So, hereโs is the advice Iโd give myself if I was launching a brand this year in 2024:
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Solve a real problem that people will pay money for ๐ธ you wonโt believe how often this step is missed - ideas need to be validated and the only way you can do that is by talking to real potential customers
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Have a real point of difference ๐ฆ review competitors and big players in the space by reading through their one star reviews - gather ALL the bad stuff and figure out how you can create a product that solves those problems and stand out from the restย ย
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Aim for mass market consumer goods ๐๏ธ if you want a nationwide or global brand aim for mass market items over high ticket products that have a longer purchase decision required - think about products that just make sense to buy: food, beauty, hygiene, household items
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Incorporate a price point and profit margin thatโll work on other channels ๐ฐ really think about the pricing model of platforms like Amazon and paid ads and incorporate this into your financial model
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Build a brand that is social first โจI canโt say this enough - it needs to have X factor on TikTok ๐คณand people need to want to show it off - have all the qualities of viral products that are a no-brainer to buy
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Create with repeatable buys & subscriptions in mind ๐ it costs 5X more to acquire a customer than to retain a customer you already have - once you have someone on board treat them like gold (or $$$)
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Build a brand that doesnโt require raising capital to get started ๐ค you want to hold off raising as long as you can so you have proof points, learn to be scrappy, and leverage your growth for better termsย