Making Money With Physical Products (with Katie Hunt): Episode 165 - Rachel Ngom (2024)

Takeaways

• Physical products can be automated and fulfillment can be taken care of for you.
• Using companies such as Printful will print and ship your inventory for you.
• Think down the road, if you were to get an order for 1,000, how would you make it happen?
• First Step–Get crystal clear on what you want to be creating.
• Know what your profit margins are and what quantity is needed to reach your goal.
• Direct to consumer has a higher profit margin, wholesale orders are higher quantity.
• Test the market in retail on a smaller scale.
• Wholesale has a minimum requirement on what quantity they need to purchase.
• Make sure you have a big enough line, no one is going to buy everything you offer.
• Approach stores for wholesale through connecting on social media, send intro email explaining who you are and linking them to your catalog. From there send a sample or physical catalog.
• Don’t be afraid to sell your product, or to simply get in front of people with your product.
• Make sure to follow up after sending samples or if you do not receive a response to your first email.
• Sometimes it takes 3-4 emails to remind someone why they need your products.
• Trade shows are a lot of work and expensive, but they are a great way to get face time with clients and build relationships.
• Product packaging can also help with branding.
• Have fun with it and keep it a hobby for a while and if over time you still feel the drive to turn it into a business, then start investigating.
• Don’t think you need to do everything up front, it is okay to grow slowly and steadily.
• Know that you can make it work before you go too deep.
• 4 key factors–What kind of money are we going to make? What is my time commitment? Am I excited about it? How many people is it going to impact?

Highlights

• (1:40) A little more about Katie Hunt.
• (3:00) Why we should add products.
• (4:49) Know your audience and know which products compliment the services you’re offering.
• (6:30) Companies can sell your products and handle all of the logistics for you.
• (8:00) Think down the road, if you were to get an order for 1,000, how would you make it happen?
• (9:40) Passion on the creative side, profit margins on the business side.
• (11:00) Direct to Consumer vs. Wholesale (Profit Margin Mix).
• (12:15) Testing new products.
• (16:40) Wholesale ordering specifics.
• (17:40) How to approach a store for wholesale.
• (19:30) Don’t be afraid to sell your product.
• (21:00) Follow up.
• (23:44) Trade shows.
• (25:20) Product packaging.
• (27:00) Undervaluing the amount of work of turning a hobby into a business.
• (28:00) Starting out, growing a business.
• (30:40) 4 Key Factors in Planning.

Quotes

“Know your audience and know what they need.”

“Make sure you’ve got a strong enough product line, meaning large enough, priced right, packaged correctly, meeting industry standards.”

“It’s definitely about consistent follow up.”

“It’s hard to capture people’s attention these days.”

“Build these relationships slowly but surely.”

“Every product is different.”

“You have to have inventory, you have to ship things out, there are many, many pieces.”

Resources

Books Mentioned in this Episode:

“Go for no” by Richard Fenton & Andrea Waltz

“The Joy of Missing Out” by Tonya Dalton

“Company of One” by Paul Jarvis

Connect with Katie Hunt:

Website: prooftoproduct.com

Podcast: Proof to Product