Ready to take your growing business to the next level? Make sure you’re giving your products the attention (and money) they deserve
What is it that fast-growing businesses have that enables them to leap forward when so many companies are simply coasting? The answer, very often, is an unerring commitment to product development – both of the existing range and of new goods or services.
Take AFG Media, the company behind the Morphsuit phenomenon. Its three founders had an idea to sell fancy-dress spandex bodysuits and they launched the business in their spare time with just £3,000 of their own money. After they racked up £1m of sales in their first year, one might have expected the company to catch its breath. Not a chance.
Instead, AFG’s focus has been on developing its core product – the Morphsuits that have brightened up so many Halloween parties and stag dos – while also launching further new product lines.
“Once we were able to give up our day jobs, we became much more ambitious,” says Fraser Smeaton, one of the trio of founding directors at AFG. “We started to think about going after licensing deals with the Morphsuit product, as well as launching into the children’s market.”
They eventually launched two new ventures – Foul Fashion, selling outlandish party shirts, and Royal & Awesome, which sells golfing trousers.
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