In cart sales, location is everything. Here's your first decision: Do you want a permanent location or should you move from event to event?
With a permanent mall location, you don't have to worry about purchasing a cart, moving it or battling bad weather (unless it's an outdoor mall). You can build a clientele and predict how business will go and how much product you'll need. On the downside, rent may rise. If mall sales slump, you'll suffer. And if your product isn't exclusive, a neighboring store could start offering the same merchandise.
There are many upsides to owning a mobile cart, says Clark, who does most of her business at special events. "You don't have overhead like rent and utilities," she says, "and if sales are poor, you just move."
Focusing on Your Target Audience
Choosing a location really comes down to one key element: "It starts with identifying who your target customer is. You want to locate close to where those customers are," says Howard Van Auken, academic director for the Pappajohn Center for Entrepreneurship at Iowa State University in Ames.
Thinking about her target customers worked for Diane Flannery, a Ben & Jerry's franchisee as well as CEO of Juma Ventures, a San Francisco organization that finds employment for inner-city kids. "When we started [with Ben & Jerry's] eight years ago, we were trying to find different venues where we could sell ice cream," she says. "We figured young people love baseball and ice cream, so the ballpark seemed like a good fit."
Once you've found your target customers, Van Auken says, "visit those areas and see what the traffic pattern is." In addition, according to Van Auken, you need to check with the property managers of your target location regarding such issues as product approval and display issues, security, operating costs, cash flow, staffing and lease length. (For a mall, you'll want to speak with mall management in charge of carts and kiosks. For a public place, contact the city or county to see if a cart is allowed and what permits are required. In a professional office building, contact building management.)
Susie Grant, specialty leasing manager for the Galleria at South Bay in Redondo Beach, California, also has a list of questions you'll need to consider:
What type of storage is available? While the Galleria's kiosks do have some storage space, tenants can buy more at an additional charge.
Do you plan on leasing during the holidays? Rent goes up considerably during that time.
How long a lease do you want to sign? Grant offers agreements that last anywhere from a month to a year.
After you've balanced out cost issues and decided on lease length, then it's time to find great staffers and set a move-in date. "[Location] is always based on availability," Grant says. "[Kiosk owners] may have something in mind that's not available at the time they're coming into the mall."
You'll also need to obtain a business license, and if you haul your cart like a trailer, you must get a license from the Department of Motor Vehicles. If you serve food, you'll need a permit from the Department of Health, which requires a specific amount of training in food preparation and handling. Malls often already have the carts permitted and insured.
While considering all these issues, one of the smartest things you can do is trust your instincts. "Go with your gut," Grant says. "If you have a good feeling about a location, it's probably going to be a pretty good place for you to start."
Make No Mistake
Beginning retailers make a lot of mistakes. Here are five of the biggest:
Not doing a reality check. Do you have the temperament it takes to succeed in retail? "One of the biggest mistakes people make is thinking that retailing is going to be one way, and their experience turns out to be very different," says Daniel Butler, vice president of retail operations for the National Retail Federation in Washington, DC. "They're not realistic about the challenges." Retail is a lifestyle choice. Can you hack it? Butler suggests working part time in retail for a few months to find out before you start your business.
Failing to research. Surprisingly, many beginning retailers don't develop a business plan or a marketing plan. "When someone comes to me and says 'This is the research we've done, this is why we feel this product will sell and why we'll be successful in this location,' it gives me a greater comfort level [in talking further]," says Courtney Lackey, a general manager with Jones Lang LaSalle, a property management leasing company that manages rental properties.
Creating clutter. In retail, you're branding from day one. If your product displays have no rhyme or reason, customers have no reason to stop and shop. "The biggest mistake a cart or kiosk retailer can make is putting [out] too much merchandise," Lackey says. "Something that's well-displayed, colorful and catches your eye attracts customers."
Competing with big-box retailers. Face it, as an independent retailer you'll never beat WalMart on price. But a lot of small retailers fall into the price trap of trying to compete with the big boys--a big mistake, says Bob Phibbs, a retail consultant in Long Beach, California. Instead, focus on your edge as a small retailer: customer service and a unique consumer experience.
Choosing the wrong location. The rental rate may be great, but if the location doesn't draw people, you might be in trouble even if your product is good. Where are shoppers seeking your type of product going? What types of big-box retailers complement your product and will drive traffic your way? One no-cost way to find out is by sitting in a mall and watching the traffic flow. "If you decide you want upscale people, look at where they're already shopping and how you'd get that market," Phibbs says. "Know all these things {before} you sign leases."
Rules and Regulations
With shopping center leases, you're customarily charged for maintenance of common areas and for the mall's marketing efforts. Find out what the mall's plans are for any structural alterations or remodeling, resurfacing the parking lots, or replacing the roof. These can be devastating assessments for a young business. Requirements for hours and days of operation, employee parking restrictions, participation in community service events, gift certificate and loyalty programs, and storefront appearance may not fit into your business plan or capabilities. Make sure you'll be capable of conforming to these requirements.
Sources: Entrepreneur magazine and Start Your Own Business: The Only Startup Book You'll Ever Need.
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Tuesday, 29 June 2010
How To Start A Kiosk Business? - Part 1
In a world dominated by big-box retailers, wanting to start an independent retail business probably feels a bit like David battling Goliath. "Why bother?" you think. "I'll only get crushed." But these days, your small size could save your business. The big boxes have gotten so bloated. The good news is, retail spending has remained strong through the economic ups and downs (it totaled about $3.58 trillion in 2002, according to the U.S. Census Bureau).
While the costs of establishing a permanent retail location can be steep--you may spend up to $100,000 or more, with leases spanning three to 10 years--carts, kiosks and temporary spaces can be an easier way to get a foot in the door with a lot less risk. The upfront investment for a kiosk or a cart ranges from just $2,000 to $10,000, according to Patricia Norins, publisher of Specialty Retail Report, a quarterly trade publication for specialty retailers. And today, carts and kiosks are a $10 billion industry.
Flexibility is another advantage to staying small. License agreements for carts and kiosks are shorter and are usually renewed every month up to one year depending on the location. This arrangement makes it easy for entrepreneurs to "come in, try it out for a month, and if their product isn't working, shift to a new product line or close up shop and move to a new location," Norins says.
These temporary locations can also work well for seasonal businesses that only need to be open for a limited time. For example, a specialty candy shop may open just before Christmas, remain open through Valentine's Day, Easter and Mother's Day, then close for the remainder of the year. The most popular site for a temporary operation is a busy mall, but many operators are also finding success in airports and other transportation facilities, at sporting events, and at other creative venues limited only by their imagination and ability to strike a deal with the property manager.
At the Mall of America, about 100 temporary tenants dazzle 40 million visitors a year. Cart rental rates are about $2,300 a month or 15 percent of monthly sales, whichever is greater. All temporary tenants must pay an initial fee of $1,500 in "key money," which pays for a store designer to design and build a cart with the right look.
Not interested in doing business in a mall? Street vendors and swap meet and fair concessionaires need to check with the city or county in which they want to do business for the regulations and specifications for the types of products, hours and displays that are allowed.
Starting Your Business
Options for starting a cart or kiosk business include opening a permanent location in a mall and leasing a cart; buying a cart to use for outdoor events or on street corners; or renting a cart short-term.
"The least expensive option is to rent [a cart] for a short time and see how it goes," says Bruce Stockberger, owner of Stockberger Marketing Associates, a North Palm Beach, Florida, small-business marketing firm specializing in cart, kiosk and Internet marketing. He says you'll spend at least $600 per week for rent.
Whether you lease or buy a cart depends on your product and location. In malls, you generally lease a cart from mall management. The cost of leasing depends on the season and mall traffic volume but is usually at least $800 per month for space and a cart, and can get very high in a good location. Some malls charge a percentage of your sales in addition to monthly rent. Wally Rizza, owner of several carts in high-profile locations like the Irvine Spectrum Entertainment Center in Irvine, California, pays more than $2,000 per month for rent on each of his five carts.
"Kiosks start higher than carts, usually $9,000 or $10,000," says Denise Clark, author of From Dogs . . . To Riches: A Step-by-Step Guide to Start & Operate Your Own Mobile Cart Vending Business. Additional start-up costs depend on your merchandise. Items such as jewelry and crystal require a greater investment than, say, hot dogs.
Carts come in many sizes and styles with varying capabilities. There are carts for specific types of food, some with refrigerators, grills, steamers--even small ovens so you can bake on location. Determine your needs before ordering a cart, advises Jeffrey Morris, president of All A Cart Manufacturing Inc. in Columbus, Ohio, a cart design and manufacturing company. "List your products and the equipment required to make or display them," he says. "Also draw a simple layout of the cart to give [the manufacturer] an idea of size requirements."
Think versatility, especially with food. Don't limit yourself to making one item, in case it doesn't sell well and you have to switch gears. "What sells might be completely opposite from what you thought," says Gerardo Gonzalez, president of Gonzalez & Associates, a Piscataway, New Jersey, company that consults on mobile merchandising and food-service start-ups.
You can get a good deal on used carts, but Clark, who also sells custom-designed carts, urges caution. "People buy a cart they think is cute--only to find out they've purchased someone else's headache," she says. "It ends up costing more to modify than to buy new."
Continue to Part Two -- This article was written and published by Entrepreneur.com
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While the costs of establishing a permanent retail location can be steep--you may spend up to $100,000 or more, with leases spanning three to 10 years--carts, kiosks and temporary spaces can be an easier way to get a foot in the door with a lot less risk. The upfront investment for a kiosk or a cart ranges from just $2,000 to $10,000, according to Patricia Norins, publisher of Specialty Retail Report, a quarterly trade publication for specialty retailers. And today, carts and kiosks are a $10 billion industry.
Flexibility is another advantage to staying small. License agreements for carts and kiosks are shorter and are usually renewed every month up to one year depending on the location. This arrangement makes it easy for entrepreneurs to "come in, try it out for a month, and if their product isn't working, shift to a new product line or close up shop and move to a new location," Norins says.
These temporary locations can also work well for seasonal businesses that only need to be open for a limited time. For example, a specialty candy shop may open just before Christmas, remain open through Valentine's Day, Easter and Mother's Day, then close for the remainder of the year. The most popular site for a temporary operation is a busy mall, but many operators are also finding success in airports and other transportation facilities, at sporting events, and at other creative venues limited only by their imagination and ability to strike a deal with the property manager.
At the Mall of America, about 100 temporary tenants dazzle 40 million visitors a year. Cart rental rates are about $2,300 a month or 15 percent of monthly sales, whichever is greater. All temporary tenants must pay an initial fee of $1,500 in "key money," which pays for a store designer to design and build a cart with the right look.
Not interested in doing business in a mall? Street vendors and swap meet and fair concessionaires need to check with the city or county in which they want to do business for the regulations and specifications for the types of products, hours and displays that are allowed.
Starting Your Business
Options for starting a cart or kiosk business include opening a permanent location in a mall and leasing a cart; buying a cart to use for outdoor events or on street corners; or renting a cart short-term.
"The least expensive option is to rent [a cart] for a short time and see how it goes," says Bruce Stockberger, owner of Stockberger Marketing Associates, a North Palm Beach, Florida, small-business marketing firm specializing in cart, kiosk and Internet marketing. He says you'll spend at least $600 per week for rent.
Whether you lease or buy a cart depends on your product and location. In malls, you generally lease a cart from mall management. The cost of leasing depends on the season and mall traffic volume but is usually at least $800 per month for space and a cart, and can get very high in a good location. Some malls charge a percentage of your sales in addition to monthly rent. Wally Rizza, owner of several carts in high-profile locations like the Irvine Spectrum Entertainment Center in Irvine, California, pays more than $2,000 per month for rent on each of his five carts.
"Kiosks start higher than carts, usually $9,000 or $10,000," says Denise Clark, author of From Dogs . . . To Riches: A Step-by-Step Guide to Start & Operate Your Own Mobile Cart Vending Business. Additional start-up costs depend on your merchandise. Items such as jewelry and crystal require a greater investment than, say, hot dogs.
Carts come in many sizes and styles with varying capabilities. There are carts for specific types of food, some with refrigerators, grills, steamers--even small ovens so you can bake on location. Determine your needs before ordering a cart, advises Jeffrey Morris, president of All A Cart Manufacturing Inc. in Columbus, Ohio, a cart design and manufacturing company. "List your products and the equipment required to make or display them," he says. "Also draw a simple layout of the cart to give [the manufacturer] an idea of size requirements."
Think versatility, especially with food. Don't limit yourself to making one item, in case it doesn't sell well and you have to switch gears. "What sells might be completely opposite from what you thought," says Gerardo Gonzalez, president of Gonzalez & Associates, a Piscataway, New Jersey, company that consults on mobile merchandising and food-service start-ups.
You can get a good deal on used carts, but Clark, who also sells custom-designed carts, urges caution. "People buy a cart they think is cute--only to find out they've purchased someone else's headache," she says. "It ends up costing more to modify than to buy new."
Continue to Part Two -- This article was written and published by Entrepreneur.com
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Tuesday, 15 June 2010
Co-ops Could Be 3rd-Engne: BINA
COOPERATIVES could be the "third engine of growth" for Brunei's economy, but cooperatives must shift away from the services sector, said an official from the Brunei Industrial Development Authority (Bina).
Hj Metassan Hj Abd Salim, senior special duties officer, said, "In Brunei at the moment, I see that cooperatives are focussing on the services industry. What we're thinking of is to help diversify their economies and projects to focus not only on services, but on other activities, especially on manufacturing.
"That's what we're thinking of in terms of the economy," he said.
He cited the recent launch of a five-year strategic plan to help revitalise inactive cooperatives.
"Those activities can contribute towards the economic development, so in terms of being a 'third engine of growth' in Brunei, where number one is oil and gas, and number two is maybe from manufacturing, number three, could be from cooperatives".
Hj Metassan added that currently cooperatives were not yet moving towards the manufacturing industry, but hopefully they would be venturing more into those types of activities.
He said Bina was "really encouraging (cooperatives) to participate in these activities".
In line with the proposed Cooperative Development's Strategic Plan (2010 - 2015) which places an emphasis on education, economy and unity, Hj Metassan said that the concept of 'Perekonomian' or economy, was a particularly important factor to emphasise.
Collaborations with foreign cooperatives were a key factor to engage the full potential of a cooperative's contribution to the economy, he added.
"We're thinking of having a collaboration with the cooperative agencies in other countries, for example, Malaysia, with the Suruhanjaya Koperasi Malaysia (SKM). We can have some sort of collaboration with them in terms of a programme (to) benefit cooperatives between both countries. We can also have a collaboration with Maktab Kerjasama Malaysia, in terms of training, and that is between government to government."
Currently, he added, there are a few cooperatives in Brunei which are already collaborating with Malaysian cooperatives, and Bina is thinking of expanding this opportunity through collaborations which are properly assisted by the government.
He said that the Malaysian minister handling cooperatives is scheduled to come to Brunei to discuss possibilities of working on a bilateral effort for cooperatives.
"Hopefully, we can sign a Memorandum of Understanding (MoU) between Brunei and Malaysia to work together," he said.
The MoU would take place between SKM and Bina, he said, and that "first step" hopefully would extend to other countries in the future, like Indonesia and Singapore.
No discussions have taken place yet between Brunei and these countries, said Hj Metassan, but the MoU between Brunei and Malaysia would be the first step to facilitate further work with other foreign coops. Statistics provided by Bina show that from 2000 to 2009, the growth of cooperatives in the country has shown a 25 per cent increase in the number of coop units, members and share capital, which increased to $27.6 million from $10.9 million within nine years, a sign of the economic potential of cooperatives in the country.
The Brunei Times
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Hj Metassan Hj Abd Salim, senior special duties officer, said, "In Brunei at the moment, I see that cooperatives are focussing on the services industry. What we're thinking of is to help diversify their economies and projects to focus not only on services, but on other activities, especially on manufacturing.
"That's what we're thinking of in terms of the economy," he said.
He cited the recent launch of a five-year strategic plan to help revitalise inactive cooperatives.
"Those activities can contribute towards the economic development, so in terms of being a 'third engine of growth' in Brunei, where number one is oil and gas, and number two is maybe from manufacturing, number three, could be from cooperatives".
Hj Metassan added that currently cooperatives were not yet moving towards the manufacturing industry, but hopefully they would be venturing more into those types of activities.
He said Bina was "really encouraging (cooperatives) to participate in these activities".
In line with the proposed Cooperative Development's Strategic Plan (2010 - 2015) which places an emphasis on education, economy and unity, Hj Metassan said that the concept of 'Perekonomian' or economy, was a particularly important factor to emphasise.
Collaborations with foreign cooperatives were a key factor to engage the full potential of a cooperative's contribution to the economy, he added.
"We're thinking of having a collaboration with the cooperative agencies in other countries, for example, Malaysia, with the Suruhanjaya Koperasi Malaysia (SKM). We can have some sort of collaboration with them in terms of a programme (to) benefit cooperatives between both countries. We can also have a collaboration with Maktab Kerjasama Malaysia, in terms of training, and that is between government to government."
Currently, he added, there are a few cooperatives in Brunei which are already collaborating with Malaysian cooperatives, and Bina is thinking of expanding this opportunity through collaborations which are properly assisted by the government.
He said that the Malaysian minister handling cooperatives is scheduled to come to Brunei to discuss possibilities of working on a bilateral effort for cooperatives.
"Hopefully, we can sign a Memorandum of Understanding (MoU) between Brunei and Malaysia to work together," he said.
The MoU would take place between SKM and Bina, he said, and that "first step" hopefully would extend to other countries in the future, like Indonesia and Singapore.
No discussions have taken place yet between Brunei and these countries, said Hj Metassan, but the MoU between Brunei and Malaysia would be the first step to facilitate further work with other foreign coops. Statistics provided by Bina show that from 2000 to 2009, the growth of cooperatives in the country has shown a 25 per cent increase in the number of coop units, members and share capital, which increased to $27.6 million from $10.9 million within nine years, a sign of the economic potential of cooperatives in the country.
The Brunei Times
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Saturday, 12 June 2010
Living Large In Brunei
"Spend up to $100 on your credit card and get 15 per cent offthese products!" "24-hour loan approval!" "Special discounts for credit card holders!" "0% interest credit card payments on all furniture items!"
It's no wonder our credit cards are max-ed out and Bruneians are in debt. It's a double-edged sword: Banks are quick to tempt us with "too good to resist" offers (like the ones listed above) and we get carried away thinking we got a good deal. In fact, the only winners in this case - are the banks.
Think about your credit card. Pay up a day or even an hour after the deadline and you're slapped with late charges or "admin fees" on top of what you owe.
"It's like throwing pebbles into the ocean," said a friend who had paid $100 on her card, only to be slapped with another $45 in late fees, effectively making her hard-earned payback count as only $55.
"It's funny how, if we pay off our cards early, the banks don't reward us with a discount," she pointed out. "Yet when we're the slightest bit late, they won't hesitate to make us pay through our noses!"
The conversation switched to car loan payments. "Whether you pay for your car over seven years or seven months, there is no incentive such as a reduction in the amount of interests you pay." "Why settle it quickly?" shrugged my friend. "Let the bank wait for its money!"
Another friend of mine related how her bank manager had enthusiastically called her one day to offer her a "personal line of credit". The bank would be happy to lend her a huge sum of money, it said, which she could pay back over the years, through deductions in her salary. Was she tempted?
Naturally! Visions of holidays, sports cars and shopping danced in her head. Being young, single and living at home, she had practically zero living expenses and bills to worry about. It seemed too good to be true!... It was.
Her dad sat her down and talked her through the options. She'd have to sacrifice the largest part of her monthly pay packet, over much of her working life, on paying back the bank's "generous" loan offer.
"Think of your future," he told his daughter. "If you wanted to buy a house of your own one day, do you think the bank would loan you the money for it? Not likely, with such a huge personal line of credit to pay off."
Another girl fell for the bait and took the bank up on its offer. "Living large" for a while, she spent like there was no tomorrow and frittered cash away on makeup, clothes, handbags, holidays and a fancy car.
Now, still only in her 20s, she is a whopping $70,000 in debt. With plans to get married, she's in a desperate conundrum, frantically looking for a way to pay off her debts, so she can afford her fast-approaching wedding. How will she manage? Only time will tell.
"The bank is not your friend," lectured one parent to his son. Some would say by offering naïve young, working people personal loans that they didn't really need, banks have exploited these youngsters' lack of financial finesse.
Can we say then, that it's the banks that are largely responsible for young Bruneians being stuck in huge, financial black holes? How does one dig their way out of that hole, especially now with the rising minimum card payments and soaring cost of living? Some struggle.
The only way to dig ourselves out of debt would seem to be to tighten our belts and curb spending. Forget about minimum monthly payments - they don't work!
If you can afford to sacrifice half your salary or more, on paying back that credit card, then do it! Don't think twice! Otherwise, late charges, interest and admin fees all pile up on top of what you actually owe, making it a growing pain.
Since adopting that tactic (as well as digging into my savings account) - I've managed to clear two credit cards and cancel one, keeping the other, only for emergencies.
It may seem harsh to sacrifice 50 per cent (or more!) of your salary to pay off bills and debts instead of treating ' yourself to the usual monthly indulgences. But there is no greater feeling like being free of financial debts. Once you've cleared yours, you'll feel richer in an instant! -- Courtesy of Borneo Bulletin and written by Kartini Knox
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It's no wonder our credit cards are max-ed out and Bruneians are in debt. It's a double-edged sword: Banks are quick to tempt us with "too good to resist" offers (like the ones listed above) and we get carried away thinking we got a good deal. In fact, the only winners in this case - are the banks.
Think about your credit card. Pay up a day or even an hour after the deadline and you're slapped with late charges or "admin fees" on top of what you owe.
"It's like throwing pebbles into the ocean," said a friend who had paid $100 on her card, only to be slapped with another $45 in late fees, effectively making her hard-earned payback count as only $55.
"It's funny how, if we pay off our cards early, the banks don't reward us with a discount," she pointed out. "Yet when we're the slightest bit late, they won't hesitate to make us pay through our noses!"
The conversation switched to car loan payments. "Whether you pay for your car over seven years or seven months, there is no incentive such as a reduction in the amount of interests you pay." "Why settle it quickly?" shrugged my friend. "Let the bank wait for its money!"
Another friend of mine related how her bank manager had enthusiastically called her one day to offer her a "personal line of credit". The bank would be happy to lend her a huge sum of money, it said, which she could pay back over the years, through deductions in her salary. Was she tempted?
Naturally! Visions of holidays, sports cars and shopping danced in her head. Being young, single and living at home, she had practically zero living expenses and bills to worry about. It seemed too good to be true!... It was.
Her dad sat her down and talked her through the options. She'd have to sacrifice the largest part of her monthly pay packet, over much of her working life, on paying back the bank's "generous" loan offer.
"Think of your future," he told his daughter. "If you wanted to buy a house of your own one day, do you think the bank would loan you the money for it? Not likely, with such a huge personal line of credit to pay off."
Another girl fell for the bait and took the bank up on its offer. "Living large" for a while, she spent like there was no tomorrow and frittered cash away on makeup, clothes, handbags, holidays and a fancy car.
Now, still only in her 20s, she is a whopping $70,000 in debt. With plans to get married, she's in a desperate conundrum, frantically looking for a way to pay off her debts, so she can afford her fast-approaching wedding. How will she manage? Only time will tell.
"The bank is not your friend," lectured one parent to his son. Some would say by offering naïve young, working people personal loans that they didn't really need, banks have exploited these youngsters' lack of financial finesse.
Can we say then, that it's the banks that are largely responsible for young Bruneians being stuck in huge, financial black holes? How does one dig their way out of that hole, especially now with the rising minimum card payments and soaring cost of living? Some struggle.
The only way to dig ourselves out of debt would seem to be to tighten our belts and curb spending. Forget about minimum monthly payments - they don't work!
If you can afford to sacrifice half your salary or more, on paying back that credit card, then do it! Don't think twice! Otherwise, late charges, interest and admin fees all pile up on top of what you actually owe, making it a growing pain.
Since adopting that tactic (as well as digging into my savings account) - I've managed to clear two credit cards and cancel one, keeping the other, only for emergencies.
It may seem harsh to sacrifice 50 per cent (or more!) of your salary to pay off bills and debts instead of treating ' yourself to the usual monthly indulgences. But there is no greater feeling like being free of financial debts. Once you've cleared yours, you'll feel richer in an instant! -- Courtesy of Borneo Bulletin and written by Kartini Knox
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Tuesday, 8 June 2010
Product Creation: Reverse Engineering
Creating a product requires skill, expertise and a lot of creativity. However, the problem may be in the line of creativity for most people. Have you ever heard of Reverse Engineering? Most people have and its actually the most basic step in product creation.
Reverse Engineering is the process of understanding a subject, element, object, system or machine. Through analyzing it, comes understanding of how it functions. To understand how something works, we take them apart and figure out what pieces makes the whole thing tick. Let us take a simple example:
A Wheel Barrow
A wheel barrow has two sticks on each side of a box and a wheel at the end. By dismantling it apart and understanding each item, we hold the two sticks as levers, the wheel as the leverage and the box as our items to carry. Now to re-engineer it, we put them together to recreate the product, the same as it is or differently. And by differently, I mean adding or subtracting or replacing an element or more from the original schematic. One end is the wheel followed by a barrel instead of a box, and a big sturdy magnet with controls, with two sticks holding them altogether. All in all, while doing so, still maintains its original intention of function to implement or more.
Use your imagination and see if you can re-create a product to make it perform better or differently. Just as my previous post, where inspiration in creating products can be as limitless as their imagination. Be a Reverse Engineer and figure out what works and then re-create it. Now be forewarned that you cannot reverse engineer most things for free. Normally, one must purchase that item first before it is going to dismantle it. If you break it, be sure that you can afford another if you plan to keep on going.
Inventors and scientists are reverse engineers and the reason why they require research funding is to have enough money to buy more products to reverse engineer them, re-create the same or different product with substitute materials and just in case it breaks. To them, it's an investment opportunity. Risks are great just as any investment. But this kind of investment is probably the most expensive as our imagination could carry us through and through.
If you finally made one, see if it works. Is it handy for people? Does it solve the "everyday" problem that exists? And if you are planning on commercializing it, does it cost you a fortune to make another or 1000 more? Tread carefully, entrepreneurs. For the next step may cost you more than you bargained for.
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Reverse Engineering is the process of understanding a subject, element, object, system or machine. Through analyzing it, comes understanding of how it functions. To understand how something works, we take them apart and figure out what pieces makes the whole thing tick. Let us take a simple example:
A Wheel Barrow
A wheel barrow has two sticks on each side of a box and a wheel at the end. By dismantling it apart and understanding each item, we hold the two sticks as levers, the wheel as the leverage and the box as our items to carry. Now to re-engineer it, we put them together to recreate the product, the same as it is or differently. And by differently, I mean adding or subtracting or replacing an element or more from the original schematic. One end is the wheel followed by a barrel instead of a box, and a big sturdy magnet with controls, with two sticks holding them altogether. All in all, while doing so, still maintains its original intention of function to implement or more.
Use your imagination and see if you can re-create a product to make it perform better or differently. Just as my previous post, where inspiration in creating products can be as limitless as their imagination. Be a Reverse Engineer and figure out what works and then re-create it. Now be forewarned that you cannot reverse engineer most things for free. Normally, one must purchase that item first before it is going to dismantle it. If you break it, be sure that you can afford another if you plan to keep on going.
Inventors and scientists are reverse engineers and the reason why they require research funding is to have enough money to buy more products to reverse engineer them, re-create the same or different product with substitute materials and just in case it breaks. To them, it's an investment opportunity. Risks are great just as any investment. But this kind of investment is probably the most expensive as our imagination could carry us through and through.
If you finally made one, see if it works. Is it handy for people? Does it solve the "everyday" problem that exists? And if you are planning on commercializing it, does it cost you a fortune to make another or 1000 more? Tread carefully, entrepreneurs. For the next step may cost you more than you bargained for.
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