If you’ve finally decided to turn your craft or eureka moment into a full-blown business, congratulations-you’re one step closer to becoming an entrepreneur! Understanding the business, however, can be tricky, especially if you plan on scaling up in the future and partnering with large vendors. How to do you find the right manufacturer for your product? How many prototypes do you need? What’s an NDA and should you have one? To help answer these questions, we asked the small business experts for their top tips to help you get your idea off the ground.
Finding and working with a manufacturer that’s right for your needs is crucial. First, decide if you want to produce domestically or overseas, as each will have their own pros and cons. “Ask yourself how much control you want or may need for producing your product,” says Ough. “Producing domestically or even locally will allow you to visit the site directly and check in more regularly (about once a year) than if your site was overseas.” However, Ough notes that if lower price points are a priority for you, working with international producers may be the way to go, but be sure to also factor timing and customs when planning out your production process as these can sometimes cause delays and impact sales. “If you’re going to work with international manufacturers, consider reaching out to your local economic development chapter (find yours here),” says Ough. “They can connect you with a global specialist who has vetted manufacturers overseas and will help represent you.”
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