S2E5 - The Art of Sourcing and Products with guest Patricia Lounis

In this week’s episode of Artists Appeals, guest host, Patricia Lounis joins Erin Sparler to discover the many stages of sourcing, development and products. Patricia is the CEO and owner of MYX product group. MYX is a consumer product design and sales company. Their organization’s products can be found both online and in stores. They can be found in large retailers such as TJ Maxx and Homegoods, as well as found online on sites such as Amazon.

In this week’s episode, Patricia helps to unveil the many important factors that align with maintaining a successful business. Her business ties into the art world, because she must create and invent her own product and design. Patricia shares her techniques on making her product and business stand out from others, and how she stays ahead with the market and current trends.

Not only do we get to learn about her products, but we discover there are many obstacles in being a successful and standout business owner. Patricia shares how one can successfully become an art or product business owner in a cost-effective manner. Lounis also shares important facts on competition, inventory, various cultures, brand building and relationships. Lounis is a beneficial educator because she has seen firsthand 70 different countries and the way they operate within the sourcing world. We learn Patricia’s opinion on outright buying and how to properly handle this sales technique in regards of contracts and copyright.

Patricia truly has endless extraordinary advice that she shares with Erin, to genuinely help educate listeners on building a brand, maintaining the organization along with achieving beneficial business relationships. Tune into this week’s episode to learn all of her valuable input related to sourcing, products and business development.

In this episode you’ll hear:

[1:48] About Patricia’s Unique Company and How it Started with Sweaters

[6:42] What Sourcing Means

[9:00] How to Start and Sell Sourcing Product & Quality Control

[10:55] First Identify Your Niche

[12:12] Shop Your Competition

[13:54] Important Questions to Ask Yourself

[15:36] Multiple Revenue Streams and Percentage of Sales in Licensing Vs. Buying Outright

[18:00] Presentation Tips (Stores and Shelfs)

[22:45] Managing and Marking Products

[24:20] Generating Identity Codes

[27:02] Cost Efficient Ways to Track Products for Starters