Pucker Up

Over the last week and a half Pucker Up has been establishing what we need to do as a company in order to start the creation of our product. The most important part of this week was when we bought the ingredients needed to make our product, this of course is essential to our process. We also began to work on the pricing of the product, and have established that in order to make a profit we must sell the lip balm at around three dollars a piece. This of course would have to be tested, because if no one buys the product because it costs too much, then we wouldn't make a profit anyway. We still have a lot of questions that we need to answer; for example, when will we produce the product? We also need to know where we are going to sell the product and how to effectively market it around us. One of our major obstacles as a group was that we were almost over our budget. To fix this we researched more suppliers and eventually found websites where the materials cost less. This week we also finished and presented our lean canvas, which lays out the foundation of our business. We hope that in the following weeks we are able to create our product and then the sell the first round.