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Discussion in 'Forum Introductions (Who are you!?)' started by danipepino, Dec 9, 2017.

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

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    Hi, my name’s Dan! I read Fast Lane Millionaire and I’m almost done with Unscripted. I’m the first in my family to venture into entrepreneurship, and as expected, I keep getting pressured (with love) to pursue security through mediocre jobs in which I’ll be making someone else rich while my life rots away.

    I have already begun pursuing the realization of one of my product ideas which I believe fulfills a public need/want, but I have no idea what I’m doing right/wrong, and I can’t afford to make any unnecessary mistakes, especially if there’s free wisdom out there to learn from.

    Where am I now? I already spent $1k with InventHelp to do a patent search, conduct a research of manufacturing costs, and prepare a resume that I would show to investors. From there, they say the next step (marketing, production, etc) will cost between $11k and $20k. Is this a scam? I don’t know. For every yes there is a no, and I don’t know who to trust anymore. All I know is that I have a dream worth pursuing, but that I don’t have any street smarts. After all, I just left med school and the “study to get a job” life is the only life I know.

    Nobody owes me anything, but I would reeeeeeally appreciate practical advice from anybody who has experience with launching an innovative product with a global market. Please no unhelpful criticisms void of applicable alternatives like “inventhelp sucks;” I get enough useless and unwarranted opinions at home already.

    Thanks for taking the time to read my post. I look forward to reading what you guys have to say (given that it’s backed up by MJ’s teachings), and using my experiences to encourage and help someone out whenever the opportunity comes up.

    PEACE!!
     
  2. KLaw
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    KLaw Gold Contributor Speedway Pass

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    Before you sink that kind of money into it...have you done anything to validate it will sell?
     
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  3. Captain Jack
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    Captain Jack Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass Summit Attendee

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    Can you afford that $11k-20k start-up cost? I agree with the poster above if this is your entire life savings. If you have a ton of money saved up and you could spare this kind of money, then, sure, go for it.
     
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  4. KLaw
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    KLaw Gold Contributor Speedway Pass

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    Even if you got this money to burn...why not use it to validate the product first?
     
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  5. jon.a
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    jon.a Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Since you don't seem to mind spending money if you believe there may be value in doing so...
    I would buy an insider subscription. It's not much for 3 months.

    In there @Likwid24 has an epic thread about taking an idea through design with a patent to sale to "Shark Tank" and beyond. Read all of @Likwid24's threads.

    Also @Eskil has a good story about creating his product.

    I'm sure there are others but those 2, I remember. Maybe others might chime in.

    If ANYONE contacts you for a mentoring deal here, be very cautious.
     
    Last edited: Dec 9, 2017
  6. danipepino
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    danipepino Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Hi! I still haven’t gone through with the $11k-$20k service because I’m still waiting for the results of the first $1k investment. Nonetheless, the daunting price alone makes me take a huge step back and reassess my strategy.

    Not sure what validating a product means, but I’m curious as to what it is and how to do it. If it means verifying that it’s a good idea or not, I’ve spent the past 5 months challenging it and allowing it to be critiqued, and my conclusion is that it’s just a matter of time before somebody else jumps on this opportunity.

    Thanks for your suggestion Jon.a! Sounds like just the kind of post I’ve been aching for. I’ll look into it immediately!
     
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  7. jon.a
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    jon.a Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    When you want to tag someone use the @ space and their name @danipepino a drop down box will open to select from.

     
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  8. danipepino
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    danipepino Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Hahaha thanks again @jon.a . :)

     
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  9. Eskil
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    Eskil Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Hey @danipepino - I have been through this very same journey as @jon.a mentioned. I wouldn't say that spend estimate is a "scam". To get launched and going, it could cost you less, or it could cost more.

    Prototype/concept testing and market validation should be the first priority. If you are looking to get something molded, then yes a mold might be $7-$15k depending on complexity. But if not, there may also be no large upfront costs other than inventory.

    Marketing can be done on a shoestring budget at first too, but if you have some money to allocate to it - the sooner you can gather data (traffic to sales page, conversion rates) or ad and audience engagement - the quicker you can make progress.



    Sent from my SM-G955U using Tapatalk
     
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  10. Eskil
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    Eskil Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Oh wait... I re-read what you wrote again. Are you saying InventHelp wants that amount of money just to help you go forward with "marketing and production", as a service? If that is what you meant, then yeah I would certainly avoid that!



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  11. Eskil
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    Eskil Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Yes that is basically what it means, or more specifically - finding out:
    - if there is a market for it
    - what the market thinks of the idea

    There are a few ways to test that, ranging from running some traffic (paid ads, social traffic, email, whatever) to a landing / teaser page where you showcase the idea and gather interest in the form of email signups or pre-orders. Or.. You could go the crowdfunding route too, which is what I did and it worked out great.




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  12. Captain Jack
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    Captain Jack Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass Summit Attendee

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    Hey Eskil.

    First, thanks for the supplement manufacturer recommendations from about a month ago! I'm working with one of them right now!

    Just out of curiosity, did you do this for your supplement? Or was this a different product? Do you think Kickstarter would be a good way to validate the market for a new supplement brand? If not, how did you go about validating your supplement prior to having it created?

    (Sorry for the million and one question! lol)
     
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  13. racyred09
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    racyred09 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Hi Danipepino! If you haven't done something like this already, here is a great way to validate your idea:

    https://usabilityhour.com/validate-your-ideas/

    I have done this a couple times now and it's a great way to see if there is any interest in it. Then you just put some Facebook ads on it and see if anyone signs up. I have also heard of people connecting it to PayPal and taking actual orders of the product, then refunding the money at the end and apologizing to the people who make the orders (haven't tried that). And then of course in addition to that there are keyword search tools to see how often people search for it!
     
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  14. danipepino
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    danipepino Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Thanks for all of the advice and resources guys! Before I dish out any more cash on validation, etc; do you think it’d be wise if I waited for the results of whatever I paid inventhelp to do? To my understanding (and maybe I’m wrong), what you guys suggested is what they’re paid to do.
     
  15. Eskil
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    Eskil Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    No problemo, glad you found it useful :)

    No I didn't do much validation testing with the supplement, but I used Kickstarter for that for my StayblCam ;) I had considered trying the same for the supplement before that, but their rules a restrictive when it comes to certain things - including supplements. I'm still not sure if they (or IndieGoGo) would allow supplements. But... you can of course still use crowdfunding for products that may not be allowed on the big public platforms - by creating a your own self-hosted crowdfunding too. There are self hosted solutions for this. The downside is it will require more marketing work on your part, along with more work to establish trust from backers - but the upside is that you can crowdfund products that you can't do elsewhere (supplements, marijuana/tobacco/alcohol products, etc).
     
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  16. racyred09
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    racyred09 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Eskil, how far into development were you when you started crowdfunding? I am thinking about doing it with a product I'm developing but as I assume I'll learn about what the market wants WHILE doing the crowdfunding and need to make modifications, I'm not sure if I should start with barely anything actually made (beside perfecting the recipe and sourcing the ingredients- it's a food product)? I would be really grateful if you shared! (And sorry, don't mean to hijack the thread! If it's better I can PM or start a separate thread but maybe this would help OP as well)
     
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  17. Eskil
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    Eskil Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Yeah feel free to pm me questions directly too, but to answer this particular question ;
    By the time I started my crowdfunding, I had already closely perfected the first prototype and built around 20 units by hand that I sent out to influencers and press. I did get some minor product feedback and suggestions during the campaign. But people will mainly judge the product by what is presented to them so I would try to have something to show that looks close to a final product. You will want to have some good product photos, a good video, and clearly explained benefits and selling points. You can always tweak things later as long as you don't stray too far from what people wanted and expected.

    For a food product, it wouldn't be too hard to stage mockup photos and videos. Even big food companies do this in commercials. Those delicious burgers or treats you see in professional ads are often made from all kinds of stuff ranging from silicone, glue, cardboard, paint, and more crazy stuff. Just do a YouTube search on things like "manipulated / advertising food props / tricks", etc. ;)
    Of course if you're gonna start sending out samples of your product, you will want to have something as close to the real thing as possible so that's a different thing.
     
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  18. Eskil
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    Eskil Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I wouldn't sit on my hands and just wait for whatever they send you. Sure, they might send you some interesting manufacturing connections and quotes that may or may not be worth looking into. But I would still do my own research on that if I were you. It's always good to comparison shop when it comes to getting your supply/mfg. chain set up. Start making a spreadsheet or list of companies that can possibly make what you are after. Reach out and gather quotes, ask about capabilities, terms, etc. Try putting together your own calculation of costs for all the parts, and also a time estimate that seems realistic if it requires assembly.

    When I built my first units by hand, I used a stopwatch to time myself assembling the product step by step. That gave me a reference point as to what manufacturers could expect, although of course their times will be quicker than your own as the process gets streamlined over time. The faster a product can be assembled (without sacrificing quality), the lower your unit costs will be - because a contract manufacturer will quote and bill you for assembly per unit based on how many units can be built per hour. Or in other words, how efficiently one operator (who is often paid by the hour) can assemble x units. So optimizing assembly steps is a critical point to work on as you go along.
     
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  19. danipepino
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    danipepino Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    @Eskil Your advice is fantastic. Mind if I pm you so that I can give you the full detail of my current situation?
     
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  20. Eskil
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    Eskil Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    No problem at all ;)
     
  21. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Heard nothing but bad things about InventHelp. Keep in mind, they're a business. I'd gather nothing they are doing you can't do yourself, and for thousands less. Everything you need to know is out there on the internet, it just takes some time and research to find it.
     
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  22. danipepino
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    danipepino Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Hahaha your word is gold to me, so I’m cutting my ties with them as soon as they finish what I already paid them to do. It’s amazing how you fit reading/responding to forums in your schedule. @Eskil is sharing some great input with me too. May I add you to our conversation?
     
  23. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    My conversations are disabled as private conversations aren't a benefit to the rest of the community.

    Anyhow, I suspect these "invention firms" act like any seminar pusher... they get you for a small package, then a bigger package, then if you're super-dooper large package, but only if you're super-dooperly serious! Of course, each subsequent package is more and more expensive.
     
  24. Eskil
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    Eskil Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Yep. Like you, all I have heard about InventHelp has been 'stay away'. They thrive on people who have no clue where to start and 'ooh and aah' them with what seems like great value at first.
     
  25. jon.a
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    jon.a Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Bump

     
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