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To launch your business there are a number of key steps to take including:
- Develop your UVP
- Market research and analysis to determine the size, specific needs, price threshold, and competition
- Poll your target audience and verify that they will buy your product at your target price
- Determine your sales channel (online, direct sales, distribution, retail, etc...)
- Apply for necessary business licenses and set up your legal entity
There are more, however, one that I think is necessary to stress is how effectively you have determined the demand and willingness to buy within your target market.
I've worked with a couple of people that believed they had a great product, spent a significant amount of money to manufacture product and then couldn't sell a single unit. These entrepreneurs allowed their personal belief in their product cloud the fact that they needed to verify the demand in the market place first.
Hope this helps.
Wow-- Doug, awesome answer! Is there a way in the forum for other members to mark a post as especially helpful, since I'd do it here!1 of 1 people found this helpful
Not much I can add to that except perhaps put up a small website showcasing a couple samples, share with friends (put on Facebook) and see how the market reacts.
Hard to tell until you actually put it up for sale.
Do I need a patent before I start marketing my product? Should I get a loan or find an investor?
Securing a patent (if possible) is often a good way to protect your invention. Patents, however, can be costly and take some time. How quickly do you want to go to market? How easy is it for another company to replicate your design? How grand of a scale do you plan on going to market? How much money do you have to invest?
The combination of your answers to these questions will start to focus you on whether it is best for you to seek a patent prior to marketing or after. I obviously don't know all of the variables in your situation, but I believe you may be better off doing some marketing and limited sales prior to getting your patent. You may find through this process that you need to make adjustments to your design and confirm that there is actual market demand prior to investing in a patent.
I'm not a patent attorney. However, here is a link to the US Patent and Trademark Office where you can find some additional information regarding this topic:
Regarding your question about getting a loan or finding an investor, I can't answer that without knowing more about your personal finances, your costs for launching your business (hopefully spelled out in a business plan) and goals for your business.
Dennis, thanks for the kind words.
Hope this helps.
Please help. Who are you?? Go to Members page and share some info.
Have you developed a business plan?? Do you have a lawyer??
Trying going to the SBA or SCORE in your area.
I've been helped out by them many many times, and they are free! You can have your own counselor that you can meet with whenever you like.
Let me know how it goes if you do try them!