- Joined
- May 3, 2015
- Messages
- 192
Rep Bank
$1,015
$1,015
User Power: 222%
So I have 4 ideas, and am trying which to run with, and I am even maybe thinking of trying all four but at least need an order to attempt them.
Idea 1 I am definitely doing because it seems like the highest barrier to entry, highest profit margins, and will be fun to design build and market from the ground up, and I'll have a partner who has more experience than me to learn from.
Idea 2 I think maybe I should ask my partner for idea 1 to partner on this idea as well. He actually has some resources and contacts already in place that would make this one a lot easier, he may be willing to help even without a partnership, but it seems there could be an advantage to working together.
The ease of attempting 3 and 4 is such that it seems dumb not to even try. All i really need is a good logo and pictures. Low risk, high potential reward being first into the space. Number 3 I can envision growing pretty large and last over the long term, number 4 is more likely to be a viral campaign worth maybe 5 figures.
1). 50/50 partnership with a co-worker. We found a product we believe we could design, manufacture and sell for much less than what is currently on the market. there appears to be a need, Competition is low (only 2 manufacturers), profit margins will be high (current products start at $3,000), barrier to entry is high, as it requires complete product design and engineering. We are both mechanical engineers, so the design and manufacturing steps are no different than we do for our slow lane jobs. Time to prototype and launch, 3 to 6 months. High barrier of entry, even for companies with all of the resources, because dedicating engineering time to a new product is risky.
2). Car Care product... easy to make, need to contact suppliers and manufacturers. Easy to sell from simple website. Demand would mostly be from marketing and product being better than what exists. A a new twist on a common product. Barrier to entry could be low for existing manufacturers, could be a race to the bottom if someone wanted to copy the idea. Profit from $10 to $30 a sale, depends on cost to produce. Time to prototype and launch 1 to 2 months. Medium barrier to entry from scratch, easy for existing manufacturers.
3). Gift to be sent through mail. I looked for this specific gift and found a web site that has the same thing as one of thousands of products, but I think it could do well marketed as a stand alone product on a website dedicated just to it. The need is there around the holidays, and I was surprised I could not find a dedicated website for this product. Profit would be about $10 per sale. Time to prototype and launch, less than 1 month. Low barrier to entry
4). Basically a scheme to go viral like those glitter cards or bag of dick. It's similar to those, but with a specific emotional tie that might reduce pool of customers, but being more targeted I can see it going viral with a specific audience which is the intent and origin of the idea. The audience is still comprised of a few million, but not hundreds of millions like the generic glitter or dick mailers. Time to prototypoe and launch, less than 1 month. Profit $5 to $10 per sale. By far lowest barrier to entry, but I already snapped up a dozen domain names to make it more difficult, along with plans to be superior branded than most would be willing to do.
In order of need these probably rank
1. Idea 3 and 1
2. Idea 2 and 4
Idea 2 could be suitable for kickstarter, the others are not.
How should I proceed... I am thinking of working ideas 1 and 3 simultaneously... then maybe idea 4 with help of a friend in advertising who thinks it's good and want to do the branding. Then idea 2...
What will get me on the fastlane the quickest? If I could have all of these ideas each up and running together they could combine for a few thousand a month... if they gain traction.... onto 5 figures a month.
Idea 1 I am definitely doing because it seems like the highest barrier to entry, highest profit margins, and will be fun to design build and market from the ground up, and I'll have a partner who has more experience than me to learn from.
Idea 2 I think maybe I should ask my partner for idea 1 to partner on this idea as well. He actually has some resources and contacts already in place that would make this one a lot easier, he may be willing to help even without a partnership, but it seems there could be an advantage to working together.
The ease of attempting 3 and 4 is such that it seems dumb not to even try. All i really need is a good logo and pictures. Low risk, high potential reward being first into the space. Number 3 I can envision growing pretty large and last over the long term, number 4 is more likely to be a viral campaign worth maybe 5 figures.
1). 50/50 partnership with a co-worker. We found a product we believe we could design, manufacture and sell for much less than what is currently on the market. there appears to be a need, Competition is low (only 2 manufacturers), profit margins will be high (current products start at $3,000), barrier to entry is high, as it requires complete product design and engineering. We are both mechanical engineers, so the design and manufacturing steps are no different than we do for our slow lane jobs. Time to prototype and launch, 3 to 6 months. High barrier of entry, even for companies with all of the resources, because dedicating engineering time to a new product is risky.
2). Car Care product... easy to make, need to contact suppliers and manufacturers. Easy to sell from simple website. Demand would mostly be from marketing and product being better than what exists. A a new twist on a common product. Barrier to entry could be low for existing manufacturers, could be a race to the bottom if someone wanted to copy the idea. Profit from $10 to $30 a sale, depends on cost to produce. Time to prototype and launch 1 to 2 months. Medium barrier to entry from scratch, easy for existing manufacturers.
3). Gift to be sent through mail. I looked for this specific gift and found a web site that has the same thing as one of thousands of products, but I think it could do well marketed as a stand alone product on a website dedicated just to it. The need is there around the holidays, and I was surprised I could not find a dedicated website for this product. Profit would be about $10 per sale. Time to prototype and launch, less than 1 month. Low barrier to entry
4). Basically a scheme to go viral like those glitter cards or bag of dick. It's similar to those, but with a specific emotional tie that might reduce pool of customers, but being more targeted I can see it going viral with a specific audience which is the intent and origin of the idea. The audience is still comprised of a few million, but not hundreds of millions like the generic glitter or dick mailers. Time to prototypoe and launch, less than 1 month. Profit $5 to $10 per sale. By far lowest barrier to entry, but I already snapped up a dozen domain names to make it more difficult, along with plans to be superior branded than most would be willing to do.
In order of need these probably rank
1. Idea 3 and 1
2. Idea 2 and 4
Idea 2 could be suitable for kickstarter, the others are not.
How should I proceed... I am thinking of working ideas 1 and 3 simultaneously... then maybe idea 4 with help of a friend in advertising who thinks it's good and want to do the branding. Then idea 2...
What will get me on the fastlane the quickest? If I could have all of these ideas each up and running together they could combine for a few thousand a month... if they gain traction.... onto 5 figures a month.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
