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Inventions / Ideas - Where to start?

Discussion in 'Marijuana Consumption Q&A' started by djdecrem2020, Aug 15, 2017.

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  1. #1 djdecrem2020, Aug 15, 2017
    If you even mention shark tank we aren't friends anymore...

    but Hey world. Sitting around smoking I thought of a single idea that is something that would revolutionize the marijuana industry. Quickly more and more MJ burned and more and more ideas came. I ended up with maybe 6-7 solid ideas. Some cheap that I could maybe make some type of prototypes at home and some that would be later in life. I feel every idea is so simple and should definitely exist already. I have researched a lot to try and find existance of some of the things and there is nothing... I'm young, just got my first place, and don't have much money at the end of the month leftover at all. Does anyone have experience marketing a product or being an entrepreneur. Starting small im sure i could have a solid prototype and take them to smoke shops and stuff but I would need to patent my stuff and that is not cheap. How do you go about getting funded without people ripping off your ideas? I know it will take some type of money which im prepared to invest but at the same time it gets to a point where you cant do it all by yourself. I'm not an engineer, an expert marketer or salesman. I just have the desire to start a company and make money in my sleep with my ideas. where do you start? does anybody out there own patents and products? it would be awesome to have a conversation with you! Thanks very much!
     
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  2. #2 Grizzly Tracks, Aug 16, 2017
    Google.
     
  3. #3 Thereal301, Aug 16, 2017
    pm me if you want more info but it really depends on the type of product. the first thing you need to do is secure a manufacturer, then figure out how you want to sell your product. id recommend doing a kikstarter before because if your product sucks and nobody wants it, you don't want to pay a shit ton up front for product and not be able to liquidate your inventory. also if you stick to online sales you get better margins because you sell direct to the consumer and retail is just a pain in the ass to deal with. I haven't watched shark tank since high school but you could go on to it for free publicity. even if you don't want to partner with one of the people (I wouldn't take outside funds if I had a company I know could be worth millions) you would still get free sales due to being on the show. also you are probably going to want to have some money saved up so you don't need to take on loans or an investor (if you can do it yourself avoid giving away equity, convertible notes, intellectual property, etc. to investors because it just reduces your net profit). finally you want to plan your exit. if you are really smart and depending on the industry you are in, you can sell for up to 10x profit (usually 2x-5x) but if you wait to long nobody is going to want to buy at market value (say you had a down year, good luck selling 5x). I could talk about business for days but I don't want to tell you everything because for all I know you could be a competitor
     

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