I have a million dollars idea & A PLAN OF ACTION!

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Hello Warriors,

Because I know that most of you don't really enjoy wasting time with useful posts, I'm going to go straight to presenting my idea. Of course, I'll cover up some information in order to preserve my business plan and product ideas.

Here it goes:

I found a way in which I can bring a food product on the market and be the first who actually establishes a brand for two or three related products that come from the same process.

So basically, I'm going to do commerce, and in the meanwhile also create my own products. Now here's my difficulty: the product that i'm about to create and try to brand is extremely valuable and useful for the marketplace; what scares me most is the fact that there's only one company that produces a competitive product on a bigger scale...pay attention...bigger scale only.

If you want to reach their website to buy this rare product, it's a foreign language website and it's so hard to trust to make such a big order. (I haven't mentioned yet: it's very expensive because of it's rarity)

Okay, now. Accessing European Funds, I have the possibility to avoid the investment part of the start-up. They're paying for all of the necessary tools that I need, including the materials for building a specific place in which I'll hold my activities.

I've also heard that I'll receive marketing purposed funds, which can all go on whatever I want (because I'[ll be the marketing manager of the company)
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Now, I'd like to kindly ask you to help me with these several questions:

1. If the product is extremely rare, you can see demand from a mile, and there's NO BRANDING on the WHOLE MARKET, why don't people create this product and take it to the next level: that means creating the first branded business about that specific product.

It could turn out in millions, why am I the only one thinking about it? I'm fighting to realize if I'm only naive or I can be the first one thinking about such a brilliant business idea.


2. What tips would you give me in this situation? Right now, I'm definitely taking action, but I thought that I should type all of this stuff down, let you guys participate to my plan a bit, and maybe get at least one useful insight from you.

Thanks for reading. Peace!
#action #dollars #idea #million #plan
  • Profile picture of the author agmccall
    Originally Posted by Victor Donea View Post


    1. If the product is extremely rare, you can see demand from a mile, and there's NO BRANDING on the WHOLE MARKET, why don't people create this product and take it to the next level: that means creating the first branded business about that specific product.

    It could turn out in millions, why am I the only one thinking about it? I'm fighting to realize if I'm only naive or I can be the first one thinking about such a brilliant business idea.


    2. What tips would you give me in this situation? Right now, I'm definitely taking action, but I thought that I should type all of this stuff down, let you guys participate to my plan a bit, and maybe get at least one useful insight from you.

    Thanks for reading. Peace!
    Without knowing what the product is or the potential market no one can really give you any useful advice.

    you keep mentioning how rare it is. Well, whale crap is really rare but I doubt you could sell it.

    Finally, if you have access to a million dollars then why are you wasting your time here. Hire a high dollar marketing firm.

    al
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    Broken promises don't upset me. I just think, why did they believe me?
    ~Jack Handey~

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    • Profile picture of the author tomcam
      Victor was kind enough to PM me. His message was cogent, the scope of the product is perfectly defined, and there is a closely related market already extant. In other words, the PM gave me exactly the opposite impression of his post. I suspect he may be just super excited and nervous because being any clearer would put access to one of his suppliers at risk.

      It is a food product that may meet with resistance (as an analogy, think about people who are trying to sell things like crickets as snack foods), but I don't know the European market to hazard a guess as to its odds of success.

      I can tell you I would love to try it and it may very well be a hit with foodies.

      I still think there may be some regulatory issues but it is close enough to existing products that my fears may be unfounded.

      As to why turn to WF as opposed to a top marketer, I can tell you from personal experience that a $16,000/month top Seattle marketing firm also used by Microsoft did absolutely nothing for me. So you never know.
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  • Profile picture of the author tomcam
    Not knowing anything other than what you said, I would vote "naive". In both the US and Europe, $1 million is about the bare minimum to launch a branded food product due to extreme competition and regulation. You will find Brussels to be not very helpful with a new food product. is With only $1 million, I think your best bet is to start small. Get the regulatory stuff behind you, then set up a Shopify site and drive some web traffic to it if at all possible.
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  • Profile picture of the author Victor Donea
    Thanks for taking the time to read and respond to my thread.

    It's a rare product that has demand potential. It has a lot of health benefits, beauty benefits, and so on.

    It's also a B2B business, so the more retailers and private sellers I find, the more profits I will get.

    You have mentioned $1 million in order to launch a branded food product - DUE TO EXTREME COMPETITION and REGULATION?

    It's a basic product, not made by everybody, because...I don't really know why...

    And you were saying competition...right now, just one factory sells it in the whole Europe...and on orders, because they can't face the demand. But, it's hard to get to their web page and order, and there's no branding.

    Anyways...

    Do you believe that for example...if you want to introduce a new "honey" product into the international market (only by contacting honey shops personally and establishing exclusive contracts for selling my products)....

    Do you believe it would cost me SOOOO much to make it an approved and saleable product?
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    • Profile picture of the author tomcam
      Hey, Victor! EU regulations are so convoluted that I have no idea what you're in for. Maybe it's as easy as you think. I would do a web search on the regulations involving that exact product if I were you. I would contact the existing factory and ask them for help (it's worth a try, and if they're as busy as you say they are they might be willing to open up a little). Then I would contact an EU consultant who specializes in the food industry. If you have a million bucks to throw around, putting 300 Euro into a few hours' consult will save you a ton of time and money.

      I will also warn you that 99.9% of the time a product that isn't already widely available is suffering from low demand. The market is painfully efficient that way. I very much hope you're in the .1%. But if there's anything I've learned in 30 years of being a pretty successful businessperson, it's that falling in love with an idea is dangerous. I always try to disprove my theory before I try to prove it.

      Good luck on your venture! Sounds exciting!
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  • Profile picture of the author Steve B
    Originally Posted by Victor Donea View Post

    . . . I thought that I should type all of this stuff down, let you guys participate to my plan a bit . . .
    Victor,

    Nothing you've stated is remotely close to being a plan.

    You've given a few sketchy and vague "hints" but nothing with any goals, actions, timetables, or objectives.

    Everything begins with market demand so you understand who your prospects are, where you can reach them, what it is exactly that they want, and what they are willing to pay for it.

    Because there is no real market leader for this product of yours, and there is only one competitor, I would be very leary about going into this specialized market. There could be one or more major hurdles that are keeping businesses out of it. Additionally, you are treading on thin ice if your entire business is hanging on the "promise" of investment by others that you don't control.

    "why am I the only one thinking about it?" Big red flag. We all fall in love with our own ideas. Have you at least spoken with others in the marketplace to see how they react to your idea? They will have a much better perspective on the commercial possibilities than random people on a public forum, 95% of whom make no money at all online.

    I think you need to be very careful. Proceed with your homework, but don't invest any significant time or money until the major "market demand" questions have solid positive answers.

    The Internet landscape is overflowing with "million dollar idea" products that were never embraced and no one buys.

    Steve

    Steve
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    Steve Browne, online business strategies, tips, guidance, and resources
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  • Profile picture of the author Splatterfox
    Like the other guys said, this is very unpredictable based on the limited and vague information you give. Sure, you don't want to name the product, but its hard to give a concrete answer based on that.

    First, if there really is only one company and the product looks promising to you, its not neccessarily a bad sign. Sure, the customers decide whats hot and what not, but companies can also CREATE demand. Nobody thought "hey, computers are so big and unsexy, I need something cooler" before the first Macintosh came out. They were happy (or unhappy) with what they had, but they were not approaching Apple with "please build us a sexy computer". Based on consumer interest, Apple would have build a PC with simply better hardware, not one that is smaller, better looking and easier to use.

    Second, I agree that it can be hard to go through the regulations part - probably (and most likely) this is the hardest part. You said your product is quite unique, that means that bringing it on the market will cause more problems than the 10,000th variation of an existing product. When it comes to skincare, nutrition, food etc. regulations are pretty strict. A lot of things even require longterm tests.

    All in all this sounds like a promising venture to me actually (I don't see it THAT negative as the rest). However, at the same times it sounds like you should ask a lawyer, other people in the marketplace and probably also a few possible customers about their opinions. Maybe an appropriate lawyer will tell you that this is impossible to do. Maybe he will tell you that with some money this is absolutely doable.

    However, since this goes beyond a basic "Aliexpress reselling on Shopify" business, it also requires more preparation, research and, ultimately, money. Don't base your decision in that on a few forum responses to your vague description of the business. Good luck!
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