Bob Bryenton
Solar Storm Group Ltd.
Phone: (780) 953-0016
Email: [email protected]
https://www.solarstorm.ca
“The only way of finding the limits of the possible is by going beyond them into the impossible" -- Arthur C. Clarke
Bob,
I decided to try and answer this question in its basic construct with an overly complicated set of answers and data.
The best summary of your question is the age old business question: "I enjoy making _ Product. How do I provide the best solution for a problem, in the form of a product, that I enjoy producing?"
Of course we are not the ones to ask or answer these questions: I have been recommended this book "How to Make Money Making Knives" by ABS MS Murray Carter. I am also sure it is not the only one, but I have been told it is an excellent one.
Otherwise, I think your question can be broken into a few categories and questions:
The Who
1. Who could benefit from a knife in its utility? (Who could use the basic knife tool on a daily basis for work or safety?) (Butchers, Tradesman, Soldiers, Craftsman, Scouts, Truckers, Cowboys, Loggers, Hunters, Fishermen, etc.)
2. Who wants a knife? (Collectors, hobbyists, those who purchase for status or identity, Survivalists, Outdoorsman, family campers, etc)
3. How do I create a steady stream of customers through honest education? (Shoving something people don't need or want in their face isn't going to make you or the product look good long term. However, if you don't explain an everyday problem that can be solved with your honestly produced and sold product then you will have no future sales.)
The Where (Finding Customers)
1. What tools can I use to find and identify customers?
- Traditional Avenues: (Word of Mouth, Tradeshows, Markets, having an event booth, etc)
- Traditional Mainstream Avenues: (Newspaper, Magazine, Local or national News, Radio, etc)
- New Mainstream Avenues: (Websites, Social Media, Podcasts, Influencer Sponsorships, etc)
- Logistical Avenues: (Business partnership, Production sales, Conglomerated distributions, etc)
2. Sourcing and Marketing Software
- Google Trends (it's Free): Top "Knife" oriented searches in the United States in the past 5 years I can find are:
a) "Best Knife"
b) Survival Knife
c) "Best EDC"
d) "Hunting Knife"
- Source AI: (I.E.: ChatGPT). This can be used to identify your S.E.O for free, it is cheating but it is also something you have to confirm with research or it could be made up. AI isn't perfect. And you have to know what specific questions to ask.
- Professional Marketing: (search a local company or find a way to afford a big one)
3. Data Companies
- Companies already mine this information and can sell the compiled results to those who can pay for it. People who both are interested, and those who will algorithmically be statistically likely in the future to look for knives can be found this way. It is creepy, that is undeniable.
The How
1. Do I have the time, ability/skill set, money, energy/drive, capacity, endurance to do this job?
2. What are my processes? Can they be replicated, and simplified?
3. What are the unknowns? What potential problems will I have while completing this? (Threat analysis or SWOT). Basically just come up with quick problems you are going to have. For example (This will happen to you) "What will I do when a necessary piece of production equipment breaks and I owe a project on a timeline?" - Solution, Use the ABS Smith list and reach out to someone in your area, and establish a relationship.
4. What are my limits? How much can I produce, for how long, how fast; without damage to myself, my equipment, or my reputation?
5. What legal protections do I need? (Is starting an LLC a good Idea, Is having insurance a good Idea, etc.)
_What software do I need to even go through the process of making a sale?
There are hundreds of these "free business tools lists" but this one is decent:
The When
This is a big one that people often forget and get into trouble with. One key to business success is to never overcommit and underproduce. If you overcommit, from a legal standpoint you can lose your shirt. If you tell someone you can do something, it may lead to months of sleepless nights, and a lack of interest in the future. Or it could be a ton of work you enjoy, and that becomes your life. But having a rough estimate is a very important tool in your pocket. In business there is this hidden secret called the 70/30 decision rule:
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Focus on action:By not waiting for perfect information, businesses can move forward with initiatives faster.
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Embrace iteration:The 30% remaining allows for adjustments and improvements based on feedback and emerging information.
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Reduce analysis paralysis:Avoiding overthinking and indecision by making decisions with a good understanding of the situation.
- Gather essential data: Collect enough information to make an informed decision, but don't get bogged down in excessive details.
- Set clear goals: Clearly define what success looks like for the decision you are making.
- Be willing to adjust: Monitor progress and be prepared to course-correct if needed based on new insights.
The Why: (Success / Money)
1. What is my definition or goal for success? (The end-state)
This is the 80/20 Rule from many outlooks. The basics of this principle is that the MAJORITY of your success is going to come from 1 out of 5 of your decisions. That doesn't have to mean that the other 4 choices are absolute failures, nor does it mean they are not worth your time. Another perspective is that 20% average (a good goal profit margin) comes from that little extra that you put more work into than you get paid for. https://www.investopedia.com/terms/1/80-20-rule.asp
I happen to be an optimist in this area and believe that this refers to your character. One of my fathers best lessons was to "Do the right thing, even when no one is looking". In business I find that this spirit that lives through you creates a customer reputation in what you do and how you do it. They hired some overeducated folk to call this business ethics, but the collegiate system seems to have forgotten the merit of its meaning. The statistical results from the "Esprit de Corps" of this principle is:
- One customer comes from three positive reviews
- (10-30) Customers are lost for every one negative review
Now to qualify this statement, most people are going to research the negative review if it doesn't come from a trusted source, but the statement remains as a fair warning. If you produce something terrible even once, then it can have long lasting effects. So many companies will go above and beyond to make things right with people if they honestly feel cheated. For example, if you sell a knife to someone and they gut a deer with it. Then they leave the bloody knife in its wet sheath for 5 years. Then they come to you blaming the rusting on you. That is not a fair complaint. But, if someone comes to you because your blade broke while gutting that deer, then you should probably send them a replacement tool.
2. Will you provide that little extra? If you want to last, it will most likely come from things your customer doesn't ask for. Things like having a nice wooden box for a knife, having even a sticker with their product, or reaching out to that customer later. You can reach out to customers a year or so after they receive their knife to see how things are going. I would recommend this as a positive for establishing a relationship.
Respectfully
Michael
That is a VERY solid response!
but no truer words have been spoken.
- One customer comes from three positive reviews
- (10-30) Customers are lost for every one negative review
As far as trade shows go, I found them, from a sales point of view, to be a bit of a waste of time. From a motivation point of view, worth the trip. Looking at pointy things and sipping a beer with other makers is great.
IE, when I look at cost per qualified lead, both in time and money, I found the tradeshow to be one of the most expensive. UNLESS, you are the one putting on the tradeshow. My brother does this for the comic industry where he produces and organizes comic cons in some of the smaller cities. producing the tradeshow becomes a business.
Bob Bryenton
Solar Storm Group Ltd.
Phone: (780) 953-0016
Email: [email protected]
https://www.solarstorm.ca
“The only way of finding the limits of the possible is by going beyond them into the impossible" -- Arthur C. Clarke