Budding Entrepreneur-Need Advice?
Hi! I’m a budding entrepreneur and I have an amazing idea. The only issue? I have no idea how to get it started. I’ve researched and researched but I get mixed messages. I have a product that would be very useful, however, I’m not sure what to do. Should I get a provisional patent than get a prototype made and start selling? Or do I start a kickstarter/indiegogo, raise funds, get a prototype & start selling? Should I do market research before getting a patent? After than what than? Do I license the product with a company? I understand these are things I need to do, however, I’m not understanding the process. Any help is much appreciated!
- JohnLv 71 month ago
What Elaine said. First hurdles besides money: Does it actually work as planned, does it already exist, and is it really as amazing to the buying public as you think it is.
After that is money - how is it to be produced and can it be made for the targeted price point. Little plastic doo-dads cost thousands of dollars to produce because of the investment in tooling, for instance.
Always remember the thing that many if not most budding inventors miss. If you are making 50 cents profit on your plastic doo-dad then you need to sell 1000 pieces to pay your rent, every month. If your profit is $10 you need to sell 1000 pieces a month to really move a business. Not just make, SELL.
Phase one is the amazing idea. Phase 2 is getting is made, Phase 3 is turning it into actual cash. Phase 3 is by far the hardest part. Is it really as amazing to the buying public as you think it is?Source(s): Light manufacturing business here.
- Elaine MLv 71 month ago
First you contact your local sba (small business assoc.) And the local SCORE office, both mentor new entrepreneurs free of charge (they are businessmen and women donating their time and experience), you bounce your ideas off them and ask questions. Any large city has both organizations represented. Use the online website for them too.
Next, find someone in the field that you can talk to about that field without giving away your idea. Maybe through online discussion forums, local stores/companies, whichever.
Third---Look online with searches for the trade industry magazines. I do pet items, there's 4 major trade zines I regularly check online for ideas and articles in that industry (Pet Age, Pet Product News, etc). EVERY industry has multiple magazines-- heck I even found 3 totally dedicated to car wash businesses. Whatever industry you are focusing on WILL have trade magazines and the general public never sees those because they're aimed at a specific niche.
Fourth, google 'marketing articles' to find good articles on basics of business.
Good luck. Don't take the first money step without doing more research.