Angie is also considering ideas such as theme packages which will help boost holiday sales and eventually a new product line. Developing a group of related products can help solidify Angie’s position in the market. She knows that she needs to introduce her product line extension at the right time to provide her company with more opportunity for growth. She needs to conserve her initial capital and be careful not to overextend herself. Right now, Angie remains focused on making the initial launch successful.
Often Angie wonders, “What other product line extensions are possible? What other markets can I attempt to penetrate? What types of products should I introduce? And when would be the best time to introduce related products and new product lines?”
Currently, Angie’s parents are her sole financiers. She wonders if it would be beneficial for YOYO Lip Gloss to take on additional investors to help expand her product offerings and to help finance her distribution strategies. If she does seek additional investors, who should she look for and what type of deal should she offer?
I am fortunate to have a supportive family and a sound educational background. Both have prepared me for the tasks I now face. Wonderful teachers have truly inspired me, impacted my life, and contributed to my future success.
This experience has been a journey. What once started out as a new concept salon, evident in the company’s name, Peppermints Salon, germinated into an idea that will shake up the teen cosmetic industry.
I have learned that with current technology, the whole world is your market place. Anything is possible. From your home office in New York you can buy from China and sell in Mexico. You can have salespeople all over the world and unite them under one simple online system located on your desktop.