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Home ยป product entrepreneur

product entrepreneur

How to Market Products Globally

For anyone who is a product entrepreneur the Internet has opened up a whole wide world of new customers who are anxious to buy your product. When I first started my business (swiggies, wrist water bottles) I never thought about selling internationally. It was overwhelming enough just selling my product in my own neighborhood. But now 90% of my business is international. The Internet has made international business more accessible for a small manufacturer, and easier to market your products globally. There are multiple ways to sell overseas with the click of a mouse.

How to market products globally

Being in the U.S. I always thought I’d manufacture my product in the U.S. But after trying it once and barely breaking even, I realized I would have to move my manufacturing to China, like most of the rest of the world. It took a few tries to find a good, honest factory, but I finally found the right one. (now I manufacture in 3 countries)

Find a middleman

Dealing with China has its own challenges, like the language barrier. This is why it’s a good idea to have someone there who can act as a middleman. Pay them a percentage. It’s worth it. They have a better understanding of the local culture and can help iron out any problems that arise. They will also be in a better position to negotiate prices for you.

Be aware of foreign holidays

I’ve found that there is a different sense of urgency there, so you want to make sure you allow plenty of time to get your merchandise. Don’t cut things too close. They also seem to have an awful lot of holidays, and some can last weeks, like Chinese New Year’s. So plan accordingly. You never know how many orders they have ahead of yours. Get your order in as early as possible to avoid delays.

Allow for time zone differences

Allow extra time for time zone differences. If you’re dealing with a distributor in South Africa and a factory in China, everyone will be in different time zones. You’ll always have a few days here and there arranging wire transfers and getting art work in. When banks are open in one country, they’re closed in another.

Factor in extra expenses

Factor in all extra expenses and adjust your prices so you don’t get the short end of the stick. I learned the hard way that an extra nickel is a lot of money when the order is 100,000 units. Make sure everything is discussed beforehand and you negotiate for the best pricing possible.

Don’t forget about taxes and duties

When quoting your customer’s prices take everything into account, like the taxes and duties they will have to pay once it gets to them and what kind of certifications you will need, if any, for their country. I always get 50% up front and 50% before they leave the port. Collecting money from a foreign country is a nightmare legal hassle. Make sure it’s all in your bank account before inventory leaves the port.

Use distributors

I’ve found the easiest way to sell internationally is through distributors. They buy in volume and basically run their own business. I just help them with marketing and publicity. They hire their own employees and do their own advertising.

A good way to get the word out about your product is by getting listed in online wholesale directories. There is also plenty of international PR that you can do to call attention to your brand.

There’s a great big world out there waiting to buy your products. They just need to know how to find you. And you need to know how to navigate the international waters.

How eBay Deals With Counterfeit Products

If you’re going to be a product entrepreneur, sooner or later you will have to deal with counterfeit products. It doesn’t matter if you’re a tiny one item inventor or NIKE, it happens to everyone.

counterfeit products
counterfeit products

The first time I heard about a counterfeiter I looked up “wrist water bottle” on the search engines and found a picture of me wearing my own product on a Chinese website. Since it had a phone number I called them up. When they were trying to sell me my own product they spoke perfect English, until I told them they were selling a counterfeit product and I owned the intellectual property. Suddenly, “no English”.

When I found counterfeiters selling my product on ebay I called up the company to let them know. As a company that deals with multiple people selling everything from used bikes to used chewing gum thrown away by Brittany Spears, they have to keep a handle on counterfeits. [Read more…] about How eBay Deals With Counterfeit Products

Product Prototype

product entrepreneur
product prototype

I remember trying to explain my first product, swiggies, wrist water bottles when I didn’t have a tangible prototype to show. “It’s a bottle that straps onto your wrist and has a pull top like a regular sports bottle.” People were picturing a regular water bottle that simply strapped onto your wrist.

Even when I made a clay prototype, it still didn’t quite register. The clay was molded into a small bottle type figure that sat on top of the wrist and had a vel-stretch band through it to keep it from moving. The cap opened and closed like a sports bottle.

It wasn’t until I had the finished product in the packaging that people finally went “Oh, I get it!”

Because most people can’t visualize something exactly the way you can with your own vision. So, if you plan on licensing, or even manufacturing yourself, it’s good to have some type of prototype for several reasons. [Read more…] about Product Prototype

Product Entrepreneur – Inventor’s Notebook

inventor's notebook
inventor’s notebook

An inventor’s notebook, or also called a logbook, is a special notebook designed for inventors to keep track of all of the details of their invention. This has always been important in the U.S. because we’ve always been a first to invent country. But that will all change on March 16, 2013 when the America Invents Act kicks in.

The first to invent means that the inventor has conceived and “reduced to practice” their idea. So, until March 16, 2012 the inventor’s notebook will be critical. Even after that date, keeping an inventor’s notebook will still add value to your invention. Why wouldn’t you do it anyway? It’s free. And just added proof that the idea is yours and you have been actively working to get it on the market.

You can technically use any kind of bound notebook that can’t be changed or altered, but I like to use ones like The Inventor’s Logbook: An Essential Record Keeping System It includes everything you need to know to document your idea and shows you how to do it step by step.
[Read more…] about Product Entrepreneur – Inventor’s Notebook

Product Entrepreneurs

I just got back last week from speaking at the ASD international retail conference in Vegas. The speech was on using innovation for competitive advantage. I was happy to see such a good turn out, not just for my speech, but for the whole conference.

ASD is a consumer goods trade show, which is actually 6 shows in 1. Gift, fashion, jewelry, health, beauty, and toys/novelty. It was a huge gathering of manufacturers from around the world and was hard to take in the whole show in one day.

product entrepreneur
product entrepreneur

What surprised me as I walked the show was the number of products that have been on the market for years that I’ve never heard of. Like the all natural, non toxic insect repelling Bug Button and Super Band. Or the Chillit Bags beverage coolers.

Then there were the new products like Kisstixx. Dallas Robinson and Mike Buonomo were big winners on Shark Tank when one of the sharks, Mark Cuban, took a liking to their products and made them partners. Kisstixx is a great example of putting a new twist on an old idea, chap stick. The idea is that a chemical reaction is created from two different flavors when 2 people kiss. Their new product is just as cool…breath spray that does the same thing. Even without the kissing partner, their chap stick is the best I’ve ever tried. I met them at their booth at the show and they are genuinely nice, down to earth guys. I wish them the best. [Read more…] about Product Entrepreneurs

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