Good Problems to Have When Starting a Business

November 24, 2021 by Zac Marton

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.

Are you building a brand or just selling a product?

November 1, 2021 by Zac Marton

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.

Top Three Winners of the 2021 Inventors Only Contest

November 29, 2021June 24, 2021 by Ondrian Yeung

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.

Inventors Only Product Development Contest Finalist

June 15, 2021June 14, 2021 by Ondrian Yeung

Inventors Only Product Development Contest Finalist Showcase

The Barbell Hangover

By The Barbell Hangover

The Barbell Hangover turns handheld weights into barbell plates! This fitness accessory can hold up to 500 lbs of weight and allows you to attach dumbbells, kettlebells, chains, and more to your barbell!

iWONDERCOOK

By Foodstar

The iWONDERCOOK is a revolutionary, patented integrated cooking platform consisting of a fully automated robotic chef and food cartridge. iWONDERCOOK cooks complex multistage recipes in less than 15 minutes.

Full-Suspension Shoes

By Hann Athletic

Hann shoes is a patented carbon composite full-suspension footwear technology that stores and returns energy to its wearers. The shoe also possesses a hinge in the forefoot (similar to a cross-country ski), which facilitates the energy transfer of the heel strike to the forefoot carbon element enabling energy return to occur at the time of toe-off.

LIT FLASK

By CRTFIED

The LIT FLASK is an all-in-one liquid container that has a portable charger and Bluetooth speaker. The LIT FLASk holds up to 16 fl oz, has a USB charging port, and has 8 hours of battery life.

The Scruffie

By Scruffie LLC

The Scruffie is the world’s first and only leg shaver and back of the neck trimmer! The Scruffie gives you an enhanced and efficient shaving experience. Originally invented to clean up the neckline in-between haircuts, but pivoted to leg shaving after going viral on TikTok.

Security Hat

By Water Rabbit Design

Make live experiences and events safe with the Security Hat. This digital hat is worn at large live events to aid security with responding to emergencies and spotting any threats. It is constructed with an earphone attachment, Bluetooth pairing, and camera.

VX Pet Magic

By VRTX Technologies Inc

The future of pet care in the comfort of your own home. The VX Pet Magic is a therapeutic PEMF device that drastically reduces health problems and helps treat and rehabilitate your pet. Strengthen human and animal bonds by actively engaging in the wellbeing of your pet.

8BitCADE XL

By 8BitCADE

The 8BitCADE XL is an educational Game Console that you build yourself, offering a fun and rewarding way to learn electronics and programming while playing your favorite retro games!

How Do I Turn My Idea Into A Million Dollar Product? (Part 2)

November 29, 2021January 6, 2021 by Ondrian Yeung

10 Steps for Product Development Success

In part one of this blog series, we discussed the first five steps of getting started with product development, from research and design to perfecting your prototype. Now let’s dive into part 2! This section will explore the manufacturing and product to marketing phases of your product development cycle.

6. Getting A Manufacturing Quote

After going through many revisions and adaptations, your product prototype is finally perfect! The next step is beginning the manufacturing process and getting a quote for the cost of production.

At this point, you should begin speaking to an account manager at the company that manufactured your prototype to determine how much it will cost to produce the desired amount of units you want. If the company you are working with to create a prototype does not mass produce products, you will need to find a new company to assist you with this step.

When you speak to your account manager, it is essential to share an honest and accurate budget with them to determine the best ways to get your product on the market. Be sure to communicate the market desire for your product so your account manager can decide what type of manufacturing process is best for you when figuring out your quote.

What goes into determining a quote:

Cost of the production process
Number of units produced
Materials needed
Labor costs
Shipping costs
Packaging costs

Keep in mind that a quote is just an estimate. In many situations, the final cost varies. Product developers often forget that other expenses such as packaging, shipping, and marketing also add up. Take these expenses into account when creating a budget and price point for selling your product.

7. Clinical Testing

If your product is a medical device, this is the time to look into clinical testing. To determine if your product is classified as a medical device, check out the FDA Medical Device Website for a list of medical device qualifications. Clinical testing is necessary for medical devices to have FDA approval and sell on the market.

Your product will go through clinical trials, informing developers if the new treatment is more effective and/or has less harmful side effects than the standard treatment. A clinical trial can also look at making life better for people with a disease or chronic health condition.

Reasons to have your product clinically tested:

FDA Approval
Medical data and study to back up product claims
Learn how people react to using your device and if there are any risks to using your product

8. Injection Molding

If you plan on mass-producing a product, it is recommended to use the injection molding process to manufacture. Using injection molding is advised for most products because it is quick and cost-effective when manufacturing. To start this manufacturing process, you must create the molds for the parts necessary for your development. This step is expensive upfront, but your quote will often include the price it takes to make molds for the injection molding.

What to know about creating molds:

Expensive upfront, but cost-effective in the long run
Lower production costs
Low waste
Part redesign restrictions

For those who are producing a low volume of products, an alternative to injection molding is 3D-printing. 3D printing is a viable option for making a product because it has low costs upfront, has a high accuracy level, is fast and repeatable. A second option is urethane casting, which uses a 3D-printer to create silicone molds that deliver an alternative for low-volume injection molding.

9. Production And Packaging

At this time, it is best to have a packaging plan in place. Often the manufacturing companies you are working with to produce your product can also supply the packaging. If this is not the case for you, then you must find another packaging supplier.

What to consider with packaging:

Your Audience: Create a graphic and structural design that will be most appealing to your audience.
Retail & Distribution Requirements: Your customer may be a distributor or retailer with particular requirements for your product.
Design: How will your package branding and design will set you apart in the sea of other products?
Sustainability: The image you want for your brand, the availability and cost of materials, and the fees associated with recycling or disposal of the packaging after consumer use.
Product Handling: How will your product be shipped to customers?

10. Product To Market

The concluding step in bringing your idea to life is to take your product to the market. The process of developing a new product is complete, and you are fully ready to sell to all interested consumers.

Ways to sell your product:

Directly through your eCommerce website
Online third party retailer (ex. Amazon, Etsy, Walmart Marketplace)
Your own physical storefront
Third-party physical stores

Selling a new product takes patience and a learning mindset. Many product developers dream of seeing their products on the shelves of big retailers like Target or Walmart. Getting a product sold in big market stores is more plausible when you build a record of accomplishment in small and local shops, or your product garners significant interest on other platforms.

Getting a new product sold in smaller and local stores can be challenging and time-consuming. A tip from a successful new product sales team is to devote time targeting a few stores or customers who are likely to buy your product rather than spreading your attention over many accounts. People will not always say yes to your product but adapt based on the feedback you receive and attack any challenges that arise with confidence.

The Product Development Process

The product development process is hard work but extremely rewarding. If you are ready to get started bringing your idea to life, check out our Esino contact us page to talk with an account manager about getting started. Esino is your one-stop-shop for all your product development needs.

If you have not read part one of this blog, you can find it here.

How Do I Turn My Idea Into A Million Dollar Product? (Part 1)

November 29, 2021December 8, 2020 by Ondrian Yeung

10 Steps for Product Development Success

Daily life is filled with nuances and problems, leading many people to seek out more efficient solutions and create ingenious product ideas. You might be that person that has a fantastic idea, but what comes next? Although it can be overwhelming, here are five steps to get you started on the product development process and give you an idea of what to expect along the way.

1. There is Always Room for Improvement – Research, Improve, Repeat

When you have an innovative product idea, the first thing to do is write EVERYTHING down. Putting your thoughts on paper allows you to thoroughly analyze the product’s strengths and weaknesses and determine what possible additions you can make to make the product even better. It is best to develop a concrete concept that thoroughly explains your product and its purpose. Once you have fully developed a product idea, make sure you research it to understand all of the information necessary to create it. Research is key to creating a groundbreaking product. Before you go all-in on this product, you want to be sure that no one else has developed this product, patented the idea, and that this is something consumers need to succeed in the market.

One of the most common reasons why new products fail is that they are not needed. Here are some questions to ask yourself to help determine if your idea will be a successful product:

Is this product useful or enticing?
Is there a large market for this product? A niche community may want your product, but will catering to this market segment be enough to remain profitable and thrive in the long run?
Will this product still matter in 5 years?
Are there similar products already on the market that will act as a substitute?

You don’t want to end up with a well-developed product to find out that your product belongs to a small niche market or that your product is not interesting enough to be purchased. Do your research and be honest with yourself about your idea.

2. Bring Your Product to Life Digitally!

After establishing and researching your product idea, create an STP design file for your product. An STP File is a 3D assembly file supported by various mechanical design programs that shows all of the exterior and interior components that make up a product. The design file is extremely important as it allows people to evaluate your product and better understand how the product functions. If you do not have an engineering background, it is best to hire an engineer to assist you with this stage of the product development process. An engineer can create the STP File while providing feedback to guarantee your product is functional and consumer-friendly.

When developing a product, its design’s functionality and features play a significant role when determining if it is consumer-friendly and enticing. Here are a few things to consider when designing your product to ensure its success:

Is there a trigger for the product? The trigger is the reason why a user will go to the product. Learn and understand what motivates your target user and build your design to support the trigger.
What is the action necessary to use the product? The action is the behavior performed to reap the reward for using the product. Is the action convenient and simple for the user?
What is the reward of using the product? The reward is the benefit the user gets from using the product. Is the reward worth the action?
Is there investment for future repeat or use of the product? The investment is a seed planted that causes the user to utilize the product in the future. Will the product solve a problem the user has and trigger them to use your product again?

Image Source: UX Collective

You want your product to flow through this process to ensure that it is consumer-friendly and straightforward for customers to use frequently. When customers keep using your product and its features, you have the best chance at establishing customer loyalty, a repeat purchase, and positive word of mouth promotion about your product.

3. Prototype Development and Signing an NDA

After developing the design file for your product, it is time to create a functional prototype. If you don’t have an engineering or manufacturing background, you should contact a professional manufacturing company that makes prototypes and products to assist you with this part of the process.

Choosing the right company to work with is crucial because you need confidence that they want the best for you and your product. When meeting with companies, it is necessary to sign a non-disclosure agreement (NDA) before sending over your design files. Signing an NDA ensures that you are protected and that the company will not disclose any information regarding your product or idea.

When you determine the company you want to work with, you will begin the prototype development stage. Here is what to expect during this process:

Most products average 3-6 prototypes. It is doubtful that the first prototype will work correctly and be precisely what you want.
The process can be costly. On average, people spend a couple of thousand dollars to create multiple prototypes.
Creating a reliable product can take weeks or even months.

Remember that patience is vital for product development. The prototype development stage is often longer than most product creators expect. It always pays off to launch a fully developed product that consumers will love.

4. Perfecting the Prototype

Perfecting a prototype comes from trial and error plus feedback. If you work with professional engineers and account managers, they will study the design and product to help develop the best prototype possible. Since professionals and account managers have had their fair share in product development, they may know a feature or two that can further enhance your product. Their expertise can take your design to the next level by:

Making the product more marketable
Determining the optimal weight and size of the product
Finding favorable materials to use for mass production. Sourcing the right materials involves many factors, including availability, cost, quality, and durability.
Introducing technology that you may not have been aware of

While working with a professional team, you should also test your product with potential customers. Having your potential customer base try your product or conducting a focus group with them gives you useful criticism and guarantees an actual need for your product.

5. Gaining Funding and Creating an Online Presence

Gaining funding is an ongoing process that should begin throughout the prototype development process. Product development is often expensive, which is why it is smart to have investors and funding. When a product has financing, there is no need to skimp on quality or halt production because of a lack of funds. You want to release the best product possible to see success on the market with high demand.

Ways to gain funding include:

Crowdfunding sites
Investors
Loans

Another essential ongoing process is establishing an online presence and garnering social media attention during development, which leads to early sales success. Establishing an online presence can include crowdfunding campaigns, having influencers in the industry review your product or prototype, social media paid advertising, and more.

Takeaways:

A common mistake that product developers make is rushing to put out a product because they promised investors and potential clients a finished product by a specific date. You never want to send out or sell a product that is not finished or of low quality because it often leads to bad reviews.

Be prepared to face challenges, make many changes, and be patient as you work hard to make your idea come to life. If you have a great idea that will disrupt the market and help people, you can count on it being worthwhile to develop.

Once you are ready to begin the product development process, reach out to Esino USA to bring your product to life with one of our account managers. Esino is your one-stop-shop for all of your product development needs!

Stay Tuned for Developing a Product – Part 2

Getting Manufacturing Quote
Clinical Testing
Create Molds for Injection Molding
Start Production
Bringing your Product to Market