March was a month focused on product development and ordering product samples! I started off with a week in China where I first went to the 3 day Wellbeing and Fitness Expo in Shanghai (Shanghai was an amazing place to visit if you haven’t already; some bonus travel pics included below). No picture could capture the size of this expo but it had halls with swimming pools / pickle courts / zumba classes (and more!) happening within them, so crazy!
This wasn’t necessarily anything to do with Suspense laces but my dad was keen for me to experience an expo, learn the ‘tricks of the trade’ as such and identify any other potential ideas for businesses to launch in the future. The expo had suppliers showcasing their products across 5 giant halls; selling everything from gym equipment, to sports nutrition, recovery products and fitness apparel. A few product ranges turned my head and upon enquiring into their ranges it was an eye opener to learn how much margin the household brands would be making on their products (that’s business I guess!).
From the few fitness apparel suppliers showcasing their ranges at the expo I made some good contacts for potential range expansions for Suspense (e.g. launching a running clothing range).
After a couple of days in Shanghai, we flew to Hong Kong where we then took the bullet train out to Humen Town; a district home to many fabric manufacturers. Here, we met with two potential manufacturers that I had been in communication with for a couple of months (20min drive apart from one another!). It was invaluable to meet with them in person at their factories; where we were given a factory tour and were able to talk through the ideas for the elastic lace NPD. We had a good in depth discussion on potential product ranges and what would/wouldn’t work based on their factories capabilities. Above all, I feel now we have met with them in person, they are much keener to work with us on our new product range and are more invested, vs prior to meeting in person where we were ‘just another client’. I left China having gained some great insights into the world of manufacturing (an area I knew VERY little about prior to working on Suspense).
Elastic lace samples of the NPD have been ordered and I will share further updates with you on this next month! These samples will determine the launch date of the brand; if they are good enough to order bulk quantities from then we are full steam ahead to a summer launch date, but if they need one more round of samples then it could see the launch being delayed a couple of months. Getting the balance right between ‘just launching & putting yourself out there’ vs ‘waiting for the products to be perfect’ is a tough one as I naturally lean more to the perfectionism side but know the experience gained from ‘just launching’ will be invaluable and know you can still tweak products and of course build on the range once launched (and potentially more optimal as I could get feedback direct from our customers).
Factors I’ve considered when ordering these samples:
- Strength of elastic
- Width and length of elastic
- End tag material, size & colours
- Elastic colours
- Plastic adjustable fasteners
- Branding
- Packaging
- All the above impacting the cost price and subsequent profit margin
To bring the brand look & feel to life, I will also be launching caps and socks as a complimentary range to the laces. I have included a few pictures below of the designs created on photoshop again to show how they have been brought to life, having now received the sock samples and 1 out of 4 cap samples (/styles). These designs are still work in progress but I have confirmed the sock manufacturers as the quality and sizing of their socks is just what I was looking for. The cap manufacturers are still to be confirmed as I am waiting for a few more samples to be delivered (both flat peak and round peak caps) before making my decision. There are still many unanswered questions here such as how many different designs I order and how many of each design; what RRP they should be and how deeply they will be promoted as well as how to package/ship them as sustainably and cost efficiently as possible. Plenty to be getting on with heading into a new month..!
My no.1 piece of advice for anyone wanting to launch their own business but finds the manufacturer side of the start up overwhelming (or doesn't even know where to begin when it comes to how they can create a product and find a manufacturer); visit expos within the industry you are interested in!