Todd Marriott posted a new question on 1/16/2010
I am familiar with the building blocks. I'm wondering if my idea is worth the effort and does it have the stuff to compete with the big cig companies?
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Alice Nadin Responded on 1/16/2010
The place to start is with research, analysis & assumptions based on FACTS.
Research the idea; determine FACTS on how big an idea this is. Who will want it? What are they currently using that this item will replace? WHY will they make the change? How much will they be willing to pay for this new item? How many people will have interest? Will they buy it again or again or it it a one time purchase you will need to market again & again to get new customers?
Look to the trade that will carry this product. Who are they? How do they make decisions on what to carry in their stores? Will you be able to direct sell them or do you need to go through a distributor/wholesaler/broker?
AND what are your costs? Will you make it or contract to have it made? or are you trying to sell the idea? Should you patent it? Trademark it?
Work on all those questions & many more until you have FACTS to back up your idea then determine next steps. Many of your answers will be based on assumptions but use quantified statistics to base those assumptions. For example, you may say - all males between 18 & 24 yr old, living in major metro areas will want this product. Determine statistically how many of this target there are. Overlay that assumption with other facts.
Lastly look at the competition and what this product will replace or improve on. Look at their 3-5 year sales trends and make assumptions on how you will capture that business.
Pull all of this together in a business plan
