Mikkel
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5,000 followers on Instagram(IG) and I have now decided that I will be releasing products to these followers.
Over the past 2 or 3 months I have had people messaging me, asking if I sold any products and the answer has always been, "At the moment we do not, but we will be working on products in the near future." Well, the "near future" is now and I wanted to see if any of you Fastlaners had and tips for myself.
Quick Overview:
My niche is the marijuana industry (not a user, just believe it is an open market with many opportunities)
My Instagram name is not the name of the brand, so my first hurdle will be to change usernames which will not be difficult to do, but rather I need to make sure people realize the username switch.
The name of the company will be called "Lincoln Smokes" and I believe our first product will be Rolling Papers ---- Cheap to produce, Great for getting our name out. People buy/use the papers, they take photos of them with their papers and post on IG. I see it quite often, so I assume this would happen if people buy our product.
I have plans to expand into other products later, but that is beyond the scope of what needs to happen right now. I don't want to get ahead of myself but rather focus on the immediate goals. I do however want to keep in mind that I do plan to expand, so when I make decisions I want to keep that in mind.
Steps I Plan To Take(Suggestions/Tips are Greatly Appreciated Here)
1) Make the Logo. So I already made the logo, I think. I created my own logo for "Lincoln Smokes" I just am not sure if it is finalized. I'd like to post the logo's in an upcoming post to get peoples feedback. My idea was to keep the logo simple. Minimalist types of photos seem to be quite popular at the moment.
2) 6 Day Release of New Product - On IG I plan on releasing new content to my followers each day, that takes them one step closer to the release of the product we will be selling(rolling papers.) For instance, Day One will be the logo, asking if they know what the logo is supposed to be of. The person that guesses it correctly(if anyone) will receive the "special new product." This will progress till the last day where I release both the website and the product where people can order.
3) Buying and Selling the product - This is where I really want peoples opinions. So the cost to ship over the rolling papers(that will have own logo on the boxes) will cost $330 for 150 units(2 weeks to ship). Of course, as you buy more the price per unit drops significantly.
Now I have two options here, I can buy these products before the 6 day release on Instagram and have them ready to be shipped OR I can have people pre-order and see how well we do.
My idea for pre-orders was that if I get 16 people to order, then the 150 units will have already been paid for. If 50 people order than I know that the 1,000 units($999) order would be paid for.
150 Units( $2.22/unit) 2 weeks shipping
1000 units($1/unit) 4 weeks shipping
Do you think that having pre-orders and having people wait up to a month is even smart? Or should I just go for the 150 units HOPE they sell and be able to give my customers their Rolling Papers in a very reasonable amount of time?
4) Actual Sales
If we were to do Pre-order, I would give them a discount(25%)
If I were to NOT do a pre-order, would you suggest I still discount?
Overall, I'm trying to keep branding in mind. We plan on innovating some new products and bring them to the market but we want to raise some more capital and also build a strong following before we just dive head first into designing a completely new product.
My question to all you Fastlaners is, do you suggest I do anything different? Is the name fine?
I just want to pull the trigger and buy the products so I'm locked in, but I also don't want to be going in blind. So that is why I wanted to pose this question!
Thanks,
-Mikkel
Over the past 2 or 3 months I have had people messaging me, asking if I sold any products and the answer has always been, "At the moment we do not, but we will be working on products in the near future." Well, the "near future" is now and I wanted to see if any of you Fastlaners had and tips for myself.
Quick Overview:
My niche is the marijuana industry (not a user, just believe it is an open market with many opportunities)
My Instagram name is not the name of the brand, so my first hurdle will be to change usernames which will not be difficult to do, but rather I need to make sure people realize the username switch.
The name of the company will be called "Lincoln Smokes" and I believe our first product will be Rolling Papers ---- Cheap to produce, Great for getting our name out. People buy/use the papers, they take photos of them with their papers and post on IG. I see it quite often, so I assume this would happen if people buy our product.
I have plans to expand into other products later, but that is beyond the scope of what needs to happen right now. I don't want to get ahead of myself but rather focus on the immediate goals. I do however want to keep in mind that I do plan to expand, so when I make decisions I want to keep that in mind.
Steps I Plan To Take(Suggestions/Tips are Greatly Appreciated Here)
1) Make the Logo. So I already made the logo, I think. I created my own logo for "Lincoln Smokes" I just am not sure if it is finalized. I'd like to post the logo's in an upcoming post to get peoples feedback. My idea was to keep the logo simple. Minimalist types of photos seem to be quite popular at the moment.
2) 6 Day Release of New Product - On IG I plan on releasing new content to my followers each day, that takes them one step closer to the release of the product we will be selling(rolling papers.) For instance, Day One will be the logo, asking if they know what the logo is supposed to be of. The person that guesses it correctly(if anyone) will receive the "special new product." This will progress till the last day where I release both the website and the product where people can order.
3) Buying and Selling the product - This is where I really want peoples opinions. So the cost to ship over the rolling papers(that will have own logo on the boxes) will cost $330 for 150 units(2 weeks to ship). Of course, as you buy more the price per unit drops significantly.
Now I have two options here, I can buy these products before the 6 day release on Instagram and have them ready to be shipped OR I can have people pre-order and see how well we do.
My idea for pre-orders was that if I get 16 people to order, then the 150 units will have already been paid for. If 50 people order than I know that the 1,000 units($999) order would be paid for.
150 Units( $2.22/unit) 2 weeks shipping
1000 units($1/unit) 4 weeks shipping
Do you think that having pre-orders and having people wait up to a month is even smart? Or should I just go for the 150 units HOPE they sell and be able to give my customers their Rolling Papers in a very reasonable amount of time?
4) Actual Sales
If we were to do Pre-order, I would give them a discount(25%)
If I were to NOT do a pre-order, would you suggest I still discount?
Overall, I'm trying to keep branding in mind. We plan on innovating some new products and bring them to the market but we want to raise some more capital and also build a strong following before we just dive head first into designing a completely new product.
My question to all you Fastlaners is, do you suggest I do anything different? Is the name fine?
I just want to pull the trigger and buy the products so I'm locked in, but I also don't want to be going in blind. So that is why I wanted to pose this question!
Thanks,
-Mikkel
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