Product ideas have been coming to me during the last year. As a new parent, there are many new challenges where a good product does not exist and I have been turning these challenges into products.
My academic background is product design and engineering. I have all the skillset to turn an idea into a product. When I was a company minion product designer, I had the direction of a CEO and the funding of its shareholders. Now I have limited funding and only want to risk $3000-5000 if the business is not successful. This limits many product types
High Seed Money
With that limited seed money, I cannot do plastic injection molded products. The cost of dies for injection molding starts at $50 000 and that is being modest. In addition, there is a cost for several iterations of 3D printed prototypes ($3000), software for 3D modelling ($10 000) and 1st set of production run ($10 000). If I was to do a small injection molded plastic product, it would cost me $200 000 at a minimum.
Low Seed Money
Product categories that require low seed money do exist. Soft products like backpacks and clothing all use off the shelf material. Ceramic and glass based products require a little more capital but I’m guessing that you can start a production run for under $10 000. Metal and plastic products that are entirely made from pre-fabricated products can use a low seed money budget. Paper and wood based products are another contender. My focus is to start in a product category that uses Commercially Off The Shelf (COTS) components.
Very Low Seed Money
Information based products are another good option as their seed money requirement is very low. An information based product could be a website subscription or eBook. Costs include researching, adsense tests and website hosting. I don’t have a good idea for information based product so I will pass for now.
I have a few good ideas for soft products and ceramic based products. All of my soft product ideas happen to be in a specific niche while my ceramic idea is in a completely different niche. The 4HWW recommends starting your business in a single niche instead of a big market and I agree.
My current direction will be in soft products as I have experience making products in this domain.