For entrepreneurs in the UK it’s too easy to get caught in the Brexit headlights. This means that you let the uncertainties stop you from taking action on your business ideas.
Every day we hear tales of stress, argument and counterargument in the news – and it’s very tempting to do nothing until the outcome of Brexit is clearer!
We notice the effects here at Design IQ. We’ve noticed that at times of elections, referendums and even major Royal Events, sales enquiries seem to dry up and nothing happens for weeks!
Market Research produces better product designs
But the reality is this, the smart people with genuinely good ideas, and who have done their market research, will already know that a market exists for their product ideas.
Our advice is to carefully research your marketplace, watch your competitors, and create a product that is “better by design”. By listening hard to what customers want in the first place you’ll have a winning design, irrespective of timing.
Will the market get better when Brexit is resolved?
Try these questions to solve any Brexit worries:
Q. Will the market improve after Brexit is resolved one way or the other?
A. Maybe – but will it seriously make a big difference to how many of your products you can sell?
Q. Should I manufacture my product in the UK to avoid Brexit worries?
A. Sounds like a good idea – but your product will be much more expensive, and you may have to import the fabric anyway. Goods have to have a certain % of British origin goods to quality and British.
Can you ask the far higher prices that the “Made in Britain Flag” demands?
Do factories in the UK have the technical ability to make your bag?
Even if the answer is “no” don’t worry. Just make the very best product so your design sells well regardless. So design is a key factor in your sales – we can work with you to get the design and positioning right.
If you’d like to talk over your design ideas, just give Design IQ a call – (0)1531 640118.
Q. Will the UK £ pound go up or down?
A. If it goes down it might become cheaper to manufacture in the UK. However, offshore production is still likely to be more suitable if your product is at all complicated. Just factor it into your prices, the same as everybody else. We are all in the same boat!
Q. If my product gets too expensive because of currency changes will that destroy my market potential?
A. If your product is very price sensitive maybe you should not do it anyway. Only pursue profitable and unique ideas, with plenty of profit margin.
We have created a business planner that you can purchase to help you calculate the risks and rewards – see this link:
Q. Will people stop buying the product I want to make after Brexit is resolved?
A. We suggest to think long term, only create products that have a long shelf life and fit long lasting lifestyle or work issues. People will always buy a well designed product that solves their problems, if you promote and market it well.
Timing
The next thing you might like to think about is timing – most customers launch their new enterprise to market within about nine months to a year of starting the design work. Given that Brexit will most likely be resolved one way or the other by then, delaying the start of work will make no difference to its success.
Planning
Although it’s a cliche, it still stands true, “Fail to plan, plan to fail”
Planning to succeed is so important and to help our customers work out the cost of getting their new business going we have created a business plan template that is designed for textile businesses.
Get your product right and everything else will follow
In conclusion, as I was taught at the London Business school – “D.I.N.D.” “Do it now Dummy”, Brexit one way or the other will soon be history.
To make sure that your product is well designed and market ready, just give us a call – (0)1531 640118 – and make a start today.