Greetings:
I invented a consumer product. I have the first prototype and the UWM-Foundation agreed to help file a provisional patent application. I am preparing for a pitch competition with the potential of winning $8,000.00. Part of the requirement is to submit the first draft of my Business Plan by January 4th.
I need help with figuring out:
1. Manufacturing cost and options
2. Supply Chain cost and options
3. Building my financial forecast
I don't feel confident with the work that I have done so far with the financial forecast because I don't know how to safely get legitimate manufacturing cost associated with the production of my invention.
I can't use the prototype cost because it is extremely high. Any help will greatly be appreciated.
Happy New Year!
Fabien
Answers
What type of product?
If it's electronic or electro-mechanical I can help with you ballpark pricing, supply chain, and manufacturing product costs and contacts.
You bigger challenge may be product distribution and sales.
Hello,
Thanks for your inputs. I will definitely move forward with my best guess. On the other hand I found out about industrial designing today. The current designs are prototype designs and not suited for production.
If you know anyone Industrial Designer, please let me know.
Regards,
Fabien
Business plans always use assumptions and estimates. Their greatest value is organizing your thoughts and communicating to others that you put in the requisite thought.
Here is the truth: no business entrepreneur or executive is certain about their projected numbers. None. Not one. Just come up with realistic estimates and ranges.
Risk is part of business. Risk is volatility and it stems from uncertainty. Risk and reward go hand-in-hand. The good news is that the harder it is to find information, often the greater the rewards.
Best of luck! Do the best job you can today and then go with it. Rest easy knowing everyone goes through the same leap of faith relying on estimates, hunches and best guesses. Some work and some fail, but if your idea is sound, you will push through the failures.
Business plans always use assumptions and estimates. Their greatest value is organizing your thoughts and communicating to others that you put in the requisite thought.
Here is the truth: no business entrepreneur or executive is certain about their projected numbers. None. Not one. Just come up with realistic estimates and ranges.
Risk is part of business. Risk is volatility and it stems from uncertainty. Risk and reward go hand-in-hand. The good news is that the harder it is to find information, often the greater the rewards.
Best of luck! Do the best job you can today and then go with it. Rest easy knowing everyone goes through the same leap of faith relying on estimates, hunches and best guesses. Some work and some fail, but if your idea is sound, you will push through the failures.
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