Hello! Welcome to another installment of
the universal jar handle product
development process I'm doing this to
demonstrate the various stages in
product development using a real life
example of "The Universal Jar Handle"
which is a product i'm working on been
working on for some time ...
the idea here is that we're going to be showing
the steps in the product development
process all the way from basically
concept to cash flow and going through
all the steps along the way everything
from 3d models to monetization we've
covered some 3d printing and prototyping
methods already and now we're going into
production and we're verifying these
pre-production samples today so we're
just going to open this up here see what
our manufacturer has sent to us
supposedly the colour samples...
We've got our samples here ...
pretty good, I'm pretty excited about that
got our blue, yellow... so these are the
colours we'll be working with so
I just have to verify that these are
matching here... looks pretty good so far
black yes quite good
yellow (which I'm pretty excited about)
yes that's pretty good
the orange quite ... good as well
and let's see blue they've done quite
a good job on that. Now I'll just do a
quick demo here of an installation on the Yellow
It's really my favorite (colour) at the moment
The yellow because it's very bright very colourful
One of the reasons I pushed for
doing the colors was that we're going to
use these bright colors for marketing purposes
so we install those there like that
now given that this is a universal
jar handle we can install it on any jar
this was an old pickle jar that I had
and rather than throw it in the bin
we'll install our little handle here so
essentially we just go like so... like that
you always want to pull these as tight
as you can can make sure that it's good
and tight yeah and then with common scissors
just trim that like that snip snip
There you go! you've got yourself a Jar Handle Mug with lid
not too shabby in general quite
happy with this result and I'm prepared
to go to the manufacturer and say
go ahead with production my
first production quite small on this
product 2,500 units and for that reason
I'm paying a slight premium on the per
unit cost say I was producing 5,000 or
10,000 units of this product then the
manufacturing costs would come down
naturally but I'm testing the waters and
I'm trying not to invest too much money
until I'm sure that we can turn a profit
with it so essentially that's the next
step go into production I'm going to
receive those 2500 units and in the
meantime I'm going to be working on the
product packaging and some more of the
branding development trying to find a
proper product name which can be
trademarked and for protection purposes
it's one thing we'll cover in future
lesson and yeah there's a lot to do but
again we're using this as a teaching
tool and eventually will hopefully make
some money we've gone in the early
stages if you've caught those lessons we
were sure to do some calculations on the
costs of goods and that will be required
to make this and distribute this product
so relatively confident about its
ability to turn a profit or at least
recoup its expense
next step will be set up the sales
channel and distribution product
fulfillment ideally we won't be shipping
one by one because again I'm trying to
take my hands off and not spend my life
shipping products trying to create a
business that develops products and
either licenses them or uses fulfillment
centers to ship the products out and
keep relatively hands off that process
now licensing it's a very big buzzword
these days it's probably the best path
to profitability for an independent
inventor or independent product
developer to come up with concepts for
new products viable ideas and create
some intellectual property or simply
create marketing materials for those
ideas and take them to companies in this
case proving the product out and proving
demand by first selling the jar handle
online and developing the trademarked
name that makes sense it's a solid
product the more you can prove to a
manufacturer that this idea makes money
the more likely they'll be to take it on
and take the risk of producing the
product stocking the product fulfilling
the product and so really we're not
wasting time here developing it a little
bit you know you have to invest in time
and you have to invest in developing the
your intellectual property now what we
have in this case is the the mold shape
and we have will have the trademark name
will have the specific geometry of how
this interacts with the jar itself
there's some patent drafted on that that
I've got so you know we're learning
about this whole process again I
encourage you to go back and watch some
of the previous episodes of this
development case study and we are
getting there and it's an exciting time
so I'm glad to have you along for the
journey feel free to submit any
questions you have related to this
product or your own project
than happy to have consultations with
anyone who's interested in product
development or has an idea who could use
some free advice I'm always willing to
have a chat so that's it bye for now I
hope to see you in the future
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