Ideas For 4HWW

Mar 08, 2014 2 Comments by

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 Background

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.

Direction

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.

Entrepreneurship, Investment, Strategy

About the author

Clara Cannes, the chief author from Goldeneer is a Canadian that works as a full time employee in the engineering field. Her passion is real estate, entrepreneurship and sustainability. Clara has finally reached financial independence in her late 20's and is on the path to a comfortable retirement by 35.

2 Responses to “Ideas For 4HWW”

  1. Jenna says:

    Hi Clara –

    I’m looking forward to seeing you talk about your 4HWW process.

    Have you checked out the Tropical MBA podcast? They run a location independent product business. They talk a lot about what they’ve done to make their product business work while living the life that they want.

    I’m working on a freelance writing business. This is my way to get started on a lifestyle business.

  2. Leonard @ The Wallet Doctor says:

    I really enjoyed reading through your thought process on this. I wish you lick in you 4HWW process and look forward to hearing more!