5 ways to cut costs without cutting quality
You have a great product idea, but it’s just too expensive. Fortunately, there are ways to cut costs and maintain your product’s integrity.
1. Material cost. What materials are you using? Are there comparable materials at a cheaper cost? If the answer is no, shop around for a better price. Consider making an agreement with the seller, such as more materials upfront for a cheaper cost.
2. Evaluate the design. Is everything on your product necessary? Is there an additional feature or visual aspect (ex. Chrome plating) that you can remove? Even small changes positively affect overall cost.
3. Crowd fund. Crowd funding through sources like Kickstarter is a viable option, especially for start-up companies or sole inventors. Those interested will offer their money and advice—perhaps giving additional solutions to make the product better.
4. Find the right company. Look for a company that has several locations nationally and internationally. Companies like Pivot International also help their clients reduce costs by finding deals throughout their global manufacturing network.
5. Utilizing just-in-time production. Consider manufacturing the product on as needed basis. This reduces costs by cutting overstocking in inventory and only ordering what is needed when necessary.
Hannah Nava loves writing about any topic, and product creation is no exception. She currently writes about business topics on behalf of Pivot International. When not marrying words, Hannah enjoys reading science fiction, fantasy, and dystopian works; sipping margaritas (always frozen); and trying to make the world a happier place. Tweet her @hannahmnava or see what's new at hannahnava.com.