By: Zak Goldberg
Incredibly, business confidence in the UK is continuing to rise, despite the spectre of Brexit and its potential implications on citizens. Many experts have attribute this to the growth of the manufacturing sector, which recorded a Credit Manager’s Index (CMI) score of 62.7 during the first quarter of 2017 and a 1.5% increase from the previous quarter. This hints at significant growth potential for product-oriented firms, which are currently able to increase exports due to a more competitively priced (and fundamentally weaker) pound.
This means that while the current economic climate may remain challenging, it also can offer a unique opportunity to entrepreneurs who are looking to get their innovative ideas off the ground.
With this in mind, let’s look at a few ways that you can launch your venture in the current economic and financial market climate.
Test and Refine Your Idea
There is a reason why creatives often partner with sales professionals or project managers when looking to market their product, while some even license to established firms in exchange for a royalty.
You can apply this way of thinking during the design of your product as you look to enhance its commercial potential and ensure that has a clear value proposition. By constantly testing and refining your concept, you can create an in-demand product that fills a gap in the market or resolves a prominent consumer problem.
Just be sure to test with independent groups at every stage of the design process, as this guarantees honest and actionable feedback that adds value.
Raise Funds to Launch and Market Your Product
In many cases, entrepreneurs find themselves with a viable product idea or concept but no business infrastructure to which to market it. Developing your product plus a viable marketing strategy requires funds, so you will need to seek out creative ways of funding your product launch.
Depending on the development stage, and the holdings that you have in stock, you may be able to raise money by selling through an affiliate partner such as Amazon, where you are afforded access to a global audience in exchange for a fixed, nominal commission fee.
If you wish to raise capital independently, you may want to consider building a personal store of wealth by trading the financial market. This is even viable in the current financial climate, as spread-betting and trading through CFDs enables you to speculate on the movement of underlying assets without forcing you to assume the burden of ownership.
This means that you can profit even in a depreciating market, enabling you to build funds and invest into your venture.
Get Your Pricing Right
With a viable product idea and the right marketing funds behind you, there is every chance that you can successfully get your innovative idea off the ground this year. Even then, however, it may not sell without a viable pricing structure that creates a strong value proposition for consumers while also enabling you to achieve a viable profit margin.
To achieve this delicate balance, you will need to understand a viable price point that the market can bear, before determining whether this leaves you with a desired margin. If not, you may need to consider reducing production costs so that you can maintain your desired price while remaining competitive.
Your pricing structure must be strategically planned and agile so that it can adapt to market trends and the needs of your customers.
By Zak Goldberg
About the author
Zak Goldberg is a Law & Business Graduate from the University of Leeds who has chosen to follow his aspirations of becoming a full-time published writer, offering his expertise on all areas of law, fintech and business economics.
Featured image via Yayimages.