The journey of a product business owner is a rollercoaster ride, filled with unexpected challenges and valuable lessons. Since launching the Kove & Co Tribe Bag in October 2022, I have navigated a steep learning curve, from design and manufacturing to shipping, wholesaling, and direct selling. The path has not always been smooth, but through perseverance and insight, I’ve garnered key learnings that can help others in the retail sector stand out from the crowd.

Stay true to your vision

The concept for the Kove & Co Tribe Bag emerged during my own experiences as a new mum. In my quest for a versatile, practical, and beautiful bag, I found a glaring gap in the market. Many options existed, but none seemed to meet the myriad needs of busy mums. Whether I was lugging around nappies, toys, or snacks, I wanted a bag that was stylish but functional first and foremost.

Understanding the pain points of caregivers was crucial. I soon realised that the struggle for a truly multifunctional bag was a common one. Thus, I set out to create a “unicorn bag,” designed to withstand the demands of parenthood. The Tribe Bag features a flat bottom for stability, removable and interchangeable straps, and a fully waterproof design. These attributes make it ideal for everything from beach days to grocery runs, addressing real issues faced by my target market.

Emphasise design and functionality

As the Tribe Bag gained popularity—selling nearly 5,000 units in 18 months and securing a spot in 57 boutiques across Australia—design and functionality continued to be at the forefront of my strategy. It was essential to develop a product that not only looked good but also performed well. With features such as ventilation holes and easy-to-clean materials, the bag has evolved to meet a diverse range of needs.

Innovation and adaptability are key. I’ve expanded the range to include various sizes and colours, responding to customer feedback and trends in real-time. Listening to your target market and iterating on your product is crucial for staying relevant.

The power of recognition

One of the most effective ways to establish credibility in the retail space is through awards and recognition. While it may feel daunting to put yourself out there, remember that you miss 100% of the opportunities you don’t pursue. Kove & Co is fortunate to be a finalist in the Sunshine Coast Business Awards with the winner announced next month, and this accolade would be instrumental in building trust and authority around our brand.

Awards not only enhance your brand’s visibility but also serve as engaging content for your social media platforms. The Tribe Bag was recently listed as the number one Top Beach Bag for 2024 by One Fine Baby and was winner in the bag category at the national SHE-com Awards. Such recognition reinforces the quality and appeal of your product while providing ongoing content for audience engagement.

Manage inventory wisely

In the early stages, the temptation to over-order stock can be significant, especially with the allure of bulk savings and reduced shipping costs. However, this strategy can be detrimental to cash flow. Managing inventory wisely is critical for any business. Instead of overcommitting to large orders, focus on understanding your sales cycle and consumer demand.

Building relationships with suppliers can also facilitate better terms and reduce risks associated with inventory management. Negotiating favourable conditions can give you the flexibility to scale your business without straining your finances.

Embrace the learning curve

The retail landscape is competitive, and standing out requires a combination of innovation, strategic thinking, and a deep understanding of your target market. The learnings from my experience as a product business owner have underscored the importance of staying focused on your vision, prioritising product functionality, seeking recognition, and managing your resources wisely.

As the retail environment continues to evolve, adaptability and consumer insight will be your greatest allies. Embrace the learning curve and remember that each challenge is an opportunity to refine your approach and grow your brand.

Krystal Rand is founder of Kove & Co.