Do you have a killer product that you think could be hitting shelves across the country? That’s so cool! There’s a lot of considerations to think about when thinking about jumping into the consumer packaged goods market - here are some tips.
What’s the market demand for your product?
Is there enough demand for your product? Is it too broad, too niche? Think about the current demand for your product - are you constantly selling out? You want to be sure there’s enough demand before going national with your product.
How scalable is your product?
Another key factor is if your business has the capacity to scale production, supply chain, and distribution to get to a larger market. This means you might have to invest in some more equipment, inventory, and even labor.
What competitors are there for your product?
What are your competitors like? Where are they marketing their products? Is there room for your product to thrive alongside existing brands in the national market? Take a quick scan of the supermarket shelf you envision your product one day inhabiting - who are the standouts?
Is your product financially feasible to ship nationally?
Scaling up and shipping out is going to cost a lot of money - it’s going to take production, marketing, distribution, and shipping. You might want to consider a loan or other financing to make these changes.
Are there any regulatory requirements about your product you should know about?
Understand the legal and regulatory obligations associated with shipping your product nationally, and ensure that your product meets all necessary compliance standards and certifications. It may be a good idea to talk with an expert on this to make sure your product is good to go.
When you’re ready to hit store shelves, let your customers invest in you!
One way you can drum up excitement about your product scaling up, and get the funding to help make it happen, is by running a Honeycomb investment offering. As you can see, it’s going to take some capital to make it possible for you to produce, package, and ship your product to get it out there - Honeycomb lets your customers invest in you so you can make it happen! Learn more by filling out the form below.