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Where do I get money to mass produce my products?
I'm int the process of making a product that I believe people will buy. At the same time, I'm worried that I won't have enough money to mass produce. I have a little saving, but I don't have a lot of money. What should I do ? How am I going to mass produce without money? I heard that you can borrow from the bank or ask investors...to be honest, my products are not that unique. I'm not sure if they'll believe my products. :(
Some people borrow money from the people they know..Unfortunately, the people I know don't have a lot of money.
Research the market and get LOTS of data to prove that people want/need your product. Next create a business plan saying exactly the product you want to make, who for with detailed descriptions about finance etc.
Then apply for either a business loan for your company or approach potential investors and show them the data and business plan. If they like the idea and think it could be successful then they may help you out! If no one jumps at the idea straight away, don't be discouraged. Keep on trying or try new ideas.
the Rule: HISTORICAL method is;
do market research, find out what people need want and how the current items available are
satisfying that need
write a biz plan
get back to me; was a SCORE adviser
If your products are not that unique or in demand it would be a poor investment even on your part!!!!by Bill - 11 months ago
I have to agree with the above posters... you NEED to do market research, look at your competitors, etc because a bank or investors WILL want to know that this is a viable business plan.
BUT don't get discouraged! You can always tweak your product a little or put a spin on it that will set it apart. Maybe for a specific niche or demographic? Maybe add some extra to it?
Look, the important thing is that you have an idea, you have a dream, and you're ready to DO it. The important thing here isn't this or that product, its YOU. All you need is just money. So now be super honest with yourself and look at your product as a stranger and see if there is anything you can improve.
Go here for some inspiration, motivation, and some practical ideas, from super successful entrepreneurs who started out with nothing...download the audio book (its free). Like i said you can download a book for free (I just finished it and it is really really good).
www.millionairemba.com/?hop=mmglaca... it talks about Richard Branson and how he started his iconic brand Virgin, along with tons of other super successful investors and entrepreneurs... if this link doesnt work just go here and click the link under the video
www.youtube.com/watch?v=NlREvHjjFkc... ... that's how I found it lol and it's a GREAT website!!