When it comes to building a business, there’s a lot of information out there.
However, I find there’s a lot more information for service-based businesses than product-based businesses. There’s a lot that I didn’t know about building my brand of leather accessories (despite working in fashion) and there are some things that I wish someone told me. And now that I have a platform, I want to share them with you.
In this article, we’re going to go through three non-disputable facts that will help you build a sustainable, successful business.
There’s a lot involved in building a product-based business.
We can be a little naive starting our businesses, can’t we? I have a product and a dream and a scrappy attitude, so I’ve got what it takes. I’m ready to be an overnight success.
You know all those overnight success stories? Yeah, there’s no such thing as an overnight success story. There are tons of businesses that LOOK like an overnight success, but actually it took years of progressive steps to get there.
You may have seen some of your favourite brands experience this, especially during the pandemic. DTC brands were perfectly poised to take advantage of the global situation, and it made it look like hundreds of brands popped up overnight. When in fact they had been around for awhile and it took the perfect storm of events to skyrocket them into the spotlight. And these brands that did succeed ran into new, undiscovered problems along the way too!
The reality is that starting a business is going to challenge you. You’re going to be learning a lot – you’re going to be failing and you’re going to be changing. As one friend said, entrepreneurship is personal development dialed up to 11.
Starting and growing a successful business is hard work. It’s not a sprint, it’s a marathon. (But I know you can do it!)
You need to be involved in how your product-based business works
I get it – who wants to do everything in their business? And there are some parts of your business that are just more fun than others. And I’m not saying that you have to wear all of the hats forever.
But you have to work in your business before you can hand tasks off to someone else. Not only does it drain your resources, but it stops you from truly understanding how your business works.
There is some trial and error involved in a business, and who better to gain those insights than you? Plus, when you ARE ready to outsource, you’ll have a clear idea of the responsibilities and how to make the role a success.
You’re going to have to do sales and you’re going to have to reach out to a lot of people.
You cannot have a business unless you’re willing to do sales. You can have the most fantastic product or service, but if you’re not out there selling it, your business won’t go far. It’s all about getting your offering in front of the right people, showing them why it’s valuable, and guiding them toward making a purchase.
This involves connecting with customers, understanding their needs, and showing how your solution can address those needs. Sales is at the core of entrepreneurship—it’s turning potential into profit.
In this industry, reaching out extensively is just part of the game. We’re going to talk about it in more detail in a future article, but it’s worth repeating.
An average conversion rate for wholesale businesses is 3 to 5%, meaning you might need to contact over 100 stores to land those 10 you’re aiming for.
In the beginning, it’s all about outreach, making those calls, and getting your brand name out there so people take notice. With time and persistence, it does get easier. You will hit a tipping point where your brand gains recognition and they’ll start coming to you.
But you have to do the work to get there.
BONUS truth: You don’t have to figure it out all by yourself.
When building your product-based business, remember that you don’t have to do it all alone. Seeking guidance and support along the way can be incredibly beneficial.
That’s where I come in. As a wholesale consultant, I specialize in helping businesses like yours navigate the complexities of entering and thriving in the wholesale market. I can provide tailored advice on refining your products, developing sales strategies, and establishing relationships with retailers.
The truth is that you don’t know what you don’t know. But with my experience, I can help you avoid mistakes and be awesome. Get in touch. Let’s do this thing.
