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    2 Replies Latest reply on Sep 27, 2009 6:08 PM by Goldmizer

    How do I have my patented product financed?

    Goldmizer Newbie

      I have developed, and own the patent on, a new product and am near ready to begin manufacture. It is not just my opinion that this new product has a very large market and I do have vendors and end users waiting for this product to become available.

       


      I have tried to find some good examples of Business plans but have been gravely disappointed. Everything I am seeing is about starting a restaurant or retail store of some kind. I have been unable to find anything on having a product manufactured, packaged, distributed to vendors, as well as internet sales.

       

      I am waiting on my manufacturer to gather quotes from their suppliers for the bulk materials, the cost of the dies, and price per unit. Also, I am still putting together quotes on packaging and other aspects required to get the finished product to market. I would like to get started on the business plan layout while I wait on price quotes. I need a bit of direction in how to proceed.

       


      The product that I have developed is a set of full size, heavy duty, re-usable, very light weight emergency snowshoes. Originally designed for snowmachiners, they have also sparked the interest of hunters, back packers, bush pilots, cross country skiers, mountain rescue groups, and dog mushers. Any one that lives works or plays where deep snow can become a life or death situation or just a nuisance.
        • Re: How do I have my patented product financed?
          watch001 Newbie
          Based on the NPD (new product development) I did for consumer products in several large companies, the business plan format below may help you. You can add or remove some terms in accordance with your business needs. I can't give you a detailed plan, but hope the outline would help

          1. Your project (new product line) objective
          2. Potential Market -- Target consumer/customer, sale volume estimates for 3 years down the road, estimate gross margin and target cost range, primary factory cost etc.
          3. Consumer demographic analysis - if your product go retail, what possible retail gross margin would be, product flow (manufacturing to retail including distribution), any sourcing agent involvement)
          4. Competitive analysis - your competitor reaction and possible competitive pricing
          5. How many SKUs (stock keeping units)
          6. Your product futures - features or/and functionality, customer education etc.
          7. Target quantities
          8. Performance and testing - technical issues such as any code needed to be followed etc.
          9. Packaging and graphic
          10. Warranty Requirements

          Additional suggestions - If you do new products, a couple of notes:
          1. Quality - How do you control your quality?
          2. Delivery time frame
          3. D/T cost - Distribution and transportation cost. This cost is often ignored by a lot of companies. Do home work in front.
          4. Spare part/accessory, customer service etc. consideration

          Good luck to your new business
          1 of 1 people found this helpful
            • Re: How do I have my patented product financed?
              Goldmizer Newbie
              Thank you

               

              This is just what I needed. I had an idea of (most) the info I would need to include in the plan but I had no idea as to what order it should be in, or the additional info that should also be included which I hadn't thought they would want or need.

               

              Thank you again for your time, I greatly appreciate your help. Should you think of anything else I should know or just want to ask questions about the product or this great state of Alaska, feel free to send me an email. I am into hunting, fishing, gold mining, snow machining, 4 wheeling, and the list goes on.

               


              Respectfully,

               

              James R Stafford (Rick)

               

              11820 Hilltop Dr.

               

              Anchorage, Alaska 99515

               

              rstafford@gci.net