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There are a lot of things to take into consideration when one want to evaluate a business for purchase / sale. Things like age of the business, number of products, brands, patents/trademarks (if any), market size, market position, business year on year growth, market year on year growth, new product development, capability, personnel, books & history, operating procedures etc. the list is pretty huge. Based on that one calculates how many times current year profits equal to the business worth.

In your case, you have an idea and you have tested it in the market. There seems to be some interest and potentially grow if required effort is put in. But, we don’t know that part. You also have found suppliers. You also have competitors. Interesting thing in your numbers is your sale price of your product. When your nearest competitor sells the similar product for $59, why would you sell it for $49.99.? I mean you can easily increase the price closer to your competition. There is extra profit to be made for the same efforts.

So, if you can forecast the sales based on your experience to next couple of years and look at the expenditure you need to hit those sales numbers then that would give an indication of your potential profitability. Since there isn’t much history to your idea it would be difficult to fetch thousands of dollars.

I think it could be a nice addition to some business. Or may even be to your competitor?