IF YOU HAVE A CONSUMER PRODUCT STARTUP, DON'T WASTE YOUR TIME AND MONEY. LEARN WHAT HAS WORKED SO YOU CAN APPLY IT TO YOUR COMPANY.
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Successfully marketing and selling a product is the goal. but you need to make sure you think through and plan for resource security – a reliable supply of your product’s raw materials in order to be successful.
Not being able to meet demand because of supply chain issues is just as bad as not having demand because customers and suppliers usually have other choices, whether it’s from direct competing products or substitute products. There is risk, and sometimes significant risk, that if you fail to meet demand, they will never come back again.
Before you start marketing and selling product, make sure you spend the time and effort to set up your supply chain. consider the following:
- Is your product’s supply chain sustainable? Or is it made from a depleting resource that cannot be replaced?
- Make sure you have multiple suppliers. This is just risk management 101. Even if you are a startup or small company, always have multiple suppliers available.
- Can you purchase raw materials year-round or do they require stockpiling that can be at risk of contamination or other market participants buying up all the supply?
- Do your product’s raw materials require low energy and water to make and get to market? Water, certainly, is becoming a scare resource in many parts of the world where raw materials for products might be traditionally produced.
- Do your raw materials have price stability? You really need this because it is very difficult to pass along cost increases to customers.
- Are your raw materials made in close proximity to you and your market? This just makes it easier and cheaper to transport what you need to sell to your customers
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