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In this video, I will be sharing with you the different steps on how to create your own unique product that you can sell on Amazon that you are actually passionate about. I call this the Passion Product Formula.
There are seven steps in the Passion Product Formula:
1. Idea
The first step is coming up with an idea for a passion product. Every successful entrepreneur found a problem and created something to solve that problem. In other words, they scratch their own itch. What do you wish existed in the world and how do you make something better? If you do not have an idea yet, you can start writing down one idea a day. Start looking at everything you interact with and ask yourself how it could be better. You want to create something new and unique and it can be as simple as taking an existing product and making it better.
2. Brand
This is different from private label. Most private labels are just doing something generic. For Passion Product, you need to dive deeper on who your target customers are and you brand it perfectly for them. You need to niche down and be specific on who you want to brand your product for.
3. Launch Group
This is the most useful thing I’ve ever done. A product launch group is where you get potential customers into a Facebook group or other type of community. From there, you start asking their opinion. You can show them your logo or packaging and you can ask for feedback. When you finally go to launch your product on Amazon, the people in your launch group will be the first ones to buy your product and leave reviews. You can grow a product launch group through Instagram, Facebook, YouTube, Podcast or Blogs.
4. Build a Business
In this step, you need to get all the legal documents, register as DBA, LLC, and SCorp, and get your trademark.
5. Crowdfund
The benefit of a passion product is you don’t need a lot of money to start. You can be able to raise a fund simply by getting together the product launch group. You can use this to launch a Kickstarter and use the money for your first production run.
6. Manufacturer
Once you have a successful crowdfunding game plan, it’s time to look for a manufacturer for your product. You can go to Alibaba or AliExpress. You can also search through Google or go to tradeshows. Once you find a manufacturer, keep in mind that their entire business model is around making it as easy as possible for you to work with them.
7. Launch on Amazon
This is where the product launch group is so important. They’re going to be the first ones in line to buy your product and leave a review. This is how Amazon knows if a product is going to be a winner if it gets a lot of sales and reviews right away. They will know that the product is probably amazing.
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