Hi everyone
I recently had my FTE in my day job not long before reading MJs new book which fired up my entrepreneurial spirit again and made me start hunting for business ideas
Using the language MJ encourages you to learn in all of his books, I identified an idea for a self care product for men
The idea came from my own experience of having to use a certain method to achieve a certain result in terms of my own skin care routine. I noticed that current products which solved my problem were marketed towards females and thats one of the main reason I‘ve never used the product before
Since settling on the product idea I started running the numbers and have been in touch with a few manufacturers who can make the product. This is where my problem and question for the forum comes in...
To make the product I will require a hefty financial input (of which I don’t currently have) of at least £5370 up to £9500 (including development and testing costs) depending on MOQs - these numbers are for 1000-2000 MOQ from one manufacturer. This is a big investment for me, the biggest I will ever have made. However I’m worried there isn’t a market for the product due to it not being associated with men and with those MOQs I keep having visions of inventory sitting in my garage gathering dust. I’m happy to save the required amount of investment but I‘m scared of being pushed back to square one if my product fails.
The product needs to be made in a laboratory due to health and safety testing regulations so I cannot make this myself at home.
My question is: how would you identify that there is a market for the product without placing such a large order and taking it to market?
MJ explains that money talks and that purchases are a good indication of people liking your product as opposed to likes or comments.
I can’t seem to see any ways to identify if there’s a market other than asking friends, family etc however I don’t want these to be biased opinions.
Is there another way this can be tested?
Any help would be great and thanks for taking the time to read my post
I recently had my FTE in my day job not long before reading MJs new book which fired up my entrepreneurial spirit again and made me start hunting for business ideas
Using the language MJ encourages you to learn in all of his books, I identified an idea for a self care product for men
The idea came from my own experience of having to use a certain method to achieve a certain result in terms of my own skin care routine. I noticed that current products which solved my problem were marketed towards females and thats one of the main reason I‘ve never used the product before
Since settling on the product idea I started running the numbers and have been in touch with a few manufacturers who can make the product. This is where my problem and question for the forum comes in...
To make the product I will require a hefty financial input (of which I don’t currently have) of at least £5370 up to £9500 (including development and testing costs) depending on MOQs - these numbers are for 1000-2000 MOQ from one manufacturer. This is a big investment for me, the biggest I will ever have made. However I’m worried there isn’t a market for the product due to it not being associated with men and with those MOQs I keep having visions of inventory sitting in my garage gathering dust. I’m happy to save the required amount of investment but I‘m scared of being pushed back to square one if my product fails.
The product needs to be made in a laboratory due to health and safety testing regulations so I cannot make this myself at home.
My question is: how would you identify that there is a market for the product without placing such a large order and taking it to market?
MJ explains that money talks and that purchases are a good indication of people liking your product as opposed to likes or comments.
I can’t seem to see any ways to identify if there’s a market other than asking friends, family etc however I don’t want these to be biased opinions.
Is there another way this can be tested?
Any help would be great and thanks for taking the time to read my post
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