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Progress Thread To go all in or to not go all in?

Discussion in 'Progress/Execution Threads' started by MaverickBrenton, Apr 15, 2017.

  1. MaverickBrenton
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    MaverickBrenton Contributor

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    Hey guys,

    I have the design of a product I have developed within the Electrical Industry. Engineering drawings are currently being developed for manufacturing and I am about to move on to the second half of the battle.

    There is nothing else like my product yet - it is a simple innovation that solves a very annoying problem for many electricians. I have got feedback from people in the industry with 40+ yrs experience and they have seen nothing like it and love it. I jumped on the idea a couple months ago and have been working problems out of the design since, and I am just about finished.

    I am not too worried about failure and don't mind if I lose all my money if it does not work - I will simply move on to the next project and re-build. But any advice would be really helpful on the next steps, because I am planning on going all in and doing whatever I can to get it into the hands of the people who will use it.

    Regardless of if it works or not, I will outline the whole execution from start to finish and analyse what I did for anyone who is interested in learning about taking an idea from your mind and putting it into the hands of customers.

    Thanks :)
     
  2. KLaw
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    KLaw Silver Contributor Speedway Pass

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    Three words only. Paint. Brush. Cover.
     
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  3. 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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  4. MaverickBrenton
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    I saw those. Just noticed it was likwid Concepts who made them. I saw him on here earlier :)

    However, I am unsure as to what you are trying to say mate..

    Are you giving me an example of a final result to aim for?
     
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  5. MaverickBrenton
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    Much appreciated jon.a!
     
  6. MaverickBrenton
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    Now I get it. Thanks man!
     
  7. Roli
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    Roli Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Awesome, I can't wait to read this progress thread. It sounds like your main challenge will be audience awareness and education. The need is there, however because there's nothing else like it, you'll need to educate that audience.

    Exactly how you'll do this, I don't know; however I'm interested to find out, as I have a future idea in my head for building contractors, which will also need audience education. I'm trying to build capital for it as we speak.

    Anyway, good luck, and I hope you get some killer advice with this one.
     
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  8. MaverickBrenton
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    I have no idea how I will do it either. I don't even know how to launch a product. I know nothing. All I care about is being a sponge and having fun. Just gonna cruise along, inch by inch, learn along the way and maybe I might just get paid;)
     
    Last edited: Apr 16, 2017
  9. KSR
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    KSR Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    You've picked the right country too, trades are huge here and there's definitely a market. Considering tradesmen also get money from the government for tools annually.

    How much have you put into bringing this to life (if you don't mind me asking)?
     
  10. MaverickBrenton
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    Every spare second I have outside of my apprenticeship. Morning and night. All day on the weekends.

    I just want to execute it completely, and as fast as possible, so I know I can do it - I want to be able to give the final product to everyone I work with and say I made this. I think that would fix my problem of having poor self belief and it would feel great :)
     
  11. MaverickBrenton
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    One thing I have found that really helps when you are new to this kind of thing, developing products etc, is to focus on what is right in front of you and give that one thing as much focus and effort as possible, instead of looking at everything that must done in the future for your project to work. If you do that you just overwhelm yourself and the doubts poor in. "This is too hard", "This is too complicated", "I will never figure out how to do all of that". Things like that. Especially when you have never done anything like this before.

    As Felix Dennis said:

    "Stick with me young brother or sister. You are suffering from nothing more than excusable confusion and a lack of experience, conditions that will pass with time, and whose passing can be expedited by fierce determination and application - believe me, I envy each and every one of you".
     
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  12. KSR
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    KSR Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Exactly, you've seen the need as you work in the field. The great thing is that your co-workers are already fans -- therefore you already have your first potential customers (look at a reduced price for them). From then on, they'll tell their other sparky mates, the word will get around and then buzz will grow increasing your chances to get into Bunnings Warehouse. It can be done if there really is a need like you're saying so.

    How can you afford to fund this on apprentice wages?
     
  13. MaverickBrenton
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    Yeah man. I will start with them. I'll most likely have a sales page that I can link to them and along with that I will be pitching it to wholesalers also.

    I don't waste any of my money and I have been waiting for an opportunity to come up. Now I enough saved to get my product developed and out there fast - but it will probably empty my back account. Hence the title of this thread.
     
  14. SparksCW
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    SparksCW Silver Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Sounds good but have you checked that it is something people will exchange their hard earned money for?

    I'm a qualified spark by trade if you want to run it past me by PM. I've been in your position a few times and shelved the ideas as although they were great in my head they probably weren't commercially viable.

    Forget trying to sell to electricians though. Your marketing costs will be 100x more to reach the same amount of people that you could do if your efforts were spent on selling to wholesalers & distribution instead.

    Sell to wholesalers & distribution and then let them sell to the electricians....
     
  15. MaverickBrenton
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    I have gotten feedback from a few guys in the industry and they said they would buy it. My tafe teacher who has 40 + years experience and is extremely smart when it comes to Electrical work, loved it and all he said was "build it".

    Will be in touch :)
     
  16. PaulRobert
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    PaulRobert Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Be ready for multiple setbacks and results that are the complete opposite of your expectations. (Some things work for you and others don't go as planned.) This is the process of bringing a product to market.

    Once you have the working prototype(s) give it to friends to try out but also more importantly strangers that have no friendship with you. Observe how they initially interact with the product and ask for their honest no bs comments when they actually use the product. See if there are any repeating statements, good or bad. This is where you have the ability to improve the product and make it even better.

    Rep+ for taking action and putting an idea into a reality.

    Or try out both and really capitalize on the market.
     
  17. MaverickBrenton
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    Much appreciated. I will do exactly that. There are plenty of Electricians around that I do not really know. I am not far off the prototype hopefully, I am trying to get the job done right the first time with the Engineer I am working with so it is taking some time.

    Thanks again!
     
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  18. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I do a lot of electrical troubleshooting and am always interested in tools. PM me if you want more feedback
     
  19. ChrisJHarrington
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    ChrisJHarrington Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Going "all in" is not practical.

    Keep food on the table to eat
    Keep money in your wallet to pay for minimal expenses
    Keep your kids bills paid (food in their mouthes, diapers, etc)
    Keep your gym membership (health is important)

    Go all in with what you can - but to create some fantasy that you must quit everything else is a fabrication and a lie - if you have enough money in the bank to sustain a minimal lifestyle to 'go all in' and pursue this, go for it.

    If you're going for broke and if it doesnt work you're homeless and in bad health, that's not practical.
     
  20. MaverickBrenton
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    Will do SteveO! Cheers :)
     
  21. MaverickBrenton
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    Great point man!
     
  22. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I say it is fucking awesome. Have you already planned out the monetary needs? You are not really asking a question. Your mind is already made up.

    You got the goods and have solved a problem. The question is whether you have the money.
     
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  23. MaverickBrenton
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    I have enough to kick it off, get prototypes made and hopefully keep me running until this is all over - if I run out, I'll find more money somehow. I have $6000 worth of commercial gym equipment to sell so that might be handy, but hopefully it does not come to that because I really like my home gym haha :)
     
  24. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    @Likwid24 should see your stuff. He has been through the process you need to have a go at.
     
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  25. MaverickBrenton
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    You mean The Man, The Myth, The Legend, behind Paint Brush Cover.
     
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