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How much do you think I could make with a small but good idea? - AMillion - 02-19-2014 12:38 PM
I have an idea that I want to get manufactured (I've been workin on it for a couple months now and have almost perfected it). Do you think I could make over $10,000 in the first year if I market it good and go to conventions for business?
Im also learning about business now and starting a company and with that knowledge does $10,000+ sound like I could earn in first year. Could I make 10000 that I get to keep after the business costs?
It's a kitchen product that's been made but never before this way. So I think this is a very Reasonable goal
- Branzo - 02-19-2014 12:39 PM
it depends if you idea is unique or not. if its a never before seen product that satisfies consumers wants and needs then im sure $10,000 in the first year is a plausible prediction
- Katherine - 02-19-2014 12:41 PM
Hi A.Million,
Its hard to say you'll be able to make $10,000 in profit without knowing the exact amount of your start up costs and how much you will be marketing you product for, but I can say that if you are smart about your advertising costs and spend enough time researching your target market, you'll have a better chance at making a higher profit margin. Make sure you spend enough time researching online communities that may be interested in purchasing your product and then build your trust with them. Make the most of your money by using social media tools (ie. facebook, twitter, online community forums, etc.) and use these tools to speak to your potential clients.
Hope that helps!
- Cali - 02-19-2014 12:47 PM
First off, patent whatever product you have b/c your idea may actually be someone else's "legally." You'd be surprised how many ideas are taken but not produced. After you patent it you can probably sell the patent for a lot of money. If not you can produce your product but if you don't outsource your product you will have to market, sell, box, etc... all by yourself which can be expensive. I hope you have the money for startup.