover the costs - which could prove to be a costly mistake if you price yourself too high.
You’ve taken a huge step and hopefully feel much more confident about spending the money on producing your product.