Turning Dreams into Reality
Transforming your business — First Production Run
Jim’s widget prototypes got attention and gathered commercial interest. Trade show attendees liked it. Distributors showed interest. His next challenge was how to produce the widgets at a low enough price. He calculated a price based on industry knowledge and advice from his business associates.
Jim recontacted the company that prototyped his product and asked for a bid. The unit cost was too high, Jim contacted other jobbers, manufacturers, and custom production houses, but their bids were too high as well.
Hearing that Asia manufactured goods at low prices, Jim began looking overseas. He hired a consultant to locate suppliers and he got a long list. The bid responses were much lower! Communication and cultural issues meant that many bids were misguided. It took him a while to learn how to communicate. The search narrowed to a few South Asian and Chinese manufacturers.
Now all he had to do was to nail down distribution. What were the distributors willing to pay?
Read the next installment tomorrow on LinkedIn or at our blogpage - www.ekalore.com/blog-1
How did you make your product or service concept real? - drop us a line at sales@ekalore.com
Comments