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EXECUTION Wantapreneur getting off the couch

Discussion in 'Progress/Execution Threads' started by wizaster, Sep 12, 2018.

  1. wizaster
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    wizaster Contributor Read Millionaire Fastlane

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    Hi all, I've been lurking for awhile here and I want start with a big thank to the wonderful users who provides insights without asking anything in returns. It is what has kept me interested in entrepreneurship while sidewalking my life away. Long story short, I have not pursued any venture since I failed with my handmade soap company three years ago.
    I have read @Fox, @Lex DeVille and @Andy Black threads, TMF and Unscripted but have yet to do something with that newfound knowledge.
    I'm at the point where I can't suffer myself lazily spinning my wheel not moving an inch and I'm making this thread to be accountable for my future actions and keep track of my progress.

    So to get into it, I think I have found something I could create that would solve a want for a community. I am pretty sure this item in itself is not fastlane as it is pretty niche but I know some people would really love to have something like that (me included).

    Following the 7 Ps of process from unscripted, I evaluated the CENTS value of my idea and from my perspective it checks all the boxes.
    I am just unsure on how to evaluate soft proof. The subreddit for my niche have around 300 000 subscribers and every time someone posts a DIY project that solve that want it gets a lot of positive attention, ranging from people asking for plans, how it costed and if he will sell it. I also found products that are very close to what I want to do that are marketed towards professionals and are rocking an hefty price tag but knowing the niche ( and myself) they have no problem dropping a few hundreds on a neat widget. But it have to look the part to, they are very picky about appearance.
    Would that be enough to constitute a soft proof?
    I do have a USP that I think is strong and it could reach a lot more people than the more professional competition with a mix of features and ease of use.

    I think I have enough to start getting real with it and "wing it" but reading back what I just wrote it seems like I am looking for validation.

    Next post will be the process path draft.
    Thank you for reading!
     
    Out of Touch, Andy Black and jon.a like this.
  2. wizaster
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    wizaster Contributor Read Millionaire Fastlane

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    Last week I dived into the technical side of what I will have to learn to make my prototype and for the first couple of days I was starting to doubt myself. But I kept on reading, lurking forum posts and studying diy projects until it started to make a bit of sense. I still don't think it will be an easy product to design, but it will be fun and even if it's not my ticket to the Fastlane, I'm 100% sure I will turn a profit.

    Today I ordered all the parts needed to make a functional prototype, they should get here by the end of the month and the hype is sinking in! Meanwhile, I will make plans so I can test it as soon as possible.
    I found http://fritzing.org/home/ to make the breadboard plan and convert it to something useful for a manufacturer, so there is one less headache in the future.

    As for my Process Path in itself, I'll be going this way :
    1.Prototype creation :
    Define fonctions
    Define size
    Choose switch
    Design pcb
    Design case
    Program UI and on-board app

    2.Outsourcing production :
    Evaluate manufacturing process (is it possible to make all parts at the same plant ?)
    Shop for quotes
    Compare Manufacturer
    Order first batch (M.O.Q.)

    3.To sell it :
    Make a landing page
    Create storefront in my website, Amazon and Ebay
    Strike a deal with Massdrop (good visibilty with my targeted audience)

    That's my plan for now!
     
    Out of Touch likes this.
  3. wizaster
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    wizaster Contributor Read Millionaire Fastlane

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    Time flies by, it's already been a month since my last post. I have been busy prototyping and my widget is 95% working, all is needed is a rotary encoder that is in the mail. The code, althought bare, is working and the wiring on the breadboard is good.
    I have also made sketches of the case, different layouts and there is a few I like. With the help of my gf, I will make clean concept art and ask for feedback.
    Meanwhile, I will weight the options for the case, namely manufactured in Asia, 3D printed or CNC'ed.
     
    MashaN likes this.
  4. Liam
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    Liam New Contributor Read Millionaire Fastlane

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    Just wanted to thank for this thread, that website Massdrop you mentioned above is a godsend for those struggling with ideas. Rep transferred.

    Have you pre-sold or started getting feedback on your widgets to find out what the market thinks?
     
    wizaster likes this.
  5. PizzaOnTheRoof
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    PizzaOnTheRoof Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Niche doesn't mean it's not Fastlane. You can live a great life off of only 1,000 recurring customers a month. Not sure if that's something you'll be able to swing in your niche but I'm sure it's possible with an add-on service maybe?

    1,000 recurring customers X $100/mo = $100k/mo = $1.2M/yr

    Of course, it may be difficult to get $100 recurring from your niche BUT the idea can work with $20/mo or $2,000/mo, to just need to increase/decrease your customer pool.

    The Technium: 1,000 True Fans
    Going off the top of my head with the 1,000 True Fans idea...

    300,000 subscribers X 1% conversion rate (super conservative) = 3,000 customers per month

    If you can squeeze only $30/mo out of them then...

    3,000 customers per month X $30/mo = $1.08M/yr

    3,000 customers per month X $20/mo = $720k/yr

    3,000 customers per month X $10/mo = $360k/yr

    And that's only for that one subreddit. Imagine if you marketed outside of it.

    You only need to convert that 300k for $30 at a measly 1% CR per month to gross $1 MILLION per year!
     
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  6. wizaster
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    wizaster Contributor Read Millionaire Fastlane

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    Yeah I like Mossadrop for window shooping. Also, with all the polls they do, you can take a pulse of the market.
    To answer your question, I did not pre-sale anything, partly because I don't have a good looking product to take pictures of, and if we go by E-myth standards, I'm more of a technician. But I'll myself out there. In time.

    Thank you for the math, @PizzaOnTheRoof ! It makes a lot of sense and even if my widget is a one time sale (physical product), it gives me confidence in the idea.
     
  7. wizaster
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    wizaster Contributor Read Millionaire Fastlane

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    If you don't watch it, the mind will wander aimlessly to no end. So I was drawing plans to make the case and I found a great idea that can be built upon. I will make it with layers of acrylic/plexiglass and screw them all together. This way will keep the cost low, I can assemble easily at home and I can modify it easily.
    So I was looking into CNC services and found a guy that made his own machine out of plywood for like 200 pounds. Et voila, I get sucked into a spiral of diy CNC machines tutorials for like 4 hours.
    Mini-rant : Canada Post strikes are delaying the pieces I need to finish the prototype. Two more weeks to wait.
     

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