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Hello everyone,
I would like to bring to market a cleaning product. Due to its nature, I would like to purchase product liability insurance for it. I would like to discuss the most reasonable order of operations with regard to purchasing the product, insuring it, marketing it, and selling it. With the support of what I've read on this forum and other resources, I've come up with the following routes:
Route 1:
1. Purchase product liability insurance
2. Purchase the product
3. Market and sell the product
Considerations: Some insurance companies require a yearly payment. Consequently, whether or not I sell any product, I have spent that amount of money. I understand there is always risk involved, so this is reasonable. However, if there is a way I can avoid it, I would like to. I would also have product purchased without knowing for certain that it will sell. Again, an understandable risk.
Route 2:
1. Find a way to market the product and gather information on how successful it would be without yet having physical product to sell.
2. Route 1
Considerations: This seems like the "smart" way to do it; however, I do not know how I would go about this. I've read suggestions to start selling product without having it on hand, and when they get to the checkout page, say something to the extent of, "Sorry, we're out of stock. Please enjoy X% when it's back in stock due to the inconvenience". This seems a bit sleazy, but maybe I'm just naive and it's a great way to go about it.
Are there any other considerations I've missed? Are my order of operations completely messed up? Are there better ways? I've discovered that on this journey, "not knowing" is not as big of an issue as "not knowing what you don't know". I'm definitely in the latter.
I appreciate all of the input you may have, and look forward to discussing this with you
I would like to bring to market a cleaning product. Due to its nature, I would like to purchase product liability insurance for it. I would like to discuss the most reasonable order of operations with regard to purchasing the product, insuring it, marketing it, and selling it. With the support of what I've read on this forum and other resources, I've come up with the following routes:
Route 1:
1. Purchase product liability insurance
2. Purchase the product
3. Market and sell the product
Considerations: Some insurance companies require a yearly payment. Consequently, whether or not I sell any product, I have spent that amount of money. I understand there is always risk involved, so this is reasonable. However, if there is a way I can avoid it, I would like to. I would also have product purchased without knowing for certain that it will sell. Again, an understandable risk.
Route 2:
1. Find a way to market the product and gather information on how successful it would be without yet having physical product to sell.
2. Route 1
Considerations: This seems like the "smart" way to do it; however, I do not know how I would go about this. I've read suggestions to start selling product without having it on hand, and when they get to the checkout page, say something to the extent of, "Sorry, we're out of stock. Please enjoy X% when it's back in stock due to the inconvenience". This seems a bit sleazy, but maybe I'm just naive and it's a great way to go about it.
Are there any other considerations I've missed? Are my order of operations completely messed up? Are there better ways? I've discovered that on this journey, "not knowing" is not as big of an issue as "not knowing what you don't know". I'm definitely in the latter.
I appreciate all of the input you may have, and look forward to discussing this with you
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