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Best way to fulfill a need instantly in a product business?

Discussion in 'Ideas, Needs, Concept Feedback' started by ambrosinibello, Mar 16, 2019 at 2:00 PM.

  1. ambrosinibello
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    ambrosinibello Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    I posted a recent thread in regards to a faulty state of mind.

    I was referenced to Andy's "Who have you helped" interview, and it sort of shifted a bit the perspective on getting out in to the marketplace.

    Now I am currently in the early phases of contacting manufacturers and getting quotes for a nutrition product. In terms of cost it can go anywhere from $500 for private label to $10,000 for a custom formulae.

    My question is, while all these activities are value generating for the end-user eventually, they don't create a snowball effect. In terms I could stop contact with all the manufacturers NOW and the business would just die off like there was never anything in there.

    I am playing with some thoughts in my head on how I could in theory, both profit and learn now, whilst also fulfilling a need...And thus gain more market knowledge on what people ACTUALLY want, while getting bootstrapped funds as well for the supplement.

    1. Making cottage law compliant food and delivering it around my college campus afternoon/late night. Focus on healthy (high protein, keto, etc), promote the brand (people I can sell supplements to later), and solve a need (SHIT food after 10pm).

    2. Get into the cheapest option right away ($500) and just providing nutrition products I would personally want to take,but instead provide EXCEPTIONAL customer service. Lot of educational content.

    3. (Least favorite) Provide nutritional/supplement answers to questions on Quora, Facebook Groups, and so forth. I do want to note that I have 0 interest in presenting or trying to create some guru/coach persona. If the demand naturally shows up for me to do so ok, but I'd rather not make that the end goal. I want to provide a product.

    Which option (or other I haven't explored) is best? Or should I stick to original focus of manufacturing best product?
     
  2. NMdad
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    NMdad Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    The closer you can get to interacting with your target market, the better. So, if you want to target college students who are hungry after 10 p.m., your first idea is good.

    However, it sounds like you want to focus on healthy/keto/high-protein snacks, so not sure if college students would be the ideal customer--maybe triathletes, marathoners, long-distance cyclists, powerlifters, etc. Also, maybe target gym attendees who want a healthy post-workout snack. Basically, people who are already investing time & money in activities/products very similar to the problem your product would solve.
     
    Tidder Jail likes this.
  3. MHP368
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    MHP368 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I think the "flea market" route such as this is really the way to go , fast return on investment or fast flop. Youll know if it has legs before you dip in too deep. Fail fast if youre going to fail and fail forward. This checks all the boxes in my opinion.

    Nutritional supplements is a hugely competitive / saturated market so having some semblance of a consumer base before manufacture / private label and validation seems like an absolute no brainer.
     

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