After a recent post by Vigilante, I am starting to reconsider carrying out my current fastlane venture.
(Didn’t want to highjack the original thread so decided to start a new post)
Vigilante! … Please tell me you're just kidding and that speakers is an excellent category to get into. :nonod:
At the moment I am currently developing, from the ground up, a revolutionary speaker system, something that has never been done before and appeals to a huge market. This speaker solves a huge problem we all encounter on a daily basis so I know there is a need for it. Playing music is only one of its functionalities.
I understand the problems with getting a product like this launched and I have already taken all your points into consideration prior to starting on this quest, but I still think my product will be able to hit a nerve in the marketplace.
I have invested alot of time (and soon) money into this product and I would hate to think that I have made a bad decision.
A. margins are good, but -- High quality product selling at a premium price, my predicted margins are excellent
B. HUGE well funded brands with household brand recognition -- For the niche/speaker category that I am going after, there are no huge super branded competitor doing exactly what I am. Only one major competitor at the moment doing something similar but their customer service reviews are killing them; apparently their system has a huge factory glitch and customers are angry. And instead of trying to fix it, they change their return policy to 30 days to minimize their loss on this one. Their Amazon reviews alone will drive them into the ground which only opens doors for me to enter this market and kill it. I am reading every complaint and countering every issue with a solution)
C. high inventory cost -- I can't get around this since I am building an ODM product. Working on a few solutions to minimize cost at the moment.
D. not easy to import nor ship (magnets are HEAVY) -- My product is not too large, roughly 8in x 6 in x 1in ... Hopefully the weight of the magnets aren’t too restricting. I look at this as a barrier to entry for would-be competitors
E. what can you create that hasn't already been done 1,000x?[/quote] -- Look out for the progress thread or PM me for the details Vig.
This is not a speaker that you can go find on alibaba. And I am not buying an existing product simply to slap my brand on it.
Taking a different approach, and building something unique from the ground up. It comes at a higher cost, but the reward is exponentially greater and it’s a risk I’m willing to take. My last major product that I spent the last year working on fizzled out as a result of miscommunications with manufacturer (postponed for end of next year) so all my attention will be solely focused on this with a scheduled launch date of ~February 2014.
(Didn’t want to highjack the original thread so decided to start a new post)
Vigilante! … Please tell me you're just kidding and that speakers is an excellent category to get into. :nonod:
At the moment I am currently developing, from the ground up, a revolutionary speaker system, something that has never been done before and appeals to a huge market. This speaker solves a huge problem we all encounter on a daily basis so I know there is a need for it. Playing music is only one of its functionalities.
I understand the problems with getting a product like this launched and I have already taken all your points into consideration prior to starting on this quest, but I still think my product will be able to hit a nerve in the marketplace.
I have invested alot of time (and soon) money into this product and I would hate to think that I have made a bad decision.
A. margins are good, but -- High quality product selling at a premium price, my predicted margins are excellent
B. HUGE well funded brands with household brand recognition -- For the niche/speaker category that I am going after, there are no huge super branded competitor doing exactly what I am. Only one major competitor at the moment doing something similar but their customer service reviews are killing them; apparently their system has a huge factory glitch and customers are angry. And instead of trying to fix it, they change their return policy to 30 days to minimize their loss on this one. Their Amazon reviews alone will drive them into the ground which only opens doors for me to enter this market and kill it. I am reading every complaint and countering every issue with a solution)
C. high inventory cost -- I can't get around this since I am building an ODM product. Working on a few solutions to minimize cost at the moment.
D. not easy to import nor ship (magnets are HEAVY) -- My product is not too large, roughly 8in x 6 in x 1in ... Hopefully the weight of the magnets aren’t too restricting. I look at this as a barrier to entry for would-be competitors
E. what can you create that hasn't already been done 1,000x?[/quote] -- Look out for the progress thread or PM me for the details Vig.
This is not a speaker that you can go find on alibaba. And I am not buying an existing product simply to slap my brand on it.
Taking a different approach, and building something unique from the ground up. It comes at a higher cost, but the reward is exponentially greater and it’s a risk I’m willing to take. My last major product that I spent the last year working on fizzled out as a result of miscommunications with manufacturer (postponed for end of next year) so all my attention will be solely focused on this with a scheduled launch date of ~February 2014.
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. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
), cav vjiz siemmz iydimmif ev vji catopitt vjev tassuapfif vji qsufadv, xjodj jimqif vjin hsux vu $1N op siwipai op vjsii ziest. Vjiz xisi hipisemmz ximm lpuxp gus vjios datvunis tiswodi op effovoup vu vjios qsufadvt. Epzxez, egvis e gix nusi ziest, vji dunqepz xet tumf vu pix uxpistjoq. Tjusvmz egvis vji usohopem uxpis migv, vji dunqepz xipv apfis xovj tiwisem siqusvt ug apjeqqz datvunist.
