For the past three months, I've been working on a new product. It is a radically redesigned hand tool for use in manufacturing.
-Existing hand tools have not changed in 50+ years.
-New design reduces ergonomic issues with current tools.
-New design serves as a functional improvement over current tools.
-Often, the power tools are not desirable due to chords / air hoses getting in the way. For this reason, the hand tool market is still quite viable.
-Serves a niche market that could exist between currently available hand tools and currently available power tools.
-Retail price point is $65 per unit
-3D Prototype model complete
-25 assembly and detail part drawings complete
-All drawings out for quote at 3 Fab shops
-Sales volume would be in the low to mid thousands of units per year
Next steps:
-Estimate margin $TBD Quotes
-Estimate tooling costs $TBD Quotes
-Market trials (Present to various special interest groups)
-Take feedback, incorporate into second prototype, Repeat.
-Nail down a final design and begin production
-Beat the streets / B2B retailers / ID Major Outlets / trade shows
-Lab tests- Ergo study to generate hard data, productivity improvement study
-Website with sales copy / data
-Existing hand tools have not changed in 50+ years.
-New design reduces ergonomic issues with current tools.
-New design serves as a functional improvement over current tools.
-Often, the power tools are not desirable due to chords / air hoses getting in the way. For this reason, the hand tool market is still quite viable.
-Serves a niche market that could exist between currently available hand tools and currently available power tools.
-Retail price point is $65 per unit
-3D Prototype model complete
-25 assembly and detail part drawings complete
-All drawings out for quote at 3 Fab shops
-Sales volume would be in the low to mid thousands of units per year
Next steps:
-Estimate margin $TBD Quotes
-Estimate tooling costs $TBD Quotes
-Market trials (Present to various special interest groups)
-Take feedback, incorporate into second prototype, Repeat.
-Nail down a final design and begin production
-Beat the streets / B2B retailers / ID Major Outlets / trade shows
-Lab tests- Ergo study to generate hard data, productivity improvement study
-Website with sales copy / data
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. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
