For a while now, I’ve been wanting to build a product around renewable energy. Solar, to be precise. Not just a fancy solar panel to power one high energy utilizing appliance; but, to power your entire home efficiently, and which is also affordable.
There are multiple factors to consider here –
1. Product-market fit – Whether the product I have in mind actually makes sense to people, and if they really wouldn’t mind making an investment in it.
2. Pricing – Our company buying all the components at a lower price, so I can make the product more affordable when I sell it to consumers.
3. Logistics – How do I rally all these manufacturers of diverse components of the product, so that I can successfully build the product and make a sale?
How do I make a proposal to each manufacturer?
What do I need to figure out before I even start making moves?
I’m at the first part of this venture right now, trying to decode the product-market fit. How do I find out whether what I’m trying to build is relevant to people out there? It’s pretty simple. Ask them !
So, I prepared a small survey which consisted of 5 basic questions that would effectively tell me about each individual household’s interest regarding my product. The questions were vague enough to not let any of the product secrets out in the air. Then again, you needn’t worry too much about someone stealing your idea. They won’t. Even if they thought about it, the logistics of it would be too overwhelming to even go ahead with the copying. So, I made sure I told them about what my plans were if they were interested.
I circulated the survey across my neighborhood and am waiting to see what their responses are.
EDIT – I have received 5 out of 10 surveys that I gave out, and all 5 of them have responded positively with regard to the product.
All these are elaborate processes that need well thought out plans. I’m not going to tell you what the product is just yet. But I will share all the processes that go on to set the wheels in motion. This will be a new series in which I will share all the procedures with you, so you can experience a first hand experience of how a startup operates, and analyse what happened if it fails, or succeeds. Whenever I make a move with this new venture, I will post elaborate updates as to what I did, and how I did it ( if it requires an explanation ).
You can find part 2 here ‘Startup ventures ( part 2 )‘
Subscribe to MindPluckd on the section to your right to receive updates on posts and research content. We pledge to share no spam. So, you don’t have to worry about your mailbox being too crowded.