Venture Concept #1

The Ring Thing

We live in a world that thrives on continued improvement and increased efficiency. Internet speed, GMO food sources, miles per gallon, alternative fuel sources, and the list goes on and on. Why not take that same stance with the small tasks we encounter every day? Everybody encounters objects that need to be pried apart, be it a key ring, Lego toys, staples, or fasteners. Maybe they need to cut lengths of twine, or tape from packages from IKEA. Others may need to make adjustments on small electronics. Whatever the situation, we all tend to risk injury and frustration by not employing a tool to make it easier and more efficient. What can be more efficient than having a tool literally become part of your finger. My product is one for the masses. There are no geographic or demographic limitations, simply a better way to accomplish tasks that get performed millions of times a day. This opportunity is very large in scale and is somewhat time sensitive in that others are constantly looking for opportunities to exploit as well. Delaying production and marketing could mean a missed opportunity in no time.

The Ring Thing is simply a ring worn on the finger or thumb with an attached tab to simulate the fingernail or other small tool. They can be made of metal or plastic and the tabs will be available in different orientations and shapes to match the customers need. For example a flat, blunt tab would be ideal for someone prying apart key rings or fastener retaining rings, whereas a sharp curved tab would be ideal for someone cutting something. I eliminate the need to hold a tool in your hand, or to use your fingernail as a tool and risk injury. I would offer these rings in different sizes, colors, and tab configurations and would charge about $3 to $4 for each one depending on my exact production and marketing expenses.

Generating awareness of my creation will be my number one priority. When people see this simple, practical, and common sense approach to everyday situations, they will immediately be intrigued and curious about its application. It is not something on the forefront of peoples mind all the time, and that is something I would need to change. My product will be packaged in a small convenient container which allows it to be viewed and placed at checkout aisles in hardware, automotive, home improvement, and marine stores. I will be reliant on word of mouth recommendations from hands on individuals who are early adopters of practical gadgets or contraptions. By flooding literally every purchase point such as the above mentioned stores, it will be difficult for a competitor to find a place to sell their knock off that my invention is not already available. Once the word is out and people hear how useful it is, the extremely reasonable price point will not hold anyone back who wants to try it for themselves. I envision my product being a staple product in every household similar to a flashlight or calculator. The overlap of making everyday tasks easier for people and the innovation of my product allows for an extremely lucrative and successful business.

I believe that my strong family support and my personal desire and perseverance to succeed are my top resources from which to draw on. I do have quite a few advantageous resources such as seed money and a large potential customer base from which to get the ball rolling, but nothing compares to the drive within myself and the support of loved ones who share in my confidence and determination. I never feel alone, and that is an amazing feeling!

In expanding my business, I imagine I will stay with the small, inexpensive gadget type products for hands on individuals. I will take a look at lighted hand tools or work gloves with additional features. Staying within a small defined class of products will help me with customers buying multiple items in the line when they are happy with another item. Additionally, my products will be fairly cheap and therefore will carry less risk for the consumer as well as appeal to the spontaneous shopper. People will begin to see correlation between these gadgets that offer real world solutions and will trust in my products and want to try them out.

Once this business is set up and sales begin to climb, I will eventually step back from the day to day operations and allow others to run and grow the business. Possibly my teenage sons can take over operations in four to five years. Keep the business in the family and give them the head start I so badly want to. I have no intention of being tied down to anything, I just want to share in the rewards and be able to live a fruitful life with my amazing wife.