Launch a Product as a Freelancer

19 Apr Launch a Product as a Freelancer

How to Launch a Product as a Freelancer

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As a freelance business owner you will know that eventually your business will reach a cross-roads. 

Should I continue to trade hours for dollars or should I continue to grow my business?

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There are a number of ways to grow your business past your individual work capacity. The most common ways to grow your business and create a more passive income style from your business include:

  1. Premium services or products.
  2. Packaged services.
  3. Physical Product.
  4. Digital Products e.g. eCourses, eBooks.

During this post we will focus on launching a physical product as part of your freelance business. When you reach the point of considering a physical product for your business you should already have transitioned through the first two phases of building a successful freelance business.

Freelance Success Roadmap Version 2

Building a freelance business in the right way is vital to your success. Freelancers who work along can only focus on so many things at one time so growing your business in a linear way allows you to:

  • Ensure clients see the value your service offers;
  • Build a presence in the industry and grow your network;
  • Refine your processes and have a system for your service delivery; and
  • Build a solid client base to avoid looking for work.

After reaching this point it’s time to consider how you can diversity your income and create a long-term business building strategy.

The first steps to find a physical product that compliments your service and adds value to clients.

Freelance Products

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The concept of having a product that compliments your current business often just makes sense. Not only can a product add value to clients it can also help generate new work and allow you to develop am more passive income stream.

However, a product can be a huge commitment and freelancers need to determine if it is the right path for their business.

Does the product compliment your business?

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When deciding on the right prodcut for your business, freelancers need to think about the problem their business solves and products that can help further address the problem. There are a number of questions you can ask:

  • Is there a product I always recommend?
  • Can I find Private Label products and rebrand for my business?
  • Does the product compliment my core business?
  • Could the product bring new clients to my freelance business?

Can you dedicate the resources?

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Before committing to market or creating a product you need to identify the resources required to bring the prodcut to market and give it the best chance for success.

Possible resources required for launching a prodcut may include:

  • Time – As a freelancer time is your most valuable asset, it’s important to consider the feasibility of your product and if it has the potential to grow your revenue or will it just take away from your current client commitments?
  • Money – Products may require an investment not only in the product but also marketing the product to your database.

Source the Product

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Having the right manufacturing partner or wholesaler can also make a huge impact in the success of your product. The right partner can determine:

  • Their capacity – do they have the long term capacity to prodcut the product?
  • Branding – Can you rebrand the product to your business?
  • Initial Order – What will you need to invest in your first order?
  • Margins – Will the prodcut deliver the margins you require.

There are also companies like Asian ProSource that can help connect you with suppliers or manufacturers.

Bring the Product to Market?

As a freelancer with an established service business you can leverage your current clients to gain momentum for your product. When bringing a new product to the market as a freelancer there are a couple of ways to ensure your product will increase the value provided by your service offering:

  • Provide a sample or trial to current clients and get there feedback on the product before committing to orders.
  • Promote the new product to your database before your order arrives to encourage pre-sales?
  • Is there demand for the product amongst existing clients?

Always contact your clients before investing in a product to see if it is something your market will be interested in.

Should you add a product to your freelance business?

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Like anything in business the success of your product depends on a number of factors. The key is to consider if having the product is worth the time and effort above going to get more clients. The advantages of having an additional income stream is finding a more passive way to make money in the long-term to take pressure of always trading your time for money.

Having a product can be a great investment in the long-term success of your business.

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