market-researchI have a start-up idea that I have begun planning. It involves buying sports supplements, private labelling them, and selling to shops and gyms for resale into a niche market.
So far I have costs from the suppliers that seem reasonable. I have an idea of the branding I want to apply to the products to appeal to the niche. I can guess the order volumes that the vendors may take but I’d like to approach them to ask:
However I’m scared my new idea would then be revealed to the community and someone better connected could poach my idea and possibly beat me to market - this would be a side-hustle for me to begin with.
How do I get around this problem? Shall I launch ‘blind’, without market research? I would be hesitant to do this because it would involve some financial commitment to do so.
Thank you
Shall I launch 'blind', without market research?
Starting into the blue creates more side-hustles than just a competitor on the market does.
How do I get around this problem?
Please consider my response below, but regarding your question I can tell you the following: It will go beyond this topic but just a hint for a direction: there are studies in the field of psychology and clinical psychology research, where the true intentions of the research are disguised from the attendees. Otherwise many experiments would fail due to bias. Think about the classic milgram experiment, where no one of the attendees knew about the real purpose of the test.
This is where you may start reading.
I'm scared my new idea would then be revealed to the community
Consider, that others may not "steal" your innovation just because you involve them in your market research.
Just by doing your research, you do not proof anything to anyone yet. (Unless you release your results, indicating trillions of profit.)
Think about you being an established competitor. If you would follow every trail (means investing valuable money into the blue) you would go down.
Your idea will rather be of interest, once it has been proven to the market. Otherwise it can be considered as a risk.
If NO ONE in this highly saturated market had this idea before, then it may
Long story short - do your research - get sure about your BP and think about customers, not competitors.
Start small - create some samples, get feedback.
Let’s say your research tells you what you want to know - your risks pretty much stay the same - You still won’t be able to launch a million batches from day one. From the moment you launch, your product will be seen by others and unless you can somehow protect the receipe, it will be up for grabs.
Also… The idea of an investor supporting you without a trial is slim.
One method for your trial is approaching a club - for example a running club or football team. Approach them, don’t share the magic spice to your product, but you can explain your goal (health product aimed at sports people that is produced locally).
You ought to examine liability insurance - and since you are in effect producing a food stuff, you should make sure you are walking the safe side of food rules/laws.
All content is licensed under CC BY-SA 3.0.