Starting a product based business from scratch is seriously intense. Between late night calls with your factories and early morning freakouts over coffee when you start to question everything after seeing yet another article about the newest founder to sell their empire for a cool 100M+,it can feel straight-up impossible.
Bad News, first. Sometimes product based business creation is a bit impossible. Sometimes there are just not enough dollars to make the sample holler, and that reality can totally bit.
Good News; no matter what the hang-up if you master the three main variables of a solid product based business launch you can pivot more successfully and get back on track sooner.
The first variable is cash.
Its super important that before you start any product based business (PBB) journey you are confident and clear in what your actual spend budget is. When you have a specific budget and spend plan sorted before you start development you can always mitigate decisions and options against the cash of it all.
The second variable is time.
Mastering the variable of time might look like knowing when to push your factories or when to allow them a few extra weeks to troubleshoot, or it may look like a 10,000 foot view of the brand build all to ensure that you don’t launch your swimwear brand mid-winter. Time refers to the project management, lead times, and urgencies of your PBB journey.
The final variable is team.
No matter how tempting getting the headlines may be there is not a single, not one single product based business that came to be with only one person behind the scenes.
Even if you’re a maker who crafts their product on their own, its unlikely that you also craft 100% of the materials you need to create your product. Infact the average product based business, in our experience, has no less that 15 different partners.
Managing and pivoting your team is a core piece of successful development. Some of the core team members on a successful team build are:
No matter what kind of product based business you’re creating keeping in mind that CASH, TIME and TEAM are the three variables you can control can be extremely helpful in getting budgets in line, launching on time, and building a great team while you do it.