Episode 67 - How to start launch & scale your product business

Today the tables are turned and I am the guest and my host is Vicki Weinburg. I was a guest on her podcast Bring Your Product Idea to Life and it was too juicy an episode not to share with you here. We chat about my top tips from developing and launching your brand, to how to grow and scale your business, and common mistakes to avoid. I share a range of excellent resources I know that you will want to investigate. Whether you are starting out, or looking to take the next step in your business, there are lots of takeaway actions in this episode.   KEY TAKEAWAYS   Nicole worked as buyer and head of buying for over 18 years for retailers such as Primark, MandS,Debenhams and George at Asda, gaining experience in buying, product development, strategy and leadership and global sourcing. In 2020 she established the Buyer and Retail Coach to help small businesses start and scale their product business and increase their sales and profits. From working with larger companies Nicole’s advice is that if something doesn’t work, and there will always be something that doesn’t, you should fail fast and move on. The quicker you can find a solution and move on, the quicker you’ll be able to bring in more money. You can then review why something didn’t work. Understand your customer, without them you have no business. Don’t ignore your older customer if your business changes, take them on the journey with you. A lot of new business owners try to do everything themselves. It’s always a better idea to bring in someone with the skills you need or outsource that part of your business to someone who can do it better. When sourcing the three main questions you want to ask any supplier are what their minimum order quantity is, what their lead time is, and what their payment terms are.   BEST MOMENTS   ‘Know what you won’t compromise on’ ‘A lot more people are using Instagram and TikTok as search engines’ ‘Look at where you need to be from a price point, rather than working it out from your cost price’ ‘If you’re not on TikTok, get yourself on there’   EPISODE RESOURCES   VICKI: https://www.facebook.com/groups/productcreatorsclub (Join my free Facebook group for product makers and creators) https://www.instagram.com/vickiweinberguk/ (Find me on Instagram) http://www.vickiweinberg.com (Work with me) USEFUL RESOURCES: FREE RESOURCE: https://thebuyerandretailcoach.com/questionstoasksuppliers/ (Questions to ask suppliers when starting your business) Brands and Resources mentioned: Adam Frisby - In The Style Katie Tucker | Market research | Author (@productjungle) • Instagram photos and videos Common Objective Alibaba.com Pantee https://mailchimp.com/en-gb (Mailchimp) Klaviyo https://www.launchrock.com/ (Launchrock) Fiona Minett - http://bossyourpr (Boss Your PR) Lucy Werner - Hype Yourself — The Wern (Hype Yourself) Entrepreneur & Press Hangout – LIGHTBULB | Facebook (Lightbulb Facebook Group)   VALUABLE RESOURCES   www.thebuyerandretailcoach.com www.instagram.com/thebuyerandretailcoach www.tiktok.com/@thebuyerandretailcoach https://thebuyerandretailcoach.com/newsletter-sign-up/   ABOUT THE HOST   Buying & retail expert Nicole Higgins spent the last 18 years working for companies such as Primark, M&S, Debenhams and Asda, sourcing & developing products from all over the world, building strategies for blue chip businesses, and increasing bottom line sales and profit, adding over £40 million in incremental business to the bottom line. Nicole now uses that experience and works as a consultant and coach for entrepreneurs and small to medium sized business owners, helping them start and scale their product businesses as The Buyer And Retail Coach (TM) Join the Start Scale Succeed waitlist. How to start & scale a product business. A 12 Week programme: thebuyerandretailcoach.com/startscalesucceedwaitlist   CONTACT METHOD   Website http://www.thebuyerandretailcoach.com IG https://www.instagram.com/thebuyerandretailcoach/ TikTok www.tiktok.com/@thebuyerandretailcoach LinkedIn linkedin.com/in/nicolehigginsuk Email nicole@thebuyerandretailcoach.com Newsletter https://thebuyerandretailcoach.com/newsletter-sign-up/ Book a call with me https://thebuyerandretailcoachltd.as.me/discoverycall