Idea for new product

[PopEmersen]

I have an idea on a product but I don't know where to begin to get it manufactured. It's an improvement on the design of something that is already in use. The price point for the product I want to improve is around $6-$10 retail. I'm being somewhat vague because I don't want someone to take the idea but I do need help.

I've read that going to trade shows and speaking to manufacturers there would be a good idea. I know alot of guys here have created something from the ground up and I am looking for some insight.

 

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[bell12]

its hard to answer not knowing what it is. Also do you want to keep manufacturing kept in the usa or the country you live in? Or you dont mind outsourcing and then importing the product? Theres alot of factors, does your product need molding? etc...Whats your plan on selling the product after and are you sure its not patented already?

 

[PopEmersen]

I live in the US and I want it manufactured as cheap as possible. The product I am improving looks like its been manufactured in Pakistan, China, and other countries. I don't mind outsourcing and then importing. It does need molding, I'm thinking my improvement will be made in plastic. I don't think it's patented yet because I have not seen my idea in the marketplace. I plan on selling via the web.

 

[bell12]

ok well, you need to check your competitors product and see if there is a patent on it. I know you said yours is different, but you still need to check because if its slightly different, and they have a patent, you could be in trouble. Now so thats when you talk with a patent lawyer and they will be able to help you with a patent search and also if your product is different enough you might be able to apply for your own patent. This is important becuase if you dont hold a patent then anyone can copy this idea anyway and sell it if they want. The whole patent thing is definitely costly from the search to the patent. But you could skip the patenting idea if you want and make a good brand and first to market type thing...As for manufacturing your most expensive part will be creating the new mold, if the company you go to doesnt have something like it already...Also the cost per piece will be cheap in china if you purchase a large quanitity of this. You must shop around for a manufacturer and discuss the pricing with them...anymore questions ill be glad to answer. Ive done alot of reasearch on this as i was close to doing something similar, but decided on a different venture.

 

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[PopEmersen]

Thank you for all your help!

 

[rocksolid]

This post is for all the people that have an idea but don’t know what to do next. This mostly applies to a product that you may want to make or an invention since that is where my experience is.
1) First you need to research it and make sure it has not already been patented. After that you need to look on the internet and make sure it is not already being sold, and if it is then you need to figure out how to improve on that product and make it better.
2) Make sure there is a need for your product. You could ask 1 or 2 very close people or look on the net at forums to see if other people have similar issues.
3) Build a proto type. This would involve you putting the components together yourself or finding somebody who could do it for you.
4) Consider a preventative patent, this will protect you like a regular patent but is only good for a year.
5) Find a customer…..without a customer you have no business.
6) Make arrangements with the manufacturer that built you the proto type for a minimum order of your product. This is something you should already know including cost so you can price out your product correctly.
7) Order your minimum order and start selling.
Other things to consider is to set up your business as a corp. or an LLC or sole proprietor, that is something you can figure out but I would talk to a lawyer or accountant. A UPC number can also be important since many large companies will not do business unless you have one. If you only have one product, you can buy just one UPC number. Big box companies like Walmart and Target also require you to have liability insurance so be ready for that cost. Think about your customer and how you are going to reach them. You will need to build a website as well, so there are up keep costs for that as well.
I think that is enough basic info to get people started, I may think of more stuff to add later but I wanted to post some help since it seems like this question comes up a lot lately.

 

[BeachBoy]

I have started reading "One Simple Idea" and it seems to provide answers for your questions...

I would prefer to licence than try to create, patent, manufacture, distribute, sell, etc.

 

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[Likwid24]

Excellent Advice from RockSolid. I'd listen to him.

I'm in the process of making a product right now. Getting it manufactured in China. Read my story. It might be able to help you out. https://www.thefastlaneforum.com/fastlane-millionaire-stories/30969-my-path-fastlane.html

Also Keep in mind, if your going to get it manufactured yourself instead of licensing, make sure you have some money set aside. It's not cheap.