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Cost estimation - Simple project

Discussion in 'Product Creation, Inventing, Importing, Sourcing' started by .Elemental, Aug 11, 2017.

  1. .Elemental
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    .Elemental PARKED

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    Hello !

    It's my first post here so.. My name is Eric and I'am 20. I'm currently studying webdesign in Belgium. I want to be an inventor, create something that will help people and I think that day has come but I need your help.

    I'am creating a small electonic device and i want to show it on Kickstarter but I don't know how many money I need for production.

    I just need a cost estimation.

    Information about device:
    Size: 4" x 4" x 4"
    2 USB port
    3 Led lights
    Material: Plastic
    Some wires and very simpel electornic board.

    I have no idea how much it can cost :frown:

    Have a nice day ! :)
     
  2. rubynguyen
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    rubynguyen New Contributor Read Millionaire Fastlane

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    Hmm I think If you have any Chinsese friend maybe you should ask them to translate the detail of the product then post it somewhere that manufacturers can find because China is the main provider of electronic components
    However, it's hard to find a manufacturer will do it for small qualtity.
     
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  3. .Elemental
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    @rubynguyen , Thanks for your reply !

    It's great because I Have one Chinese friend who live in Belgium and work with a lot of big businesses around the world :)

    I have another question about the patent. I don't know if I can patent my device. It's something that already exists but my device is "Upgraded". I combined three differents devices in one.
     
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  5. OldFaithful
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    OldFaithful Silver Contributor Read Millionaire Fastlane Speedway Pass

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    If all you need is a rough estimate, look at competing products. Not the high volume market leaders, but the smaller volume competitor. Since you are improving on something that already exists, this should be fairly close.

    If you need a better estimate, you're going to have to do the actual work.
    First, acknowledge that there are several ways to have a product made: Outsource everything to a manufacturer, outsource parts but assemble in house, or any degree in between or combination thereof.

    1. Outsource everything to a contract manufacturer:
    A) Create a drawing of the final product.
    B) Create a detailed specification for the final product.
    C) Find contract manufacturers and start discussing feasibility. They will be glad to quote.

    2. Outsource parts but assemble in house:
    A) Create a list of parts and specs for each.
    B) Create drawings for each part (simple drawing for commodity pieces, detailed drawings for unique parts)
    C) Find potential suppliers for each part and send them drawings. Ask for quotes.
    D) Estimate your assembly costs (labor, equipment, overhead, etc.)
    E) Add everything up, there you go.