Have you ever had a wonderful idea for a new product? Something that solves a problem, or improves something that is already on the market? If so, why not try and make it happen?
A lot of people have great ideas, but they often fall at the very start. So, the next time you have a “Eureka!” moment, follow this guide. If your idea has any legs at all, it will tell you everything you need to know.
Develop Your Idea
The first step is to explore your idea with a lot more clarity. Sure, off the top of your head, you could probably fire off five or six ideas that you think could work.
But how will you get them to work? What will your product be made of, and what are the workings regarding design? Do you have all the skills you need to make it yourself, or will you have to call on other people for their expertise? Once you start getting all these things on paper, you will be able to take your idea further.
Prepare a business plan and mention all the important points like your marketing strategy, target audience and capital required to kick start your project.
Is it Really Needed?
If you want to achieve any success, you need to understand what is already out there. Are there similar products, or other people looking into the same area? Get your research hat on and find out everything you can.
There has to be a need for your product, or problems that are solves better than the competition. Find a way to differentiate your product from the rest and you have already won half the battle.
Design and Prototype
Your next step is to design your product properly, and then move on to building a prototype. If you don’t have any design skills, then approach a third party company to help. Or, if you move in the right circles, get a friend to help you.
The design is so important these days, whether you have an idea for a communication device or a tray that makes it easier to eat your food while watching TV. Getting it right first time will save you a lot of money, so invest well in the design, and it will pay you back in spades.
Once you have a few prototypes, you can give them to people to test. Make any adjustments that you think are needed, before investigating ramping up your production. There are plenty of services out there that you can use, from plastic moulding to metal pressing.
Of course, this can take some investment on your behalf, and you need to make sure you are making enough, while not overstretching yourself. The last thing you want this to have a few tons of stock with no buyers.
Now you have your product on the factory line; you can start to make some noise about it. In marketing terms, you have two audiences to think about:-
- The first is your target market – the consumers you hope will snap up your product.
- The second, however, are industry buyers and they can be much more important.
Also read: Marketing Tips for Setting-up a Business
They can make the difference between trying to sell your product by yourself, or positioning them in a store, or supermarket. It will give you the exposure you need, so read this guide to find out more.
Good luck with the product ideas- and feel free to send us a sample!