You’ve made the big step and private labeled your product. Congratulations! While that’s a great accomplishment, you might still feel you’ve got something more left to give.
It’s time for expansion.
How do you move forward to turn your product into a business, to turn your private label into product line? Think of your product line as a tree. Your brand is the trunk, and your first private labeled product is your first branch. Now, it’s time to branch out. Here are a few guidelines.
Plan your garden
Deciding what field you want to enter will help you determine what other kinds of products you will be looking at for your line. Say you’ve private labeled a box with a special locking mechanism. The question becomes, do you want to enter the domain of organizational boxes, making boxes of different sizes? Or do you want to use the locking mechanism on other products and focus just on the locking mechanism? In this arena, you might start with bags or luggage or other items that need locks.
Grow the tree
Now it’s time to grow some branches by making a list of all your possibilities. Search for all the possible products you can find in this field. Some of your branches might even have branches sprouting off from them. Referring back to our box example, you may have found 30 gallon boxes, but you want to put them out in different colors. Blue, green, and pink boxes will all branch out from the 30 gallon boxes. List all the possibilities you can make, even if it doesn’t seem likely you will go that direction. Just make sure they are all in the related field.
Prune the branches
This is where you need to narrow down your list. You are going to cut out the branches that are least likely to yield a good profit. Obviously, it will not be cost effective to include all of the items on your list, so you will need to decide which ones will be easiest to market, which ones are most useful to the consumer, and which ones are the best cost for you. In our box example, maybe you included boxes with an extra set of handles on the side. After thinking about it, the extra handles add to your cost, and you have found that no one is really buying boxes like that. There’s a branch that could be trimmed.
Harvest the fruit
Now that you have private labeled a line of products related to your first, you will begin to see profits from each of the different branches. The trick is to keep focusing on the products you have selected to make sure they are yielding a healthy profit. There is no harm in continuing to prune, or cut unsuccessful products from your line. The more successful products will make up the difference for you.
Once you have successfully private labeled one product, there’s nothing to keep you from continuing your success. Our trip to the Canton Fair in China each year also gives you an additional benefit—you can find all the products you could possibly need for your new product line! The spring trip is officially sold out, but you can join the wait list or watch this page here to jump on board when new dates are announced.
We also help you start your private labeling business from the ground up at our Colorado LIVE event. Whether you’re a seasoned pro or just getting started, we’ll help you create your business plan so you can be more successful. We have three coming up this year, so take a look and choose the dates that work best for you!
And if you need help, you know where to turn. We are here to help you grow your private label brand.