I own a small business and we’re fairly successful in our current niche. We have a product I want to sell that has nothing to do with our existing product line.
The product is a low cost item (~$10) that exists already and has a large potential customer base. It’s something we can manufacture ourselves with good margins, and we can easily and cheaply fulfill ourselves with existing capabilities. I believe we will be the only “made in USA” option and I have a couple small functional improvements that will set us apart (until someone copies them).
What I don’t know is how to do the marketing. Our main business is such a small niche that customers have always found us. I lack the skills needed to launch something new in a more competitive space.
I know from being a long time follower of this sub that there exist individuals who make a living marketing specific items and having them drop shipped. From what I have read, many times the biggest problem is identifying a good product and finding a solid fulfillment parter.
I wonder if there exists potential for a partnership that plays to individual strengths. We have excellent manufacturing, fulfillment and customer service. We need someone with the marketing expertise to get the product sold.
I’m leery of hiring this out. I’d like to partner with someone who will have skin in the game. Is a split revenue partnership viable? I would pay all costs for manufacturing and fulfillment, development of a focused single-item website, marketing and advertising (within an agreed upon budget). Our partner would cover the site building, advertising and marketing for a split of the proceeds.
Is this a thing that’s possible or am I barking up the wrong tree here?