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Good Problems to Have When Starting a Business

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A good problem to have in business is an issue that is created by having too much success. These problems are said to be good because they would not exist if the business was having poor or moderate interest from the market. Therefore, they imply that the business as a whole is on the right track. Some good problems you could have that warrant consideration when starting a business are not enough inventory, too many investors, and too many sales.

Within a business, inventory is ordered based on sales forecasts and past sales numbers. In a new business with no past sales to base inventory purchases off, forecasts need to be made in order to establish quantities for mass manufacturing at their production partner. Given that a manufacturing timeline averages 3 months from order to delivery, what can a business do if they run out of inventory weeks or months before their next scheduled delivery? Without the right manufacturing partner this can result in lost sales and unhappy customers who may never return once inventory is restocked. Esino owns our own factory so we are able to be flexible and prioritize orders for our clients who need more inventory fast.

A new business often accepts capital from investors in order to fund their start up phase. But what happens if too many investors want to put too much money into the business? This can create a situation where the owner of the business may lose significant holding and potentially lose majority shares. Entrepreneurs need to be wise when considering what investments to accept. Of course it is a great thing to have interest from capital providers, however too much money taken too quickly can derail the original vision of the company. If this is a problem that you are currently experiencing, schedule a consultation with an Account Manager from Esino who can walk you through what investment acceptance strategies that will work for you and has worked for previous clients.

When a business begins, of course they want to drive sales to create revenue. However, what happens if a company has too many sales in a short period of time? Problems can arise from this due to a lack of business infrastructure. In order to properly process sales there is a need for customer service, supply chain logistics, and accounting, among other tasks. Without these important staffing positions filled in a new business, it will be difficult to fulfill sales within a timely manner necessary to create happy customers. Esino can assist with this by providing our sales office staff to our clients for their use.

Starting a business will be a difficult task regardless of initial success or failures. Esino has been through this process time and time again and wants to be there for you as you build your business.

How to Prepare for Chinese New Year

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Fifteen days out of every year, beginning on February 1st, the manufacturing hub of the world shuts down to celebrate the New Year with festivals, food, and family gatherings. With the average mass manufacturing timeline being 2-3 months from order to delivery, November is the time to place an order that can be in your inventory before all factories shut down. When thinking about your company’s Chinese New Year plan, consider your pre New Year inventory levels, if it is possible to maintain a reduced crew during the New Year, and your order schedule once everyone gets back to work.

Healthy inventory levels are essential to every business to ensure that there are products ready to be sold when your customers want to buy them. If your company finds itself needing more inventory while your factory is shut down for over two weeks there is no ability to place a new order or rush an existing one. During the month of November make sure a new production order has been placed with your Chinese factory for delivery before the start of Chinese New Year. Game plan out average sales per month and anticipate having an increased inventory level during late January into February. Also account for the fact that no representatives at the factory will be able to answer questions or concerns during this time so plan out ahead of time what it will be like to be in the dark from your overseas manufacturing partner for over two weeks.

Esino is different from most Chinese manufacturers because we keep a reduced crew in place throughout Chinese New Year to keep basic functions and crucial orders on track for our clients. If you know in advance that you will need services during this shutdown, build a relationship with us now and we can plan to have staff in place during this time to fulfill your needs. Most factories shut down completely during Chinese New Year so this is a unique benefit of working with Esino.

Once February 15th rolls around and all of the workers return from their home villages to their respective factories, there is a phenomenon that takes place every year that results in a reduced workforce. This is that a given number of employees will just leave their jobs on a whim. This can often be because they had a great two weeks off and don’t want to return to regular working life, they discovered they have a sick relative in need of their care, or found another opportunity in their home town. Make sure your factory is ready to hire more people after Chinese New Year with new applicants standing by. This crunch is compacted because it is also the busiest time of the year for Chinese factories as every client has over two weeks of work that is backlogged. Discuss with your factory contact what your priority in the manufacturing line is so that you can resume production order scheduling as soon as possible.

Chinese New Year shutdowns have historically caught many companies by surprise since this is not a holiday that is celebrated in the West. Make sure your team thinks through months in advance a strategic response and implements that plan appropriately.

Are you building a brand or just selling a product?

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4 key branding elements

Many people believe that just because a product is on the market and selling well that they have established a brand. There is so much more associated with building a brand above and beyond selling a product such as educating customers, social media management, search engine optimization, and creating a cohesive line of products. Think about and implement each of these things to go from selling a product to having a brand. 

Educating customers on the function and benefits of a product can be done several ways including market data, testimonials, info graphs, and step-by-step guided tutorial videos. How will the customer base know if they want to make a purchase decision if they aren’t sold on how it can make their life better? Messaging around product education should be free and easily accessible on a brand’s website. 

Social media has become an essential component to brand building. Look at any well established brand. They use social media as a platform to interact with customers, provide brand updates, and find potential customers using targeted advertisements. The social media platforms that are currently trendy and essential to be on are Instagram, Twitter, Facebook, LinkedIn, Pinterest, and Tiktok. To create one organized and cohesive message use the website Loomly which allows posting to all platforms at the same time. 

Search Engine Optimization (SEO) is the best way to drive traffic to a brand. Why spend marketing dollars finding a customer when those customers can organically find you through their own online searches? Begin a relationship with Google Analytics to begin optimizing an SEO strategy.

A key element to a brand is having a line of complimentary products. Once a customer is attracted to a product, that will likely be the same target customer for all of the other products within a brand. Once the first product is launched, think of other innovative or existing products that can be sold under the same brand and would appeal to the same target customer as the original product. 

Great product idea? Here is how to know if it has potential.

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We have all been there. Whether in a dream or by a sudden stroke of genius the idea for the next great product comes to mind. The optimism and excitement is uncontainable leading to several hours of deep thought and online researching. What should you be looking for? How do you know if you are the first person to think of this idea? In today’s modern age it is easy to get discouraged and think that everything has already been thought of, however before getting pessimistic go through these steps to do your initial idea research.

Can you currently buy it online?
Think of a short description for your product idea and type it into both Google and Amazon; the largest search engine and storefront respectively. If your idea, or a variation of it is already being sold then it may not be wise to continue to pursue this idea because someone with more infrastructure and intellectual property has already penetrated the market. If you cannot find anything similar to it in your online search, advance to the next step!

Consult a product development company.
Companies like Esino will provide the free service of letting you know if your product idea is truly original. Product design professionals spend time everyday looking at new and innovative ideas so they will be able to provide intelligible advice and insight into your research. If it has potential, you can get a free quote to get a feel for what the product idea would cost to design and prototype.

Would your friends and family spend their money on it?
Market research is a free way to get an idea of if your potential customers would be willing to spend their hard earned money on your product if it existed. Talk to people you know and give them a minute long pitch on your vision and ask for their honest feedback. Remember, you will have an inherent bias towards your idea and think that it is better than it actually is.

Overall it is important to put significant time and energy into researching an idea before sinking any money into it. Although many ideas have been thought of, the next million dollar product is still waiting for its inventor.

Top Three Winners of the 2021 Inventors Only Contest

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Top Three Winners of the 2021 Inventors Only Contest Presented by Esino USA

IRVINE, Calif., June 24, 2021  — Esino USA has officially concluded their first-ever Inventors Only Contest. The product development contest was a success receiving over 100 unique new product ideas from all over the world. Out of all of the invention submissions, three were chosen to receive a total of $17,500 in product development services and $100,000 worth of branding, patenting, marketing, Shopify, and software development services. 

The Inventors Only contest was inspired by the television show, “Movers, Shakers, and Invention Makers” as a way for product development experts to give inventors extra resources and feedback needed to help them move their product along to the next stage of their product development journey. One of our judges, Mark Julian, was the host and founder of the show when it was airing on live television. Esino, in partnership with Mark Julian, started the Inventors Only contest to bring inventors together and explore what creative solutions are out in the world today. Esino hopes that the prizes are able to give the winners a jumpstart in their product development journey.

First place in the contest is awarded to VX Pet Magic, developed by VRTX Technologies Inc. The VX Pet Magic is awarded $10,000 of product development services from Esino USA, an Amazon and Shopify storefront valued at $25,000 by Mueller Direct, and a Patenting Prize Package valued at $15,000 by Alcoba Law. VX Pet Magic is awarded first place based on their innovative therapeutic PEMF device that drastically reduces health problems and aids pet rehabilitation. 

Second place in the contest is awarded to iWONDERCOOK, invented by Foodstar. The iWONDERCOOK will receive $5,000 toward product development services at Esino USA, a branding package from CultureMind Cinema valued at $30,000, and Software Development by AccQData valued at $10,000. iWONDERCOOK wowed the judges with their revolutionary cooking platform consisting of a fully automated robotic chef and food cartridge. 

Third place in the Inventors Only contest is awarded to 8BitCADE XL created by 8BitCADE. The 8BitCADE XL will receive $2,500 toward product development services from Esino USA and an SEO prize package from the Flying V Group valued at $25,000. The 8BitCADE XL is an educational game console that you build yourself, offering a fun and rewarding way to learn electronics and programming, which won the contest judges over. 

The top three product submissions were selected from a group of ten contest finalists who all pitched their idea and interviewed with the contest judges. The ten finalists include the Barbell Hangover, E-bike, Hann Full-Suspension Shoes, Looft Lighter, LIT FLASK, The Scruffie, and Security Hat. 

Overall, the Inventors Only contest was a huge success and offered an opportunity for innovative minds from around the globe to showcase their groundbreaking products while providing quality product development resources. Developing a new product is no easy task, and we aim to continue to highlight the product development community in years to come during future Inventors Only Contests. 

 

For more information on the contest, Esino USA, and any other partners, check out the Inventors Only Website.

Finding the Right Manufacturer for Your Product

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Finding the Right Manufacturer for Your Product

When it comes to bringing a new product to market, it is quintessential to have the best-fit manufacturer for your business. Many factors go into determining the best manufacturer for your organization, including quality, pricing, location, and factory size. Finding a manufacturer that is the best fit for your product and company is a tedious process but can ultimately save you money, time and prevent you from creating a failed product. 

What Exactly is a Manufacturer?

A manufacturer is a company that produces finished goods made from raw materials and/or sourced parts. It is common for manufacturers to specialize in producing specific types of goods such as tech, packaging, glass, boxes, and more. Once a manufacturer makes the finished good, they can ship directly to retailers, wholesalers, consumers, and more.

If you are developing a unique product, you must use a manufacturer rather than a drop shipper or supplier because a manufacturer has the capabilities to produce your unique invention.

The Location of a Manufacturer: 

The location of the manufacturer you select is crucial because it can affect the cost of production, the number of manufacturers to choose from, speed of production, and quality and labor standards. There are pros and cons to any manufacture, whether you decide to use a domestic or foreign company. Keep in mind that the best choice for your company may not be the same as another. While location will play a role in your ultimate decision, remember that the manufacturer itself and the quality of products they produce are most important. 

Domestic manufacturers located in North America pros and cons:

  • Perceived higher quality and labor standards
  • Lower shipping costs
  • Easier communication because of no language barrier
  • Higher cost for production 
  • Fewer choices in manufacturer to choose from 

Foreign manufacturers located overseas pros and cons: 

  • Less expensive production costs 
  • More one-stop services that can produce, package, and even sell products 
  • More manufacturers to choose from 
  • Potential language barrier
  • More expensive shipping
  • Limited warranty options and often no repair services 

When determining the location of your potential manufacturer, ask yourself these critical questions: 

  1. How much can you afford for your product’s production, and what price do you want to sell your product at?
  2. Do you need a one-stop-shop manufacturer that can handle producing the product and packaging it?
  3. If the manufacturer is located across seas, do they have an account management team that can address the potential language barrier?
  4. How will you plan on managing damaged or returned goods? Will you need the manufacturer or a third party to service products?

The Quality of a Manufacture: 

In any business, the quality of the product you are selling goes hand and hand with successful sales. To ensure that customers are happy with your product, have positive feedback, and make repeat sales, you must be sure that the manufacturer you are working with produces a quality product for you. 

To determine if the quality of the manufacturing company you are considering working with is up to your standards, you must do your research on them. 

  • Look for customer reviews and at their reputation. 
  • Who have they worked with in the past?
  • Does this company have poor labor practices? 
  • Does the company have any regulation violations or fines? 
  • Do they have quality standard certifications such as ISO9001?
  • What types of materials and quality of materials does this organization use?

After you have finished your research and meeting with a potential manufacturer to work, it is essential to ask questions to ensure that they are knowledgeable in the industry and market segment you are entering. 

The Size of a Manufacturer: 

Picking the size of the manufacture you are going to work with depends on a few things:

  1. What is the output quantity needed to meet consumer demands?
  2. How fast do you need a product manufacturer? Will they meet your speed and efficiency standards?
  3. What types of manufacturing processes do you need, and does the manufacturer have the capability to fulfill these manufacturing needs?

The answer to all these questions will significantly help you narrow down your manufacturing search. Some organizations may not meet the production needs of your product. Ensure that you have done your market research to have the most accurate idea of what you need in the size of the manufacturing company you will need to work with. 

The Cost of a Manufacturer 

The cost of a manufacturer that you will use varies depending on size, location, types of materials you use, reputation, and production speed. Investing in the proper manufacturer for your company and product can be worth the money if it means that you will have a better quality product on the market. When speaking with potential manufacturers, it is best to compare quotes and go with which one is best for your business needs. 

Takeaways: 

Working with a manufacturer is a large commitment that may take time to determine but can ultimately affect your bottom line. Doing the proper research and understanding the market demand for your product will ensure that you select the best company to work with. 

 

If you are looking for a manufacturer to begin working with, then check out Esino’s website because product design and manufacturing is our company’s specialty. We design and make high-quality electronic devices and offer super competitive prices. We not only work with you to create your product, but our engineers and project managers provide their expertise of over ten years of experience to elevate your product even further. We have over a decade of experience working with high-profile clients to develop their winning products. Although we manufacture overseas, we do offer repair services in the United States. Feel free to reach out to EsinoUSA if you have any questions or are interested in seeing how we can help! 

 

Interested in Esino’s manufacturing services? Check out the Inventors Only Contest for the chance to win up to $10,000 of product development services at Esino and much more. 

 

How to Know When You Have a Winning Product

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An Expert’s Guide to Product Development Success

Inventors Only is hosting a product development contest to help inventors across the nation take their new product ideas to the next level. This contest is powered by Esino USA and many other renowned partners, all with plenty of years of experience in the product development industry. We want to share our expertise on what it takes to have a winning product in the Inventors Only Contest and the market. 

Winning Product Tip #1 – Make sure your product is necessary 

Developing a new invention often comes from noticing a problem, which sparks an ingenious idea for a product to solve it. Products that make life easier for people and solve problems are the ones that find the most significant success. These products become deemed by many people as a necessity. 

To determine if your product is essential and will withstand the market, ask yourself these questions: 

  1. Does it solve a problem? 
  2. Does it bring joy to life? 
  3. Are there similar or substitute products?
  4. Will this make other’s lives easier?

If your product can answer yes to these questions, you are off to a good start on the product development journey. 

Winning Product Tip #2 – Research and Ensure Your Product is Feasible 

Research during the product development process is a significant key to success. When you perform in-depth analysis, you can guarantee that you have a unique idea that has never been done before. You will learn if the product you want to develop is feasible and able to survive on the market.  

A common mistake that inventors make is conducting too little research. It is necessary to do a deep dive into what you want to develop and the market you will be entering. Any organization you work with, and all investors will want to know that you are knowledgeable in your product and what it will take to bring it to life.  

Tips and Questions for Getting the Most Out of Your Research: 

  1. Has your product already been developed? 
  2. Does someone already have a patent for your idea?
  3. Is it feasible for engineers to make your product? 
  4. What type of manufacturing will you need to mass to produce?
  5. What materials will you need for your product? 
  6. How much funding will you need? 

Winning Tip #3 – Know Your Market

A smart product developer knows the market they are entering and who their target audience is. It is highly suggested that you learn as much as possible about the people you are selling to so you can cater directly to them. When showcasing your product to investors, customers, and other product development companies you plan on working with, presenting your market knowledge will increase your chances of winning them over. 

What to know about your market 

  1. Who is the target audience? What do they do, where do they shop, how often will they use your product?
  2. Is your target audience a niche group? Will your product appeal to the masses, or are sales in this niche community sustainable?
  3. How much will you charge? How much do competitors charge? 
  4. What are your competitors doing right and wrong?

Final Winning Tip – Be Consistent 

Successful product development is a complex and lengthy process, but it will help set your product up for a win if you keep these tips in mind. It is essential to be flexible because the product development process is full of different challenges arising. If you are patient and endure these challenges, it will be worth it when you see your product come to life.

Inventors Only Product Development Contest: Over $100,000 Worth of Prizes

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IRVINE, Calif., March 18, 2021  — Esino USA Corporation is excited to launch Inventors Only, a product development contest geared towards gathering creative and innovative inventors and offering resources and prize packages to help kickstart their invention. The top three finalists will be awarded a total of $17,500 toward product development services at Esino USA. Select finalists will receive additional prizes consisting of marketing, sales, patenting, e-commerce, app development services worth over $100,000 as well!

Inventors Only Contest Offers Over $100,000 in Services For Inventors to Kickstart Their Product!

To build a successful new product from scratch is no easy task. It is extremely difficult to take a product from idea to market. This contest, known initially as the television show, “Movers, Shakers, and Invention Makers,” was established as a way for product development experts to provide feedback and resources to give inventors that extra push they need to get their product to the next stage.

There are countless hurdles in the product development process, and countless more to make a product successful. Many inventors have great ideas but get stuck in their product development process due to a lack of funds, lack of resources, or simply are not able to generate enough traffic or sales. The Inventors Only contest will provide resources, financial assistance, professional feedback, and industry connections giving those with the next big idea the extra push in their product development journey.

The Inventors Only Contest will take submissions between 9:00 am PST on Monday, March 15th, 2021 to 5 pm PST on Monday, May 31st, 2021. Finalists will be determined and revealed on Friday, June 4th, 2021. Inventors Only will contact each finalist for an interview that will take place between Monday, June 7th to Friday, June 11th. Finalists will pitch their idea and answer any questions related to their inventions. Contest winners will be announced on Friday, June 18th.

The three winners will be selected from the finalist, with different prize packages allocated to them based on their needs and stage of product development. First place will receive $10,000, second place will receive $5,000, and third place will receive $2,500 for product development services at Esino USA. The $100,000 worth of services from our partners include branding from Culture Mind Cinema, search engine optimization from Flying V Group, Amazon and Shopify services from Mueller Direct, patent services from Alcoba Law Group, and software development from AccQData.

The goal of Inventors Only is to create an opportunity for brilliantly minded individuals to showcase their groundbreaking products and provide resources for many more ideas to come to fruition. For more information on the contest, Esino USA, and any other partners, check out the Inventors Only Website.

 

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About Esino USA
Esino USA fulfills all your product development needs, including Prototyping, Engineering, Sourcing, Molding, Manufacturing, and Project Management. Esino has over ten years of experience working with start-ups and has brought more than 100 new products to market.

Contact: Ondrian Yeung
Email: o.yeung@usesino.com