What are the pros and cons of starting a mattress brand?
A mattress brand has a few pros and cons, which you should be aware of before getting started.
Here are the high level benefits and drawbacks of a mattress brand:
|• Flexibility||• Crowded Space|
|• Ability to start your business from home||• Finding The Right Supplier|
|• High customer retention rates||• Motivation of employees|
|• Quick build time||• Longer Sales Process|
|• Rewarding work|
|• High margins|
|• Amazing perks and discounts|
You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
• Ability to start your business from home
It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
• High customer retention rates
Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your mattress brand becomes an integral piece of their every day lives.
• Quick build time
The average time it takes to build your product is quick - typically around 8 months. This will allow you to bring your product to market faster.
• Rewarding work
Starting a mattress brand can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
With businesses and processes changing daily, there will always be demand for new features, products and services within your mattress brand. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
• High margins
The gross margins for your mattress brand are typically around 60%, which is considerably high and allows you to grow your business and manage costs easily.
• Amazing perks and discounts
Working in the mattress brand comes with its perks! As a seller for these products/services, you typically also get to enjoy industry perks and discounts.
• Crowded Space
Competition is high when it comes to your mattress brand, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
• Finding The Right Supplier
Most businesses in this space go the supplier/manufacturer route, which isn't a bad thing! However, finding the right supplier can take a lot of time, energy and trial/error. If done properly, this process can save you months (if not years) of time and energy. More on this below in the "finding a supplier" section.
• Motivation of employees
If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.
• Longer Sales Process
A mattress brand can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.