Before you invested your money in any business enterprise, you need to first understand your market through in-depth market research. Venturing into any business without adequate market research would not help your business move in the expected direction. The same applies to the designer faucets industry too. Therefore, the first challenge that you are likely to experience when you are getting started would be understanding your market. You should have access to authentic information regarding your customer trends in this niche and the demand level.
The second biggest challenge to anticipate is dealing with the dilemma whether you should manufacture your own faucets by setting up a huge manufacturing unit or to get your designer faucets manufactured by an OEM in China or other leading OEM hubs. One is likely to think that having one’s own manufacturing unit would put them in total control of the entire business. It might be true but it is possible to have the same level of control by finding the right partner to source your designer faucets and by establishing long-term association with the manufacturer.
The third challenge is in finding an OEM manufacturer that would respect your vision and dream for your brand. Your manufacturer should provide you with exceptional quality designer faucets in terms of uniqueness of the designs and in terms of material quality so that your brand could stand out from the rest in the industry. Initially, most OEMs will deliver highly impressive products but as days progress, the quality would deteriorate and there would be no consistency in the quality of the faucets delivered. This will affect your brand reputation because your customers would never get to know about your OEM but they will only know your brand.
Short-listing the best designs and models could be a confusing process even if it were not to be a challenging process. If you had done your market research well and understood your customers fully then this phase would turn out to be less confusing and less challenging. Only when you do not know what your customers want, you would be confused. You could also test various models and designs such as widespread bathroom faucets, waterfall faucets to see the response rate for each model and before you could stock up your inventory.
Finally, there is always going to be budget constraint as a new business enterprise. Even the largest brands in the world experience this issue but at a different level. You should not be deterred by budget constraints but you need to work a way around your constraints by selecting the right sourcing partners that are ready to support a new business like yours by being flexible with their MOQ requirements and by delivering the finest quality faucets that would make you popular in the industry fast.
Most of the above challenges would disappear with time once you have the best OEM to support your business by delivering consistently good designer faucets.
