Progress Thread: Sir Ingenious Collection

[Sir Ingenious]

Alright, I realized several things through the past few days.

I need a business plan.

Friggin' scary to write it out but I'm working on it. Currently, I'm browsing through RaisingCaptialSecrets.com (need a passcode and username for access, which can be retrieved in the INSIDERS forum) and I'm getting TONS of valuable info. I've also saved a lot of PDF files onto my hard drive just in case if I need to look at it some more, which I'm sure I will at some point.

So, I'll have to address all the "holes" and the weaknesses of my business idea and do some more research. Up until now, I was thinking like an artist but I'll have to put my businessman cap on.

And then I'll probably hit up some investors and ask for their feedback. I initially was going to ask the general audience but I'm not sure if that is a logical way to go.

Gosh, got a lot to learn about business but that's what progress is for.

Well, time to write up that business plan.

 

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[GreenBricks]

Great progress so far, keep it up!

Since you want feedback I figured I'd throw in my 2 cents. Not sure if you plan on marketing it as the long name or the abridged version, but the long LSD name is a bit too difficult to spell and remember.

If you intend to follow through with the interchangeable lenses, here's a neat idea for an ad. Have a fixed image of the glasses on the screen, with the lenses changing colors to the beat of whatever song is playing in the background. Just something to work with if you're searching for ideas.

Anyways, best of luck to you! I hope I see your product on store shelves in the near future.

 

[Bigguns50]

Sir I....I've written a few business plans if you need any input, PM me.
I believe in business plans depending on the type of business. Plans are written for a purpose,ie: to get investor funding, to help the entrepreneur evaluate all areas of the industry and business. The plan is written differently according to it's purpose. Like I said..PM me if you need. There's a lot to it.

 

[Sir Ingenious]

Great progress so far, keep it up!

Since you want feedback I figured I'd throw in my 2 cents. Not sure if you plan on marketing it as the long name or the abridged version, but the long LSD name is a bit too difficult to spell and remember.

If you intend to follow through with the interchangeable lenses, here's a neat idea for an ad. Have a fixed image of the glasses on the screen, with the lenses changing colors to the beat of whatever song is playing in the background. Just something to work with if you're searching for ideas.

Anyways, best of luck to you! I hope I see your product on store shelves in the near future.

Thanks man. I'll definitely consider that.

Pretty cool idea.

Sir I....I've written a few business plans if you need any input, PM me.
I believe in business plans depending on the type of business. Plans are written for a purpose,ie: to get investor funding, to help the entrepreneur evaluate all areas of the industry and business. The plan is written differently according to it's purpose. Like I said..PM me if you need. There's a lot to it.

Wow, really? Thanks man!

I'll hit you up on PM sooner or later. I would love your feedback, especially from someone experienced as yourself.

The reason for my business plan is to establish a sense of focus and direction for my business from here on out. And as you mentioned, I need to evaluate the market and industry as well. So, I gotta announce that I won't make a single progress more with this start up until I finish that business plan; it's absolutely vital that I should. I hate sailing without a sense of direction. And heck, if an investor wants to invest? I'll have a business plan ready at hand.

Also, from here on out, I'll contact some more investors, some people in the industry and etc for feedback in regards to my start up, product and business plan, etc. This is to gel together my story, pitch and everything else. This is to sharpen some iron with iron with my start up. And then I'll interact with the people at last but not least for their feedback as well. I believe it's time to hustle.

Up until now, I've been thinking like an artist but I gotta think like a businessman from here on out in order to be successful.

Browsing through RaisingCapitalSecrets.com made me realize that. Dale Hansel (I'm not too sure what's his alias is in this site, if he frequents here) provides amazing wealth of information there.

 

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[Bigguns50]

Sir...got it. Some people, and the current trend is NOT to write a business plan. I think this is ok depending on the industry. I can tell you from experience during the writing of your plan, you will discover things you never thought of...and it's a good thing. The SBA has a decent BP outline...I've used it. You don't of course have to use everything they outline, but I wouldn't leave too much out. It really forces you to think about important things.

If you're going to show investors, remember what they care about (what's in it for them !). How much and how fast will they get their investment money and interest back. I've included spread sheets for this but there are templates for such things. 'Start up Costs', '6 month Cash Flow Projection'..up to 5 yrs. etc. Lot's of info out there. Not too difficult...just time consuming.

 

[Sir Ingenious]

Sir...got it. Some people, and the current trend is NOT to write a business plan. I think this is ok depending on the industry. I can tell you from experience during the writing of your plan, you will discover things you never thought of...and it's a good thing. The SBA has a decent BP outline...I've used it. You don't of course have to use everything they outline, but I wouldn't leave too much out. It really forces you to think about important things.

If you're going to show investors, remember what they care about (what's in it for them !). How much and how fast will they get their investment money and interest back. I've included spread sheets for this but there are templates for such things. 'Start up Costs', '6 month Cash Flow Projection'..up to 5 yrs. etc. Lot's of info out there. Not too difficult...just time consuming.

Hey, I just got started on writing my business plan for a bit using this site as a reference. So, thanks for the heads up here! Not bad so far but there are questions that forces you to flex your brains. When I write, I typically go on and on about a subject and I really forced myself to make my point precise and concrete, so there's no BS anywhere in the plan. I'm still at the beginning of the process but I imagine that I'll have to really dig deeper as I go further into the plan.

I'm not too sure if I'll get any investors to invest into my business since I wouldn't be asking for much BUT I'm going to seek them out to get their input anyways. Want different opinions, from investors to strangers, on the plan and the start up to get some more insight overall.

And oh yeah, the old "What's in it for them?" question is something that I'll frequently address throughout the plan. At the end of my plan, I'll be sure to have several different answers for everyone regarding that question. If I haven't answered that question throughout the plan yet then I'm in trouble. I have some at the moment but I'll need to flesh it out on paper and make it concrete.

Time to flex my brains and get to work.

Thanks for your input so far as they are really helpful!

 

[mentalic]

Just read the whole thread. Interesting. I love your market positioning. I understood that you have two different color lenses, although it might work, I would suggest that you also try same color and see what the market prefers. Also, you can hook up with your local djs and supply them with some of your eyewear free. I like the frame very much and the color of the frame. Good luck

 

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[elliot]

Just been reading this and love this, most people are scared hiding there ideas but seeing something that's been so well thought about and designs that make the glasses look great gives you a real feel of somebody in progress. Waiting to see these in shops!

 

[Vick]

How's your progress?