Years ago I had an idea for an original product. At the time I didn’t know much, but since then I’ve always had it on my mind and have near-perfected it. I am an engineer and own a 3D printer, so I’ve been creating my own prototypes.
-8cm x 13cm x 6cm
-Marijuana/cigarette niche (no drugs, it is a non-electric device made of wood and metal)
-should cost $20-30 per unit after manufacturing and shipping
-There is nothing like my product idea in the current market
-Verify demand. Product is a hybrid of 2 already widely successful products, which I’ve uniquely improved internally to solve an additional problem. Although it is confidential, I already know local friends who want to purchase my product when it’s complete. It is a product that I myself would purchase in a heartbeat, even if I didn’t invent it.
-Perfect the prototype and acquire samples (already talking to 3 manufacturers in China, 1 of which has sent me a sample)
-Acquire US & Canadian provisional patents (already have a consultation booked with a local patent agent)
-Order MOQ of 200 directly to me
-Pitch my product to local businesses in the niche (assuming the product costs $25 each to manufacture and ship, I’d like to wholesale them for $50 and have retailers sell them for $75).
-Assuming I can wholesale all 200 to various stores, it would double my initial investment and allow me to order a greater quantity so I can start an Etsy shop & give local stores more wholesale stock simultaneously.
-Once the Etsy shop gets sales/reviews, launch my Shopify store and/or Amazon FBA.
-Further scale online depending on sales trajectory
Any tips or criticisms are greatly appreciated! Thank you.