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Identifying A Market

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Chip01

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Hi everyone

I recently had my FTE in my day job not long before reading MJs new book which fired up my entrepreneurial spirit again and made me start hunting for business ideas

Using the language MJ encourages you to learn in all of his books, I identified an idea for a self care product for men

The idea came from my own experience of having to use a certain method to achieve a certain result in terms of my own skin care routine. I noticed that current products which solved my problem were marketed towards females and thats one of the main reason I‘ve never used the product before

Since settling on the product idea I started running the numbers and have been in touch with a few manufacturers who can make the product. This is where my problem and question for the forum comes in...

To make the product I will require a hefty financial input (of which I don’t currently have) of at least £5370 up to £9500 (including development and testing costs) depending on MOQs - these numbers are for 1000-2000 MOQ from one manufacturer. This is a big investment for me, the biggest I will ever have made. However I’m worried there isn’t a market for the product due to it not being associated with men and with those MOQs I keep having visions of inventory sitting in my garage gathering dust. I’m happy to save the required amount of investment but I‘m scared of being pushed back to square one if my product fails.

The product needs to be made in a laboratory due to health and safety testing regulations so I cannot make this myself at home.

My question is: how would you identify that there is a market for the product without placing such a large order and taking it to market?

MJ explains that money talks and that purchases are a good indication of people liking your product as opposed to likes or comments.

I can’t seem to see any ways to identify if there’s a market other than asking friends, family etc however I don’t want these to be biased opinions.

Is there another way this can be tested?

Any help would be great and thanks for taking the time to read my post
 
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Kevin88660

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Hi everyone

I recently had my FTE in my day job not long before reading MJs new book which fired up my entrepreneurial spirit again and made me start hunting for business ideas

Using the language MJ encourages you to learn in all of his books, I identified an idea for a self care product for men

The idea came from my own experience of having to use a certain method to achieve a certain result in terms of my own skin care routine. I noticed that current products which solved my problem were marketed towards females and thats one of the main reason I‘ve never used the product before

Since settling on the product idea I started running the numbers and have been in touch with a few manufacturers who can make the product. This is where my problem and question for the forum comes in...

To make the product I will require a hefty financial input (of which I don’t currently have) of at least £5370 up to £9500 (including development and testing costs) depending on MOQs - these numbers are for 1000-2000 MOQ from one manufacturer. This is a big investment for me, the biggest I will ever have made. However I’m worried there isn’t a market for the product due to it not being associated with men and with those MOQs I keep having visions of inventory sitting in my garage gathering dust. I’m happy to save the required amount of investment but I‘m scared of being pushed back to square one if my product fails.

The product needs to be made in a laboratory due to health and safety testing regulations so I cannot make this myself at home.

My question is: how would you identify that there is a market for the product without placing such a large order and taking it to market?

MJ explains that money talks and that purchases are a good indication of people liking your product as opposed to likes or comments.

I can’t seem to see any ways to identify if there’s a market other than asking friends, family etc however I don’t want these to be biased opinions.

Is there another way this can be tested?

Any help would be great and thanks for taking the time to read my post
1) Ask people working in the skin care industry
2) Think hard if you can produce a cheaper MVP to test the market response
 

doster.zach

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My question is: how would you identify that there is a market for the product without placing such a large order and taking it to market?

Try selling first, get feedback and refine.

I wouldn't be too afraid of selling to friends and family, just keep in mind they will have more of a bias.

If what you are selling actually provides value, then it can overcome a lack of brand / marketing with the effort. Branding and marketing should help spread your product, not compensate for the lack of value in any product. (Not to say it can't be a skew, but focus on providing value first.)
 

OMJ

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Hi everyone

I recently had my FTE in my day job not long before reading MJs new book which fired up my entrepreneurial spirit again and made me start hunting for business ideas

Using the language MJ encourages you to learn in all of his books, I identified an idea for a self care product for men

The idea came from my own experience of having to use a certain method to achieve a certain result in terms of my own skin care routine. I noticed that current products which solved my problem were marketed towards females and thats one of the main reason I‘ve never used the product before

Since settling on the product idea I started running the numbers and have been in touch with a few manufacturers who can make the product. This is where my problem and question for the forum comes in...

To make the product I will require a hefty financial input (of which I don’t currently have) of at least £5370 up to £9500 (including development and testing costs) depending on MOQs - these numbers are for 1000-2000 MOQ from one manufacturer. This is a big investment for me, the biggest I will ever have made. However I’m worried there isn’t a market for the product due to it not being associated with men and with those MOQs I keep having visions of inventory sitting in my garage gathering dust. I’m happy to save the required amount of investment but I‘m scared of being pushed back to square one if my product fails.

The product needs to be made in a laboratory due to health and safety testing regulations so I cannot make this myself at home.

My question is: how would you identify that there is a market for the product without placing such a large order and taking it to market?

MJ explains that money talks and that purchases are a good indication of people liking your product as opposed to likes or comments.

I can’t seem to see any ways to identify if there’s a market other than asking friends, family etc however I don’t want these to be biased opinions.

Is there another way this can be tested?

Any help would be great and thanks for taking the time to read my post
Google Ash Maurya, Running Lean

They used to have some free resources on the website leanstack

It'll tell you what you need to know
 

Chip01

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Aug 4, 2019
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1) Ask people working in the skin care industry
2) Think hard if you can produce a cheaper MVP to test the market response
First point is a great idea, thank you!!
As for number 2 this is what I’ve been trying to wrap my head around but because it’s a cosmetic product I can’t seem to find a way to get it done cheaper. There’s a company which white labels the product I need from their range of pre-made formulas but this isn’t exactly a hard business to start so doesn’t have the E in CENTS. Or would this be a good idea for a starting point to see if the initial concept gains traction?
 

Chip01

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Aug 4, 2019
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Scotland, UK
Try selling first, get feedback and refine.

I wouldn't be too afraid of selling to friends and family, just keep in mind they will have more of a bias.

If what you are selling actually provides value, then it can overcome a lack of brand / marketing with the effort. Branding and marketing should help spread your product, not compensate for the lack of value in any product. (Not to say it can't be a skew, but focus on providing value first.)
It’s more a case of needing to buy a huge amount of inventory before I can start selling

In my head my product provides value but I don’t know if this is a me thing or a market thing

Any ideas on ways around the huge inventory cost and a cheaper way to get product to market?
 

RoadTrip

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What I would do is create the brand and a mock-up of the product package. Then I would create a website or landing page showing off your product.

Next I would put up some FB and Instagram ads and start selling the product. If I got sales I would send the customer an email and apologize that the product is out of stock and refund them. After a few sales you will know if you are onto something or not.
 

Chip01

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What I would do is create the brand and a mock-up of the product package. Then I would create a website or landing page showing off your product.

Next I would put up some FB and Instagram ads and start selling the product. If I got sales I would send the customer an email and apologize that the product is out of stock and refund them. After a few sales you will know if you are onto something or not.
Roadtrip that could be the winner!

This way i’m not relying on email collection, people would be putting money where their mouth is if they liked it.

First sample order arrives in around 4-6 weeks so I could maybe even show a video of application (for a demonstration - as long as the sample is good enough quality) in the ads as well as a mock-up of the product packaging.

Great idea thank you!
 

Walter Hay

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@Chip01 As a product sourcing specialist I would look for cosmetic manufacturers in Egypt. That country has a sophisticated cosmetic manufacturing industry. I have sent you links to two Egyptian pharmaceutical companies. The first one is a very substantial company that will manufacture and package to suit your requirements.

The second one is smaller and their cosmetic product range is small but they certainly have the capability to produce what you are looking for.

Walter
P.S. The packaging for cosmetic products for men is as important as it is for women, so you might need to add a little touch to the simpler package that Egyptian manufacturers would use. Something like a wax seal would impress, and they are not expensive. Some of the best seal manufacturers are in Europe.
 
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biggeemac

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Walter, by chance, do your Egyptian manufacturers do ethnic hair/skin products? My wife is opening a beauty supply store specifically targeted to African American men/women and she may appreciate being able to look at some overseas suppliers.

Regards
 
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Chip01

Contributor
Read Millionaire Fastlane!
Aug 4, 2019
81
84
115
25
Scotland, UK
@Chip01 As a product sourcing specialist I would look for cosmetic manufacturers in Egypt. That country has a sophisticated cosmetic manufacturing industry. I have sent you links to two Egyptian pharmaceutical companies. The first one is a very substantial company that will manufacture and package to suit your requirements.

The second one is smaller and their cosmetic product range is small but they certainly have the capability to produce what you are looking for.

Walter
P.S. The packaging for cosmetic products for men is as important as it is for women, so you might need to add a little touch to the simpler package that Egyptian manufacturers would use. Something like a wax seal would impress, and they are not expensive. Some of the best seal manufacturers are in Europe.

Amazing Walter, thank you
 

Nmm540

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Try the method where you make a website and then do preorders for the product. This will find out demand.
 

Chip01

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Aug 4, 2019
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Try the method where you make a website and then do preorders for the product. This will find out demand.
Hi Nmm

This was my original idea however the product will take 6-10 months to be developed, I was unsure about having people pay for a product they might not get for another year
 

Johnny boy

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Be more creative and you'll be able to solve a problem that's related to your main idea, while having much less startup cost and risk and will turn a profit that will allow you to expand. Don't start a skincare company. Start a skincare blog and build an audience for free, then sell your own line to them. Something like that.
 

Black_Dragon43

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Be more creative and you'll be able to solve a problem that's related to your main idea, while having much less startup cost and risk and will turn a profit that will allow you to expand. Don't start a skincare company. Start a skincare blog and build an audience for free, then sell your own line to them. Something like that.
Starting a blog and building an audience for free nowadays isn’t simple though. I’d say it’s much harder than starting an eCommerce biz, and will take much longer to turn a profit too. Time is also money ultimately.

Especially in a niche like skin care, where you have those sexy bimbos on Instagram showing u how they apply the cream, and all that jazz… you’ve got tough competition brother.
 

Johnny boy

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Starting a blog and building an audience for free nowadays isn’t simple though. I’d say it’s much harder than starting an eCommerce biz, and will take much longer to turn a profit too. Time is also money ultimately.

Especially in a niche like skin care, where you have those sexy bimbos on Instagram showing u how they apply the cream, and all that jazz… you’ve got tough competition brother.
I'm just trying to answer this question

My question is: how would you identify that there is a market for the product without placing such a large order and taking it to market?

If I wanted to test something in a single weekend though then I would pay influencers for sponsored posts for a fake product and test how many people click the 'buy now' button after entering their card info.
 

100k

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Make a tiktok account ... make a 2-3 videos on the subject.... run ads targeting men.

Or run the ads on FB and see if men would be interested in something like that and allow people to pre-order. If you get 1000+ pre-orders (£10 each...) that would cover the cost.

Problem I see with this shit is that its targeted towards men and most men won't have the balls to admit that they might be insecure about their looks ... LOL so you'll get few comments I reckon, unless you target a super niche market that really have major skin problem and don't give a f*ck about what anyone thinks as long as they can get the solution.
 

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