So, you have a great idea and see a possible niche opportunity in the marketplace.

Many great products and companies started this way, but only a fraction make it all the way successfully.

Maybe I can add something to the mix through the experience and knowledge I have accumulated while developing products and companies. I have helped bring a select few to success while also experiencing several failures. Now, in my position helping other companies with their product lines, I have an excellent view of why most fail and some succeed.

I would like to preface this article with the understanding that although I have experience in this area, I am not suggesting that anyone follow everything I write as a formula for their own journey. Instead, consider these ideas within the framework of what you are starting or currently doing.

Finding My Niche

As a kid, I was always curious about form and materials. I seemed to have a knack for creating things mentally and visually and then making them come alive through drawing or other media.

Although I got off track at several points early in life, I eventually followed through, honed my skills, and learned how to apply them.

For many years, I developed and operated a studio arts company called Studio E, now Evan Mosaics, based in Chicago. The company specializes in architectural mosaics and art installations.

I applied guerrilla marketing techniques to the business. Through networking and hustling, I built a company that completed public commissions nationally for clients such as the Chicago Cubs, Chicago Transit Authority, Rockwell Group, Nine Group, and many more.

During this time, I became involved with the kitchen and bath industry through several mosaic projects and connections within the market. Travel has always been an important component of my life and work, so I began looking for opportunities to create a line of home products during my frequent trips to Mexico. There, I discovered an abundance of great art and artisanship.

I identified an opportunity in the marketplace for hammered copper and cast-metal sinks, and my next venture began.

Developing the Firebowl Product Line

I drove my old workhorse, a 1982 Mercedes-Benz 380 SL, almost 8,000 miles through the American Southwest and Mexico. During the trip, I met Juan Ramirez and his brothers in Santa Clara del Cobre, Michoacán.

We quickly established a partnership and began collaboratively developing a line of high-end sinks and sink vessels.

After considerable back-and-forth development and valuable feedback from Chicago kitchen and bath dealers, we created a contemporary line of hammered sinks inspired by Nambe in New Mexico. Ironically, our signature Tortuga Loca model later appeared to influence Nambe’s Butterfly series.

With our new sink collection in hand, I used the feedback and relationships developed through my earlier guerrilla marketing efforts to arrange a presentation for a large kitchen and bath trade group at the 1997 Chicago Kitchen and Bath Show.

The presentation was highly successful. Through research, travel, networking, collaboration, design iterations, financial investment, and some luck, Firebowl became a fairly well-known high-end niche brand.

I eventually sold Firebowl to Elkay Manufacturing, which I first connected with at the 2004 Kitchen and Bath Show in Chicago.

There were many lessons learned throughout the experience. Ultimately, it was rewarding to participate in a venture that was extremely challenging but successful.

Developing a product line and business collaboratively, benefiting financially from the endeavor, and bringing genuine value to customers was fulfilling. By developing a niche product line, I found my niche in life.

Here are some of the key lessons I learned from this experience and from working with other successful entrepreneurial product lines.

Get Feedback

Once your concept or product line is somewhat developed, research the industry and market opportunity and seek as much feedback as possible from people within that industry.

Do not necessarily think about only one product. You will most likely need several products to build a successful line, although you can begin by focusing on your first one to three SKUs.

People are often willing to help. Through direct conversations and digital outreach, regularly communicate with the people willing to offer advice.

Their feedback can provide critical information while helping you establish industry connections that may eventually lead to marketing and sales opportunities.

Create a Realistic Budget and Business Plan

Establish a realistic budget based on what you can afford to contribute financially and how much time you can devote to the venture.

Whether that means working one or two days per week and investing 5% to 15% of your income for the year, determine what you can realistically afford to lose. Most new ventures do not succeed.

Ask experienced entrepreneurs, and many will tell you that they succeed in one-third or fewer of their ventures if they are being honest.

Develop a plan, outline, and set of goals for yourself and the business. Ask yourself why you are doing it.

If your only objective is to become a millionaire or achieve material gain, the process may not be particularly rewarding. There should probably be something more behind the venture.

Set realistic goals and consider how your business can help people.

The Firebowl products brought handcrafted beauty into customers’ kitchens and bathrooms and improved their experience of those spaces. The business was also culturally and financially enriching for the Ramirez family and me.

Collaborate and Build a Team

It is generally a good idea not to undertake a new venture entirely alone.

Find one or two partners who share your vision and can contribute complementary skills. A successful partnership allows everyone involved to benefit.

The key is finding the right partners while also making sure that you are the right kind of partner.

Juan, his brothers, and I worked well together. We also received help on the business side, although I could have done much better in that area.

That is another important lesson: the product line and brand are important, but the business supporting them is equally important.

Work on product development, business development, and brand development simultaneously.

Focus on the Customer

Keep the customer in mind throughout the entire development process.

Maintaining happy customers is important, even when doing so requires accepting a short-term loss or making an uncomfortable compromise.

The product should ultimately provide genuine value and improve the customer’s experience.

Stay Dynamic and Keep Hustling

Do not stop or pause your endeavor for too long.

Continue strategizing, making tactical decisions, and moving forward toward either success or failure. Follow through on what needs to be done, and organize a thoughtful launch and development process that stays within your budget.

Do not go for broke. Maybe go for 10% to 20% of broke. You do not want to lose too much if and when the venture fails.

In this venture and entrepreneurship generally, do not allow yourself to remain defeated for too long. When something goes wrong, as it inevitably will, review what happened, analyze it, take a breath, and return to doing something positive.

Final Thoughts

That is it for now. Thank you for reading and for the privilege of your time. I hope this was helpful in some way.

If we can help you with your soft goods product journey—I do not make sinks anymore—please do not hesitate to get in touch.

Evan Glassman