Greystone
Regular Contributor
Hi guys,
If you had invented a new concept, say for example a new type of frying pan that enables any kind of innovation (the food cannot burn for instance, or whatever...). You have your idea, it's brilliant, and you are sure it could be useful to a lot of people out there.
What would you do, step by step, to turn this idea into a fastlane business that generates more than 1 million in sales per year? What would your process look like? Tell us exactly what would be your plan.
Here is what I would do, despite I've never really been into business so far (correct me if you read anything that seems totally insane to you) :
1/ I would make a prototype to see what I need to make this pan. I would buy a normal pan and try to set up my new invention on it, so I eventually end up with a good prototype that is properly working (the food doesn't burn). This step would basically show that the product can actually work and how it can work, so that I don't go in the wrong direction later on.
2/ I would file a patent and get everything done to guarantee me a minimum of protection.
3/ Then... well I don't really know. I would roughly have 2 options I guess.
A : I could set a new company to manufacture, advertise and sell this new product. I would probably go to a factory, and show the owner my prototype to see if he can realistically design and produce it in large amounts. I would ask him for the lowest order possible, so I don't have to invest too much money at first, with the promise I'll come back to him later if the product sells well.
Then, I would go to gorcery stores, retailers and all other kind of sellers who can possibly sell my pan and try to get a deal with them. If none of them want to try my product, I think I would try to sell my first couple of pans by myself (on small market places for instance, or in small shops) and try to get signatures from every buyer so I can go back to the retailers later and prove them people actually want my product and they could make big money from it.
I would also try to go on a TV channel (like QVC in the US) and try to get my product selected. I guess there 's plenty of alternatives to try to sell the first order of pans and prove to retailer that there's a need for that product.
B : Or I could also see all the frying pan manufacturers and try to sell them my patent (I guess at this stage if I've got no sells, not many of them would really be interested though). Or, same as above, sell a couple of pans by myslef first (100?) and get signatures from every buyer so that I can later show the big manufacturers that I've got the patent of a product that sells well.
---------------------------------------------------------
I guess there are probably many mistakes in my "imaginary" process. But that's what I would do now, with my current knowledge. And that's also why it would be interesting to know how you guys would do it.
Let's talk about process!
Thanks
If you had invented a new concept, say for example a new type of frying pan that enables any kind of innovation (the food cannot burn for instance, or whatever...). You have your idea, it's brilliant, and you are sure it could be useful to a lot of people out there.
What would you do, step by step, to turn this idea into a fastlane business that generates more than 1 million in sales per year? What would your process look like? Tell us exactly what would be your plan.
Here is what I would do, despite I've never really been into business so far (correct me if you read anything that seems totally insane to you) :
1/ I would make a prototype to see what I need to make this pan. I would buy a normal pan and try to set up my new invention on it, so I eventually end up with a good prototype that is properly working (the food doesn't burn). This step would basically show that the product can actually work and how it can work, so that I don't go in the wrong direction later on.
2/ I would file a patent and get everything done to guarantee me a minimum of protection.
3/ Then... well I don't really know. I would roughly have 2 options I guess.
A : I could set a new company to manufacture, advertise and sell this new product. I would probably go to a factory, and show the owner my prototype to see if he can realistically design and produce it in large amounts. I would ask him for the lowest order possible, so I don't have to invest too much money at first, with the promise I'll come back to him later if the product sells well.
Then, I would go to gorcery stores, retailers and all other kind of sellers who can possibly sell my pan and try to get a deal with them. If none of them want to try my product, I think I would try to sell my first couple of pans by myself (on small market places for instance, or in small shops) and try to get signatures from every buyer so I can go back to the retailers later and prove them people actually want my product and they could make big money from it.
I would also try to go on a TV channel (like QVC in the US) and try to get my product selected. I guess there 's plenty of alternatives to try to sell the first order of pans and prove to retailer that there's a need for that product.
B : Or I could also see all the frying pan manufacturers and try to sell them my patent (I guess at this stage if I've got no sells, not many of them would really be interested though). Or, same as above, sell a couple of pans by myslef first (100?) and get signatures from every buyer so that I can later show the big manufacturers that I've got the patent of a product that sells well.
---------------------------------------------------------
I guess there are probably many mistakes in my "imaginary" process. But that's what I would do now, with my current knowledge. And that's also why it would be interesting to know how you guys would do it.
Let's talk about process!
Thanks
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