Thanks for the info guys ! The product is essentially one of a kind, in the sense that it radically improves upon an existing apparatus (in the fitness field), in a totally new configuration that will replace at least 8 other apparatuses in one, with functionality and practicality. It`s not going to change someone`s life ( like the Cialis Stan referenced), but it will save time, space and $$, and is the epitome of evolution of this apparatus, and people will want it ! I haven`t fine tuned it and whittled down the final production cost, as I just received the prototype, but I believe I can get around 3 times the cost for it. Anything over that may start to discourage potential buyers, but I`ll get a better idea when I test market it in a few gyms and get some feedback.
Hi all. Being new to the entreprenueral world, I have a question regarding the price point of my product I have invented. From what I understand, after factoring the total cost of manufacturing the product, from start to finish, you then need to basically double that cost and use that as the price point, in order to make a viable profit, and also to make room for a reduction in that figure when selling to wholesalers/distributors. Am I in the right ballpark ? Thanks in advance !
Hi Jmes....my initial strategy is listed per my reply to Craig in the previous post. Due to my limited budget at this time, I`m trying to come up with creative ways to gain exposure with minimal cost. I`m in the infant stages of my endeavor right now, being that I just completed the prototype last week, but am extremely confident in it`s potential to be huge, and just need to fine tune my marketing strategy. I would gladly welcome any advice you may have.
Hi Craig...thanks for the welcome. My invention will be primarily marketed to gyms and fitness centers, and could also be sold to home gym based companies, such as Bow-Flew, to be incorporated into their product. My budget, unfortunately, will be limited, so I wanted to get maximum exposure for minimal $. One way, I thought, would be to submit an article, or contact fitness magazines such as Muscle & Fitness or Men`s Health, and have them do an article or interview to showcase the product and it`s innovation. Further information could be obtained through visiting my website, which will be supplied in the article, and which I am working on getting completed. I also plan on creating a color brochure which I will mail to gyms across the country to introduce them to my product, which will include testimonials from gyms I initially "test" my product in. As I said before, I am new to this, but firmly believe in my product, and welcome any advice I can obtain from those such as you on this forum.
Hi everyone. My name is Kirk and have joined Startup Nation after reviewing the wealth of knowledge and advice that is available here. I am new to the entrepreneurial world, but have just completed a prototype for an invention I have. It is in the field of exercise, which I realize is a saturated market, however, my invention is an innovative piece of equipment that I`m confident will revolutionalize this area of exercise. I`m extremely excited about it, and have been testing it out for the last week in my home gym, and it has performed beyond my expectations.
I`m in the process of doing a patent search and acquiring the patent, and am looking forward to valuable advice I can obtain through this forum as I develop my business, and also look forward to providing advice back from the lessons and knowledge I learn along the way !