In the early stages of starting a business, no matter what that business may be, you are going to be looking for vendors. It may be manufacturers of products, services to assist your business, software providers etc. Whatever the case may be, you are (I hope) looking for assistance in starting your business, don’t burn yourself out by trying to do it all.
That being said it is that you pair yourself with the right vendors. Do the research and find the right people.
When I started an apparel company a few years back I did one thing wrong in this respect and one thing right.
What I did wrong. I jumped in with a vendor that was not a good match because I was excited to see my product materialize. While this vendor was more than capable of offering top of the line product we turned out to be somewhat incompatible. While there where a number of reason we were incompatible the main reason was size. The level of business did not match. Of course I would love to blame it on the vendor but having had the time to look back on this I am able to admit that it was no fault but my own. I got excited about the prospect of having real tangible product in my hands and failed to properly research the vendors with which I paired my business.
After some time I was able to take a step back and repair myself with a new vendor. This vendor could offer a similar quality but more importantly they could easily accommodate my currently level of business as well as a bit of growth. Note hear that in my opinion it is very important that you choose a vendor who will be able to scale as your business scales.
What I did right. In the second part of the above experience you will notice that I learned from the first. After making one mistake I realized it was time to take a step back, stop rushing things and really research the best fit.
Before you begin however it is of utmost importance that you identify exactly what you need. While I think it is important that you launch your product or service in a highly polished state, you will be surprised what you can eliminate from the needs category to attain this polished state. The needs category is a list of things, that while they may seem like a good idea are not necessary in order to launch with the best possible product. For example, while buying that shiny new printer that doubles as an espresso machine may give you the feeling that you can now compete with the big boys, it it really necessary. You get the idea.
How to conduct your research. There is an endless supply of good information out there from which you can start researching your vendors. For example when I was conducting research for my venture I hit the forums, the related blogs, trade shows (both local and national) and last but not least got out and talked with people. I talked with potential vendors as well as the people who have had experience with those potential vendors.
The single most helpful aspect of my research was good old fashioned customer reviews and experiences. I’m not talking about the kind that are incentivized, I am talking about real people in real situations similar to my own.
How did the vendor suit their business. Was it a good fit. Did they have any problems. Was the vendor able to meet their needs?
In summary: Slow down, no one knows better than I the excitement of creating a new business or a new product. Contain it and step back. Do your research and pair yourself with the vendors that are going to make it possible for you to succeed. Sure you are going to stumble but the fewer hangs the better the chance of a successful partnership and the more likely your new product will succeed.
The Moral: Let it be known that while I did in fact find a vendor the more suited my business, I believe the damage was already done. My startup capital had essentially been drained and it may have already been a bit too late.
