{"id":989,"date":"2014-09-26T08:00:50","date_gmt":"2014-09-26T13:00:50","guid":{"rendered":"https:\/\/www.ulprospector.com\/knowledge\/?p=989"},"modified":"2014-10-08T11:48:09","modified_gmt":"2014-10-08T16:48:09","slug":"pcc-launching-own-product-line","status":"publish","type":"post","link":"https:\/\/ulprospector.ul.com\/989\/pcc-launching-own-product-line\/","title":{"rendered":"Launching Your Own Product Line"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-992\" src=\"https:\/\/ulprospector.ul.com\/media\/2014\/09\/launchingproductlineSM.jpg\" alt=\"launchingproductlineSM\" width=\"300\" height=\"500\" srcset=\"https:\/\/ulprospector.ul.com\/wp-content\/uploads\/2014\/09\/launchingproductlineSM.jpg 300w, https:\/\/ulprospector.ul.com\/wp-content\/uploads\/2014\/09\/launchingproductlineSM-180x300.jpg 180w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/>Many of you have at one time or another considered starting your own business or launching a product line. After all, with your extensive experience\u00a0working at different companies and your knowledge of this industry, you should be able to make it on your own, right?<\/p>\n<p>Before you make the jump of leaving a secure job with a steady paycheck every week, step back and consider the following four points. If you feel confident on each of these fronts, you\u2019ll have what it takes to become a successful business owner.<\/p>\n<h4>1. Finances<\/h4>\n<p>Most businesses fail because they don\u2019t have a good grasp of the finances needed to sustain the business until there is a positive cash flow.\u00a0<strong>My advice:<\/strong><\/p>\n<ul>\n<li>Put together a budget that lists the various expenses such as investments in R&amp;D, manufacturing, sales and marketing. Included in such analysis should be a timeline with specific goals to be attained. Goals without timelines are just dreams<strong>.<\/strong><\/li>\n<li>Secure a line of credit from your local bank or your credit union. If these don\u2019t work, investigate alternate ways of raising capital such as government business loans (SBA Funding), venture capitalists, angel investors or family members.<\/li>\n<li>Have sufficient capital to cover anticipated expenses before your begin your project.<\/li>\n<\/ul>\n<h4>2. Marketing Message<\/h4>\n<p><span style=\"font-size: 1.4rem; line-height: 1.625;\">Often overlooked is the business proposition. What is it that you\u2019re offering, and how does it fill an unmet need in the market?\u00a0<\/span><strong>My advice:<\/strong><\/p>\n<ul>\n<li><span style=\"font-size: 1.4rem; line-height: 1.625;\"> Ask yourself these\u00a0questions &#8211; Why would someone want to buy my product? What am I offering that my competition cannot? Customers don\u2019t care about the technology you use, if there is no recognizable advantage. They are more interested in the end benefits your product provides and whether or not it solves a problem they have. <\/span><\/li>\n<li><span style=\"font-size: 1.4rem; line-height: 1.625;\">Create a marketing plan that focuses on your customer.<\/span><\/li>\n<\/ul>\n<h4>3. Pricing and Selling<\/h4>\n<h6>Pricing is a market driven decision based on your product\u2019s niche. Where and how you market also influences the final price.\u00a0<strong>My advice:<\/strong><\/h6>\n<ul>\n<li>Don\u2019t ask too much or too little, as they both can hurt.<\/li>\n<li>Price your product so that you have a decent profit margin based on the value you deliver. For consumer products, it can range from 50-70%.<\/li>\n<\/ul>\n<h4>4. The Technical Stuff<\/h4>\n<p>Last but not least, pay attention to your product formulation.\u00a0<strong>My advice:<\/strong><\/p>\n<ul>\n<li>Check your formula for raw material incompatibilities, performance, product and package stability, including ship tests, preservation, patent infringements safety, and finished goods specification, etc.<\/li>\n<li>Check your label copy to see if it is compliant with regulations and if the claims are substantiated.<\/li>\n<\/ul>\n<p>This is just a partial list of items to be considered before your launch. If it feels overwhelming, keep sight of your dream, and don\u2019t get discouraged. Working for yourself and your family can be very rewarding. Your success is in your hands. Make the best of it!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many of you have at one time or another considered starting your own business or launching a product line. After all, with your extensive experience\u00a0working at different companies and your knowledge of this industry, you should be able to make &hellip; <a href=\"https:\/\/ulprospector.ul.com\/989\/pcc-launching-own-product-line\/\">Continued<\/a><\/p>\n","protected":false},"author":14,"featured_media":991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"episode_type":"","audio_file":"","podmotor_file_id":"","podmotor_episode_id":"","cover_image":"","cover_image_id":"","duration":"","filesize":"","filesize_raw":"","date_recorded":"","explicit":"","block":"","itunes_episode_number":"","itunes_title":"","itunes_season_number":"","itunes_episode_type":"","footnotes":""},"categories":[5],"tags":[],"ppma_author":[1256],"class_list":["post-989","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-care-cosmetics-cleaners","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Launching Your Own Product Line<\/title>\n<meta name=\"description\" content=\"Before you make the jump of leaving a secure to launch a product line, step back and consider the following important four points.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ulprospector.ul.com\/989\/pcc-launching-own-product-line\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Launching Your Own Product Line\" \/>\n<meta property=\"og:description\" content=\"Before you make the jump of leaving a secure to launch a product line, step back and consider the following important four points.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ulprospector.ul.com\/989\/pcc-launching-own-product-line\/\" \/>\n<meta property=\"og:site_name\" content=\"Prospector Knowledge Center\" \/>\n<meta property=\"article:published_time\" content=\"2014-09-26T13:00:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2014-10-08T16:48:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ulprospector.ul.com\/wp-content\/uploads\/2014\/09\/launchingproductline.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"495\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Arun Nandagiri\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Arun Nandagiri\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/ulprospector.ul.com\\\/989\\\/pcc-launching-own-product-line\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ulprospector.ul.com\\\/989\\\/pcc-launching-own-product-line\\\/\"},\"author\":{\"name\":\"Arun Nandagiri\",\"@id\":\"https:\\\/\\\/ulprospector.ul.com\\\/#\\\/schema\\\/person\\\/e9aacecc7104fef6a0510b855189f90e\"},\"headline\":\"Launching Your Own Product Line\",\"datePublished\":\"2014-09-26T13:00:50+00:00\",\"dateModified\":\"2014-10-08T16:48:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ulprospector.ul.com\\\/989\\\/pcc-launching-own-product-line\\\/\"},\"wordCount\":480,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/ulprospector.ul.com\\\/989\\\/pcc-launching-own-product-line\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ulprospector.ul.com\\\/wp-content\\\/uploads\\\/2014\\\/09\\\/launchingproductline.jpg\",\"articleSection\":[\"Personal Care &amp; 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Bria Labs provides hair care product development and testing services to the personal care industry. Arun has more than 35 years of domestic and international hands-on experience formulating, testing and developing superior hair\u00a0and skin care\u00a0products. He held senior-level positions at Fortune 500 companies such as Unilever, American Cyanamid and International Playtex. As the inventor or co-inventor of more than 29 U.S. patents, his expertise blends an understanding of consumer needs with in-depth knowledge of hair and skin care formulation technologies. Learn about Bria Research Labs.","sameAs":["https:\/\/ulprospector.ul.com"],"url":"https:\/\/ulprospector.ul.com\/author\/arun-nandagiri\/"}]}},"authors":[{"term_id":1256,"user_id":14,"is_guest":0,"slug":"arun-nandagiri","display_name":"Arun Nandagiri","avatar_url":"https:\/\/ulprospector.ul.com\/media\/2014\/06\/Arun-Nandagiri_avatar_1403732513-96x96.jpg","author_category":"","exclude_author":"","first_name":"Arun","last_name":"Nandagiri","user_url":"https:\/\/ulprospector.ul.com","job_title":"","description":"<p class=\"p1\">Arun Nandagiri is the founder and owner of Bria Research Labs located in Libertyville, IL. Bria Labs provides hair care product development and testing services to the personal care industry. Arun has more than 35 years of domestic and international hands-on experience formulating, testing and developing superior hair\u00a0and skin care\u00a0products. He held senior-level positions at Fortune 500 companies such as Unilever, American Cyanamid and International Playtex. As the inventor or co-inventor of more than 29 U.S. patents, his expertise blends an understanding of consumer needs with in-depth knowledge of hair and skin care formulation technologies.<\/p>\r\n<p class=\"p1\">Learn about <a title=\"Bria Research Labs\" href=\"http:\/\/brialab.com\/\" target=\"_blank\">Bria Research Labs<\/a>.<\/p>"}],"_links":{"self":[{"href":"https:\/\/ulprospector.ul.com\/wp-json\/wp\/v2\/posts\/989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ulprospector.ul.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ulprospector.ul.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ulprospector.ul.com\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/ulprospector.ul.com\/wp-json\/wp\/v2\/comments?post=989"}],"version-history":[{"count":0,"href":"https:\/\/ulprospector.ul.com\/wp-json\/wp\/v2\/posts\/989\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ulprospector.ul.com\/wp-json\/wp\/v2\/media\/991"}],"wp:attachment":[{"href":"https:\/\/ulprospector.ul.com\/wp-json\/wp\/v2\/media?parent=989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ulprospector.ul.com\/wp-json\/wp\/v2\/categories?post=989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ulprospector.ul.com\/wp-json\/wp\/v2\/tags?post=989"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/ulprospector.ul.com\/wp-json\/wp\/v2\/ppma_author?post=989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}