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For Entrepreneurs | 10 Strategies and Tips to Find, Negotiate and Plan for Raw Materials in 2022

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For Entrepreneurs | 10 Strategies and Tips to Find, Negotiate and Plan for Raw Materials in 2022

Products listed are available on our website. You can schedule a call with Ingredient Depot by clicking the link in the description below. This is a free service for all your raw materials needs. And not a sales call.

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YouTube (complete 23 min 58 sec)

YouTube 1️⃣ For Entrepreneurs (4 min 04 sec)

YouTube 2️⃣ Small and Medium-Sized Businesses (6 min)

YouTube 3️⃣ Big and Fortune 500 Companies (4 min 31 sec)

YouTube 4️⃣ Procurement Specialists (4 min 46 sec)

For ENTREPRENEURS

Ingredient Depot 2022 Strategies and Tips to find, negotiate and plan for raw materials. For entrepreneurs.

1/ Regardless of the news cycle. It's a good time to start. We find entrepreneurs and new projects are adapting faster to the changing times with creativity and using local resources. The trend seems to avoid creating new products outside of their Country. When possible, work with people and companies inside your Country.

2/ Find a successful regulated similar product and start from a place of passion. These two combined will serve you in positive ways. Having a constant reminder, a click away of where you want your product to be, will stimulate you and can be used as a reference when you interact with collaborators.

3/ Three tips:

  • Perfecting your formula or recipe by adjusting raw materials quantities. 
  • Making sure to have a product differentiator.
  • And expressing your passion in all copy-material.

These three can accelerate the creation of a sustainable product. In the beginning, quick adjustments and adapting to change will be required.

4/ Start small and take measured steps. On your own, start finding customers and distributing your product. Consider distributing your product free of charge in exchange for honest feedback. Get some results without friends and family.

5/ Expand slowly with co-workers, friends and family. When feedback from co-workers, friends, and family is equal to your customer feedback, that is a good sign. But be careful; at times, co-workers, friends and family will sugarcoat the input. Consider as soon as possible to start manufacturing a licensed product and prepare a launch.

6/ Now, it's time to create a product and spend some money. You must understand all the compliance requirements on your own. I suggest hiring professionals to advise you. It is a well worth investment. Hire a professional formulator located in your Country that shares your passion and understands your product and industry. Make sure your formulator speaks your native language, has verifiable references, is not overly expensive, and provides you accurate Industry information. A formulator that is really into your project will NOT request a retainer and will forward free of charge various resources that will accelerate your progression. Save money by finding a private facility in your Country that will co-pack your product. Make sure to always pay for professional services quicker than the terms negotiated.

7/ Your product is manufactured from Raw Materials and will almost certainly require multiple changes of recipe. Shop around for quality Raw Materials for one production cycle at a time. Do not let the shortages of Raw Materials dictate the size of your purchases. 

8/ When contacting suppliers, be passionate, realistic, concise and professional. That will carry you a long way.

9/ Repeat your initial cycle more than once—set objectives of selling "X" amount of units. Make sure to understand your numbers. Repeat, repeat, repeat. Do not quit your job until you start losing money working at your job.

10/ So you have a product and have some traction. Do not spend money on infrastructure until you consider budgeting for:

  • Accountant.
  • Your next production.
  • Formulation updates.
  • Raw Materials.
  • And everything else that follows.

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IN CLOSING

It will be interesting to see how 2022 unfolds. 

We do see signs that things are getting better.  But some Raw Materials, Bottles, Boxes, Closures, Liners and Packaging will remain under pressure for the foreseeable future.

If we had to give two pieces of advice:

  • Expect last-minute surprises.
  • Plan in advance for shortages.

And if you operate a Starbucks, please stop announcing the suspension of our favourite products.

Products listed are available on our website. You can schedule a call with Ingredient Depot by clicking the link in the description. This is a free service for all your raw materials needs. And not a sales call.

Thank you for reading.

Schedule a call

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