Here we go! So I want to make an anti-stress pen when I work I can use this fidget pen and look professional.
What are the main features of the product that separates this pen from the competition? Professionals call it unique selling point a.k.a USP.
I came up with the following:
Where pens are sold? - Amazon, Etsy, Alibaba, Google, Bic
How much do they cost for end customers? - 1$-30$
What are the common features? - writing, personalisation
Interview potential customers, define my potential market.
Where is the pen market heading?
Go to Alibaba and quote manufacturers in China, then quote manufacturers in Europe and then in the USA.
Long story short... the conclusion is what you are thinking it is. China almost exclusively produces all the pens in the world at an extremely low price, and the best part is that no one cares to buy one because guess what! There is always somewhere a free pen to use.
After the market research, it was clear to me that a pen business idea is similar to putting a bee next to space X rocket and aim for the stars. Simply said, a terrible idea 💩.
Ok, the idea sucks totally, but to be honest no one makes the pen I have envisioned and probably it is because no one needs it. So, should I go ahead, why and for whom?
Well, I want to learn how physical products are built and the pen is the simplest I came up with. I want to know where is my money going when I buy stuff. How does it feel to turn an idea to a product and a business out of it? Can the internet enable one person to make it all happen?
For whom am I going this?
For me, so that I learn about 3d modelling and design, supply chain, e-commerce hosting, payment methods, fulfilment, packaging, branding, customer support, manufacturing technologies, 3D printing materials, companies and technologies, marketing.
What is my budget? Can I make it with zero $$?
Hmmm if it was a SaaS idea yes you can make it with zero cost if you know how to code and deploy, but in this case, you cannot.
An average product certification could teach me all of these for $1000-$1500 in 2 weeks, so if I set my budget to $1500 it would be a decent deal. So let's see...
Stay tuned for the next posts
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