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I like your product ideas so I can see why you thought they had merit. But burn this into your mind "the product is only the start." Marketing is what most new
by WheelsAtLarge 9y ago
I like your product ideas so I can see why you thought they had merit. But burn this into your mind "the product is only the start." Marketing is what most new company spend their time doing. Look at any new company and you'll see that their marketing budget is by far larger than any other part of their business. If you are lucky you might have a viral marketing episode but after that marketing spending is what keeps the business going. So in essence there's a cost for every customer you get. So, Sale price - (Marketing+ product costs) = profit. It better be positive to stay alive as a business. Marketing also helps you refine your product to meet customer needs.
Also, to start, a product must meet your customer's needs not yours. I love programming but I can tell you 99% of the people out there don't. If I want a successful product it's much easier to hit the 99% rather than the 1%. It's a numbers game. Also you have to tell customers why your product is great and how it's going to make their lives better - real or not.
The media has conditioned most of us to think that all you need is a good idea to be successful but they never tell you about the hard work it took to get to be successful. A product is not a business. A business is so much more. As a business owner you have to deal with, marketing, taxes, payroll, hr, leases, unhappy employees (because they rather do anything than work one more day) and on and on. Your goal is to make the business profitable enough to have those chores done by someone else so you can focus on what you like or at least get someone to finance you to do it. Read "The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It by Michael E. Gerber." It's old but the wisdom it provides is timeless. All startup wannabes' need to read it.
Given that you can come up with good ideas and produce a working prototype you might want to patent and licence your product. There you only need to figure out who might want to license it and work towards selling the idea to them. Good luck!