- Joined
- May 9, 2021
- Messages
- 398
Hey there,
You may know me from my Web Design thread where I learn the ins and outs of salesmanship, winning business, delivering, and scaling and ALL of the associated hits that come with that
. Besides all the learning and getting the hell out of the soul-sucking corporate job (the other thread's primary purpose)- I've actually had another business idea I've been wanting to follow for a good few years as a passion project.
This thread won't be as regular, but I found the extra time and decided to start it in the background since the framework I'm following is fairly passive for about the first 6 months.
Essentially, I see a huge gap in the market, and I see a subset of brands and products that (in my belief) are harming their consumers but don't have to. There's a lot of I've been mentally contending with because my vision ends with a product line on grocery store shelves... but I've decided to take a first step with a simple food product in the nutrition/performance space.
I already ran the idea through ratemybusinessidea.com and it seems I can see about a 5-10million dollar return if I execute this WELL. EVEN if I don't, I'll learn about sourcing, ingredients, branding, taking something to market- and most importantly: NETWORKING, I listened to some interviews of others that succeeded in this space and they chalk up a lot of their success and knowledge to contacting people that already did it before. If I'd never cold-called before, this would seem impossible, but with all the work I've done in the last year, I feel more ready to put myself out there and take on these challenges.
Now, this space is crowded but for some reason new ventures seem to be able to still sell well. One of the companies I researched had an existing supplement line (horrendously flooded market) with it's brand's strength on it's flavors but they still seemed to sell about 1Mil/year (but admitted to only have about 11,000 in the bank account after operating costs, go figure.). I'm looking at a larger TAM but being able to get the hooks in and get my product out there will be a challenge once I get to that point- Ryan Moran's framework promises a good way to launch TO an audience though, so it'll be up to me to execute.
---------------------------------------
Starting this thread- just to put it on the back burner because this business is following a slow-boil outline I learned about from Ryan Moran's newbie business framework and the feedback from his student's that followed it.
What will we be doing in this thread?
- Following Ryan's 12 months to one million framework
- Recording progress updates
- Reporting on metrics and my journey learning how to develop a food product (How do I make something shelf stable? Where do I get packaging? I can cold call a small business... how do I sell to a national chain like costco?)
I'm glad to report that I've already taken the following steps:
- Bought the domain about a year back so it has some good domain age
- Found a neat hack to generate content (NOT ChatGPT- I'm old school
)
- Decided on flavors and the MUST-HAVE ingredients in order to generate maximum enjoyment and value skew... I just need to find a way to get someone else to make it so I can stop destroying my counters.
From here, I need to focus on building up a follower base and figuring out a recipe and finding people that have done this before to learn how to develop my product idea and start testing it.
Feeling pretty good, at least with the progress I've made and things I've learned so far. Ryan Moran interviewed a student awhile back who followed this with a much more simple product and imo less of a market and that guy's business took off to the races so... here's to a shining light at the end of the tunnel?
Only time will tell, hope to update this with something interesting in a month or two.
Cheers y'all.
You may know me from my Web Design thread where I learn the ins and outs of salesmanship, winning business, delivering, and scaling and ALL of the associated hits that come with that
. Besides all the learning and getting the hell out of the soul-sucking corporate job (the other thread's primary purpose)- I've actually had another business idea I've been wanting to follow for a good few years as a passion project.This thread won't be as regular, but I found the extra time and decided to start it in the background since the framework I'm following is fairly passive for about the first 6 months.
Essentially, I see a huge gap in the market, and I see a subset of brands and products that (in my belief) are harming their consumers but don't have to. There's a lot of I've been mentally contending with because my vision ends with a product line on grocery store shelves... but I've decided to take a first step with a simple food product in the nutrition/performance space.
I already ran the idea through ratemybusinessidea.com and it seems I can see about a 5-10million dollar return if I execute this WELL. EVEN if I don't, I'll learn about sourcing, ingredients, branding, taking something to market- and most importantly: NETWORKING, I listened to some interviews of others that succeeded in this space and they chalk up a lot of their success and knowledge to contacting people that already did it before. If I'd never cold-called before, this would seem impossible, but with all the work I've done in the last year, I feel more ready to put myself out there and take on these challenges.
Now, this space is crowded but for some reason new ventures seem to be able to still sell well. One of the companies I researched had an existing supplement line (horrendously flooded market) with it's brand's strength on it's flavors but they still seemed to sell about 1Mil/year (but admitted to only have about 11,000 in the bank account after operating costs, go figure.). I'm looking at a larger TAM but being able to get the hooks in and get my product out there will be a challenge once I get to that point- Ryan Moran's framework promises a good way to launch TO an audience though, so it'll be up to me to execute.
---------------------------------------
Starting this thread- just to put it on the back burner because this business is following a slow-boil outline I learned about from Ryan Moran's newbie business framework and the feedback from his student's that followed it.
What will we be doing in this thread?
- Following Ryan's 12 months to one million framework
- Recording progress updates
- Reporting on metrics and my journey learning how to develop a food product (How do I make something shelf stable? Where do I get packaging? I can cold call a small business... how do I sell to a national chain like costco?)
I'm glad to report that I've already taken the following steps:
- Bought the domain about a year back so it has some good domain age
- Found a neat hack to generate content (NOT ChatGPT- I'm old school
)- Decided on flavors and the MUST-HAVE ingredients in order to generate maximum enjoyment and value skew... I just need to find a way to get someone else to make it so I can stop destroying my counters.
From here, I need to focus on building up a follower base and figuring out a recipe and finding people that have done this before to learn how to develop my product idea and start testing it.
Feeling pretty good, at least with the progress I've made and things I've learned so far. Ryan Moran interviewed a student awhile back who followed this with a much more simple product and imo less of a market and that guy's business took off to the races so... here's to a shining light at the end of the tunnel?
Only time will tell, hope to update this with something interesting in a month or two.
Cheers y'all.
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