I can't wait to hear your process!!
VERY GOOD IDEA!!
I'm sure I gonna learn much of this thread!!
LOVE, Light & Peace
I am starting this thread for anyone who wishes to follow my Journey to the Fastlane. It will hopefully be useful for anyone who is following the path of inventing and manufacturing new products. They will be able to learn from everything I do right and any mistakes i make along the way. I will also like to get feedback from anyone who has done this before. Any advice or criticism will be welcomed with open arms and may be critical to my success. I'm fairly new to this. I have done tons of research and talked to many people who have been through the process already so at least I have some basic knowledge and expectations. I Know I still have a lot to learn and will definitely learn a lot on the go. My plan is to start with one of my ideas that is the most affordable to make and also my first idea. I'm not just picking it because it is cheap but also because it is the one I am most passionate about. It is something the is needed in my current profession but still isn't available after all these years. I always wondered why this product isn't out yet and always wished it was. My workers and other people in my industry often question this too. It is something that i believe everyone in my industry would want and it wouldn't be a life or death decision for them to buy it since it is very inexpensive. At the very least, they would want to try it out and if they did, I know they would want more. I will update as much as possible. Their will be long periods of time without much action as i will be waiting on many things such as manufacturing time and patents (even though I will probably only get a provisional patent).I will be posting more tomorrow on what we have already completed. I hope you enjoy and give me as much feedback as possible. Thanks!
I can't wait to hear your process!!
VERY GOOD IDEA!!
I'm sure I gonna learn much of this thread!!
LOVE, Light & Peace
Good luck, keep us updated with first numbers and the progress, and of course KEEP GOING
Ok today I'll list what we have already accomplished and what our next step's are. I didn't mention above that we both own general construction and painting businesses and that's how we are funding our product. We are actually pushing to get more commercial painting jobs to make to 1) make more money (a lot more money in commercial painting) and 2) free up time (we can have supervisors handle most of the work, not as easy on residential jobs). We Make decent money but it's still slowlane.
So back to our fastlane path.We formed Likwid Concepts, LLC about a couple weeks ago. Likwid is from a nickname that was given to me as a teenager and has stuck ever since. Long story. lol. We had a few other names in mind but that seemed to be the one all of our friends and family liked best. We just got our signed certificate of formation so our next step is to go to our accountant (after the tax deadline because we all know how busy accountants are now), so we can get our tax ID number and then open a bank account.
We had a logo designed for our company by 99designs.com. Great company. I received over 250 different logos. Hardest part was picking just one. I actually had a lot of people from this forum vote for the best one. Thanks to anyone who voted. I'm sorry MJ but we didn't pick the one you voted for because way too many people said it looked like XBOX. It did make the final 4 though. The winning logo is posted below.
I also had a friend of mine who is a graphic designer/web developer design me a logo for my product. Just putting the finishing touches on it. He is also going to build a website for me to promote the product but probably won't start until we get the product back from the manufacturer. We already figured out the packaging. It's actually a pretty clever idea that I think will help sell the product even more. It should sell itself because there is nothing like it but I think the packaging will bring in consumers who normally wouldn't buy a product like ours.
We have also made a rough prototype out of plastic cut out from a small storage been. We carefully drew it out, cut it and glued any necessary parts. It actually came out pretty decent. Then we took the prototype to an engineer so he can draw it to scale. We just got the drawing back on Thursday.
Forgot to mention that our product will eventually come in different sizes but to start off we chose the most commonly used size. There will be 5 different sizes total. We want to take the first one to manufacturers to see if it can be done right then we will work on the other sizes. Already talked to the engineer about making a few simple changes for each size and cut a deal with him for the drawings. It was pretty cheap. Only cost us $200. While we were there we had him draw up another really simple idea we had that will be used in the same field of work. We're gonna hold off on manufacturing that one.
Last Tuesday we talked to a patent lawyer who is a close friend of a close friend of ours. He really helped us out a lot. It's hard to find a patent lawyer you can trust. Most of them will tell you that you should get a patent went you really might not need one. We explained our product and talked over all our options. He told us that the product isn't worth getting a patent for. All a patent would do is waste a lot of time and money. The product can easily be changed to produce the same product. We would have to get numerous different patents to cover every angle which would cost big $$$.
After talking to him we all decided that it would be in our best interest to get a provisional patent so at least we had patent pending status and it would scare away some would be copy cats. He recommended legalzoom.com because they would cost about half the price of going to a patent attorney and we would have pretty much the same protection. We filled out all the necessary paperwork for legal zoom and filed it yesterday.
This week we will be looking into getting an office. Because we've done a ton of work for a real estate company in New Jersey, we will most likely be able to get some office space for free. We have a meeting with him on Tuesday to discuss this.
In the meantime we will be waiting for our patent pending status to come back before we talk to any manufacturers. While we're waiting hopefully we'll be setting up our office and of course we will be doing research and trying to make key contacts in our industry. One thing about my partner is he is very talkative and somehow always finds a way to meet the right people. That's it for today. I'll be posting again at the end of the week.
good luck bro!
Patent Pending is Official! Now we can start going to manufacturer's which we will be looking to do next week. We already have one in place from a friend who has being doing business with them for the past few years. They do manufacturing and packaging. They did awesome packaging for his product which sells on Ebay now and is in the process of getting into Walmart.
My buddy should have the logo for my product complete by the end of the weekend then we will begin working on our packaging. We came up with a pretty clever idea. Hopefully it will make the product much more appealing to potential buyers. I'm also hoping to get the name trademarked next week.
As for the office, we spoke to the owner of the Real Estate Company and he wants us to put in writing exactly what we want to do with the place. He agreed to let us use the space if we build it. It's on the second floor of a building that wasn't completely finished. Most work is done. We really just have to do insulation, sheetrocking, floors and paint it. He agreed to pay for all material which is a score. We'll have our workers install everything. We're hoping to have it ready by the end of May or early June.
The hardest part about all this is that the ideas just keep on coming. We think of at least 2 new products a week. The problem is we can only focus on one at a time because we want to do the first one right and also because of financial reasons. Once my first one makes it big they'll be no stopping us!
Should I continue this thread? Is anyone following?
Yes, please continue this thread. The logo attachment doesn't seem to be working and it says to notify an administrator. I'd like to hear more about your manufacturing and packaging agreement when you have the details but at the moment what are you hoping will happen? Are you going to license the product to a manufacturer and collect royalties or are you outsourcing and taking control of the manufacturing, marketing, distribution? I know the pay off potential of manufacturing is huge compared to licensing but there is no risk in licensing.
Thanks. Having problems getting the logo pic up. Just recently bought a MAC and I'm still trying to figure out how to do certain things. My plans are to outsource. We have a connection in China with a company that does manufacturing and packaging. He did work for a friend of ours and did a great job for a great price and was very easy to work with. We also plan on doing the marketing ourselves. My goals are to get some interest in the product. Start with getting sales online and at local stores. Once we can show an interest, we will try to get it into retail chains such as Home Depot, Loews, Ace Hardware, etc. If we get it into any of those stores then we should do pretty well. Trying to make key contacts in the meantime. I'll be updating again next week.
Thanks for keeping us updated. It sounds like you have been busy and are getting a lot done. I am glad you had a good lawyer who did not try to rip you off with the patent process. Good luck with getting your product into stores and with the marketing.
You keep saying "we.". Is this a joint venture or you doing it alone. Only reason I ask is because in the book MJ mentions that partnerships and joint ventures normally fail. I was worried about you doing this with someone else.
Yes I have a partner. We've been talking about this for a long time. We both have numerous ideas for new inventions so we decided to go at this together. It's been a big help so far because we both have other jobs which we need to support us right now. When something needs to get done there's usually one of us available to do it. Plus we set aside one day a week to meet up for the day and get as much as we can accomplished. It also helps that we compliment each other. I'm good at researching, marketing and making sure we accomplish our goals. I get the answer to every question we have. He on the other hand is a great speaker. He somehow finds a way to make a ton of contacts and talk to people in the same field. He's very crafty and has helped to make all of our prototypes too. There are also a bunch of other things he brings to the table. Plus this whole experience isn't necessarily cheap. We definitely need both of us to finance it. When we opened our LLC we had our lawyer hammer out every detail of potential problems and we formed agreements on each one. Plus we've been in business together for the past 6 years and everything works out really well between us. I feel that with what we are trying to accomplish, it is much easier doing it together.
Also forgot to mention that we keep each other motivated throughout the whole thing. Which I find might be a problem if your doing it by yourself and you hit a dead end. So far so good.
Quick Update. Very slow week for me. I had a freak accident last Wednesday night. I was at the Rangers-Capitals Game at Madison Square Garden when in the 3rd period I was struck in the face with the puck. It felt like getting hit with a mac truck. Got me right above my left lip. I was knocked out for a second then when I came thru I saw I was gushing blood. I wound up getting 5 stitches on the outside of my lip and 7 on the inside. Not to mention a badly bruised tongue (which is the most painful right now), bruised cheek, numbness in my lip and upper left jaw, very sensitive feeling in my teeth and severely bruised upper left lip. Oh and also a concussion. I kinda took a break from everything this week due to the pain. I have been on the forum though and have been reading and doing more research. I also received my provisional patent in the mail. Hopefully by the end of next week I will be able to talk and I will have a much better update.
OK I'm Back. Finally after a week of suffering I can talk fine and the pain is gone. I still have very sensitive teeth, can't chew that great and a nice scar but I'll live. LOL. What an experience. While all this was going on I still found some time, with the help of my partner, to get a decent amount accomplished. Keep in mind that this is a 2 week span. We are in the process of finishing our website for our commercial painting business. It should be up and running next week. Then we will follow with brochures to hand out to Real Estate Agents and Management Companies. We have hooked up with a bunch of old connections who are helping us get commercial work. We might have more than we can handle soon (which isn't a bad thing).
Now for the more exciting part. We spoke to our manufacturer in China. He actually lives in Chicago and fly's back and forth to China every other week. We got him thru a friend who has been doing business with him for the past 4 years. Very nice guy and very easy to work with. His Company pretty much does everything. Manufacturing, Packaging, Quality Control, Drop Shipping, etc. You name it, he does it. Plus he knows a number of wholesalers and distributors. We are flying out to Chicago sometime next week to meet with him. I can't wait to get our first prototype back!
Besides that, we have almost finalized the logo for our product. We're just going over colors right now. I might need help choosing the right colors. I want something attention grabbing. I was thinking bright yellow letters with a blue border. Just so you know, it's a tool used for painting. Does anyone have any opinions on catchy colors? Would yellow work in my industry?
We also just got our Tax Id # and will be opening a Bank account by Friday and we have business cards being designed for us in hopes they'll be ready before we go to Chicago. We're trying to come up with a slogan to put on the card. If anyone has any ideas it would be a huge help. Our company is a company that is going to be creating new or improved products. Starting with some tools but there are many non-tool related products. Some of our products are for children, some for the beach, some for the home and so on. It's pretty much things we've been thinking about for years.
So we are actually moving along pretty quickly after a week long setback. I'm thinking about revealing what our first product is after we get the prototype back so I can get some feedback on it. I want to see what people think of my packaging idea and what they think about my product. That's it for now. I'll post again when I get back from Chicago!
Hopefully you've allocated time to selling your product and already have customers.
Good luck and best regards!
Just wanted to let you know that I'm tracking your progress and I wish you luck. Keep going!
Need some quick help then I will post the latest update. We came up with a Slogan after brainstorming all week. Just trying to figure out exactly how to say it. Also would like to know what you think about. Here it is:
1)Innovations by Creative Imaginations
2)Innovations from Creative Imaginations
Please Vote 1 or 2 (would have put up a poll if I knew how)
Both seem the same to me. Good luck to you.
Also would like some advice on hiring a Web designer for cheap since most of our money is being invested in our products. We need websites built to promote our products, for our company and to update our painting company (which is currently our main source of funding). We will also need design work done such as logos and packaging. I was thinking about posting flyers in local colleges looking for web design students. Instead of paying tons of money having someone build our site, we can offer a college kid the opportunity to be part of our company. Kind of like an intern because they will be learning along the way but we will also offer some type of monetary compensation depending on the size of the job they completed and/or a small % of the company. It will give a college student a chance to get on the right path to the fastlane instead of being stuck in a boring career building websites for other people. I feel by giving them a %, it will give them motivation to be part of our company and help us be successful. I also have a few website ideas that I think I can do pretty well with. To be honest with you I'd rather have a couple of money making sites to fund my products than our painting business. I'm getting very bored with it and am sick of putting in all those hours. It sucks that I need it right now.
Does anyone think this is a good plan and if not can you suggest something better?
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