Top 5 Tips for Starting a Product-Based Business

By Dr. Liia Ramachandra

The workplace has changed immensely in the wake of the pandemic. More people than ever before are choosing to leave their jobs and seek new opportunities. Many of those people are choosing to strike out on their own and begin businesses. The type of business one can start depends on skill set, creativity, or recognition of a market need for a product or service. When someone decides to start a product-based business, they may face a unique set of challenges. 

When I set out to build our business, Epilynx, it was because I saw that gluten-free, hypoallergenic, and medically clean beauty and skincare products were missing from the market. There was a need that I could fill. This is the way many product-based businesses begin: a notion of a need and the realization that they have the unique skills and expertise to fulfill that need for consumers. 

Along the way, I've learned quite a bit about building a product-based business. Here are five tips for anyone looking to venture out independently and bring a product to the market. 

1. Figure Out Your Passion

I struggled with a gluten allergy, and finding skincare that didn't cause flare-ups was difficult. It became my passion to develop a product line that would meet the needs of people like me. Perhaps your passion is good food. Maybe it's games and toys or scientific innovation. Whatever your passion is, finding out how to capitalize on that passion is a good starting point for any product-based business. If you are passionate about what your business provides to the market, you are more likely to give the business the effort and dedication necessary for success. 

2. What Does the Market Need 

I started Epilynx when I noticed the gluten-free, medically clean beauty and skin care products weren't available. My husband and I went all-in on creating products with specifically chosen ingredients and formulas. When you are first starting, you need to research your niche and your target market. You need to find out if products like yours exist and, if not, how can you get your product in front of the people who need it the most? 

3. Try and Try Again

Once you discover through research a need and desire for your product, you need to develop it and then try it out for yourself. Before a product can be market-ready, it needs to be tested. The last thing you want to do as a burgeoning entrepreneur is to release a product that has not been put through its paces. 

4. Remember Your Why

Once your product has been tried, tested, found to be viable, and released on the market, it's essential that you, as the owner and founder of your business, remain plugged into your initial "why". Your "why" is the reason you started your business in the first place. Perhaps you were dedicated to helping others. Maybe you wanted a different schedule from a corporate job or enjoyed being creative every day. Whatever your "why" may be, keep it at the forefront of your mind so that every decision or pivot you make in your business is informed by that "why". 

5. Roll With the Changes 

No business journey is without twists and turns, as we saw with the pandemic shutdown. Many small businesses failed to thrive in the past few years because they were unwilling or unable to pivot. As a business owner, you must realize that change is a fact of life. Remaining adaptable and instituting change when your consumer base or the market demands it will keep your venture viable. As long as you never lose sight of your purpose, your ability to adapt will likely reward you in the long run. 

Bringing a novel product to the market can be a daunting feat. Competition can be fierce, financial considerations can be tumultuous, and there will likely be many times you will think about quitting. But, if you head into entrepreneurship with a solid plan and a passionate focus on the end goal, professional success and business scaling can be achieved.

This is a guest post from Dr. Liia Ramachandra, Pharm.D., Ph.D., a serial entrepreneur and healthcare executive. Dr. Liia is the Founder and CEO of gluten-free skin care and cosmetics brand EpiLynx.