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EXECUTION Vegan pudding - about to take a leap

Discussion in 'Progress/Execution Threads' started by Sprocket, May 15, 2019.

  1. Sprocket
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    Sprocket Bronze Contributor FASTLANE INSIDER

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    Hi all, I hope you’re good and having a wonderful day so far?!

    It’s a beautiful Wednesday. I’m sitting in my garden, sun shining, drinking coffee, listing get to the birds... and my body is filled with terror and excitement, hope and doubt. I’m just about to make the payment for my first bulk batch of ingredients for my vegan pudding idea....

    I haven’t done a progress thread to date because my progress has been pretty slow. My mindset has been holding me back for almost a year, in which time I’ve made small steps but nothing that will actually commit me to the business. But today that changed.

    Concept:
    My idea is a pretty simple one. The product isn’t 100% new (it does have differentiated USPs) but I think the targeting, marketing and execution is an opportunity waiting to be explored. Existing products on the market are really dated and stagnant. My product aims to make it fresh, new and demonstrate how exciting, delicious and versatile this pudding can be, especially for those on a restricted diet.

    It is a non perishable product which can be mailed to customers making it a good product for online sales. There is room to grow the line through flavour innovation and broaden out in to other vegan products that can be packed and posted.

    So far I’ve:
    • Found ingredient suppliers, tested samples and developed a recipe.
    • Engaged with the target market to ask their opinion with 300+ likes, loads of comments, requests to test and offers of promotion on blog
    • Sent a handful of test samples (with the small mount of test product I had) with good feedback and points to improve which I’ve taken on board.
    • Developed a brand and started to engage the target market through instagram with slow progress
    • After the initial interest from facebook, I feel a bit like I’m getting white and (i think it was orange??) feedback. I have had a few people message me to ask when it will be ready which is positive, the uncertainty is killing me!
    Anyhow, here’s my plan and next steps:

    Manufacture:
    I plan to manufacture the product myself in our families factory in my spare time initially. This will be time consuming as we don’t have the right packing machine. Once I am happy I have tested that there is a need / demand for it I have the option of buying a small machine to speed up the process or outsource to a co packer.

    My ultimate aim to to hand it to a co packer and fulfilment centre, but I need to look at costs, margin and scale.

    Price / cost:
    The cost of the product itself is very cheap. The packaging and postage are what will increase the price. My main concern here is building enough margin into the price so I have the opportunity to outsource and still make a profit. This is something I need to address. Also down the line I’d like to look at printed packaging so I don’t need to hand label every bag.

    Marketing / branding:
    A designer friend as developed a brand at a good rate, he’s working on a holding page now. I’d have liked to do this myself bu with 3 little children, house to run and a part time job I had to bite the bullet and outsource somethings.

    Being a food product I think Instagram will be a good opportunity to try and stimulate demand. There are a few food trends that this product could put it’s own little spin on. I know nothing about instagram! I have an account and have started posting and learning, changing tactic, posting and learning. So far I have 27 followers and my most liked post had 49 views. I know this is tiny but I’m truly great full for every follower!

    Next step here is to learn how to make professional looking content inc cooking videos.

    When I have a physical product I also aim to send a sample to influencers.

    Ultimately I’d like a website packed full of beautiful images, recipes and ways to use this product with my own online shop.

    Distribution:
    My initial thoughts are to sell through eBay, Amazon and when I can see it starting to sell, through my own shop. Selling fees are something I need to get my head around here. I’ve never sold on Amazon and I’ve never had an eBay shop. These are things I will need to learn quickly.

    Scale:
    As I’ve mentioned, if this product takes off my dream is to have it co-packed and fulfilled so I don’t need to physically make and send it. This would leave me free to sell and market. When the model is running efficiently and the product is scalable then I’d like to approach wholesalers and the catering trade.

    Next steps:
    • Buy the ingredients NOW - Ingredients will be delivered within a week
    • I’m getting quoted for bulk packaging, in the mean time I will order a test batch from an amazon supplier - by Friday
    • The designer is building a holding page, live this week - This week
    • I need to get the packaging information to the designer so he can design a label (front and back of pack) for the product - Mon / Tues
    • Finalise product costing to include distribution costs (eBay, Amazon) Mon / Tues
    • Identify influencers - ongoing
    • Learn how to market on Instagram - ongoing
    Thanks for reading. I will aim to update every week and if anyone has any advise or observations please feel free to share, I feel like I’m finding my way in the dark big time.

    I’m off to invest in some ingredients, wish me luck!!
    Have a super day,

    Lucy
     
    Last edited: May 15, 2019
    abinge05, G-Man, Bekit and 2 others like this.

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