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I know i'm already working on a project, but something caught my attention yesterday.
I noticed that there isn't a UK company that makes this type of product. Unfortunately, there is some HUGE competition. There are two companies based in the USA that have a very large customer base and are know by everyone in this niche. I know this niche very well myself and i complained that there wasn't something like this from a UK company. When the product comes from the states, the import duties rack up the price a fair amount - this is another complaint i hear every time someone considers buying something like this.
The quality of the US manufactures is top notch, and i'm pretty sure it can't be beaten. I think its already at the peak. I do however think with the correct resources their quality could be matched whilst also having a lower cost. For something like this, i think i'm looking at putting a fair amount of money into the product before its something that could be used. The product wouldn't just be sold by me, i can think of 5 companies in the UK alone that i'd be able to do wholesale deals with if the product was up to the competitors standard. There would be potential to break into the international market with this but that would come later once its been approved by the UK.
My main concern is that these companies are known by everyone in this niche. Both companies have years of experience. What would your thoughts, or advise on creating something that would compete with these giants? What would you personally do if thought that this definitely solves a problem?
There is someone who i could potentially invite to work on this project as my engineer as he also knows the market very well and he's very good with the engineer aspect of the product. I believe he would be a good partner because i've seen him leave his job to start a business and at the moment it is rather successful. I'm unsure if i'd want to bring him in as a partner and founder, or just have him strictly as an engineer for this. Any advice on both concerns would be greatly appreciated.
Josh.
I noticed that there isn't a UK company that makes this type of product. Unfortunately, there is some HUGE competition. There are two companies based in the USA that have a very large customer base and are know by everyone in this niche. I know this niche very well myself and i complained that there wasn't something like this from a UK company. When the product comes from the states, the import duties rack up the price a fair amount - this is another complaint i hear every time someone considers buying something like this.
The quality of the US manufactures is top notch, and i'm pretty sure it can't be beaten. I think its already at the peak. I do however think with the correct resources their quality could be matched whilst also having a lower cost. For something like this, i think i'm looking at putting a fair amount of money into the product before its something that could be used. The product wouldn't just be sold by me, i can think of 5 companies in the UK alone that i'd be able to do wholesale deals with if the product was up to the competitors standard. There would be potential to break into the international market with this but that would come later once its been approved by the UK.
My main concern is that these companies are known by everyone in this niche. Both companies have years of experience. What would your thoughts, or advise on creating something that would compete with these giants? What would you personally do if thought that this definitely solves a problem?
There is someone who i could potentially invite to work on this project as my engineer as he also knows the market very well and he's very good with the engineer aspect of the product. I believe he would be a good partner because i've seen him leave his job to start a business and at the moment it is rather successful. I'm unsure if i'd want to bring him in as a partner and founder, or just have him strictly as an engineer for this. Any advice on both concerns would be greatly appreciated.
Josh.
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