How to Choose Your Product Packaging as a Start Up Business
When starting up a new business, there are numerous obstacles and unexpected issues that arise especially when launching your product. There are many reasons that new start-ups fail which can range from lack of funds or interest in the product to entering an over-saturated market to having the wrong team. When starting a new business, product packaging and processes can be overlooked which is a crucial mistake. Packaging supplies for your product can make or break your business.
Packaging is the first impression that your customer will have of your product and company. Making packaging a priority is essential to building your consumer base. Many start up owners are shocked and overwhelmed by not only the cost of packaging but the wide array of options. Designing an ideal package for your product will require time and creativity but will produce great returns in the long run. Designing your packaging to fit your product and consumer base will also require asking questions such as should you use a box or flexible packaging? Should you use printed labels or custom printed packaging? Or should you automate and standardize your packaging for long-term savings?
Creativity comes into play for your packaging when designing something that will appeal to your consumer. This requires you to know your consumer base and target market, which can sometimes be difficult for a start-up. If your product and target market value simplicity, a minimalistic or modern approach may be best. If you are selling direct-to-consumer rather than on the shelf, flashy packaging may not be worth it. But if your consumer values an exciting “unboxing experience,” you might want to invest in more extravagant packaging even if you are direct-to-consumer. The only way to nail your packaging is to fully understand your consumer. It is also important to know your competition. Studying your competitors’ packaging and marketing and comparing it to your own will help you better differentiate your product while still catching your consumers’ attention.
Another important factor in choosing packaging and your supplier is Minimum Order Quantity (MOQ). Most packaging suppliers have MOQ requirements for each type of packaging they provide. This requires you to assess your limitations as a new business. Buying your packaging supplies in bulk can provide significant savings. Many manufacturers lower your cost per package when you purchase above the MOQ requirement. This means that the smaller the quantity of your order, the more it will cost and the larger the quantity of your order, the less it will cost. It is also important to factor in lead times to your ordering process. Lead times for non-stock items can range from 3 to 8 or more weeks. This will require you to plan ahead to avoid the risk of not receiving your packaging in time.
Once you have all of this figured out you can work with a packaging supplier to design the perfect packaging for your product and consumer. The supplier will help you optimize and customize your packaging that will meet everyone’s needs.