Looking to the Future
We split manufacture and assembly to balance the workload, with Ivan soldering the electronics and Joseph supervising the 3D printer and then assembling the final product. To begin covering our initial investment we priced the lights at £20, much lower than others found online. Responding to customer feedback, we were able to charge £5 extra for customized logos or text. Combining this with selling spare parts on eBay and completing custom 3D prints we were able to recover more money than we first expected. By the end of April 2019 we had manufactured and sold almost the entire first batch and needed to turn to the future.
We sold most of the first batch to friends or family, but would not be able to gain the same demand a second time round. We made another large purchase of this website, with a domain and business analysis capabilities. This should help us, along with our social media, to sell the new, improved second batch Pod online, reaching a wider audience. Patents, trademarks and registered design rights are on the horizon once we have earned enough money. Product improvements could include multi coloured LEDs, varied brightness and different coloured casings. We will look into entrepreneurial competitions and maker’s fairs to gain investment or publicity for the product, which should be easier once we begin university. The future is very exciting.