A lot of people have great ideas for a new product. They see how something can be improved, or they have a fleeting thought about an entirely new idea that would take off. However, that’s the easy part. Where the vast majority of ideas fall is in the delivery. Put it simply, most people don’t have the drive or desire to make it happen. So, if you have an idea that you think could be a success, don’t just put it off until tomorrow. Get started right now.
Expanding on your idea. Okay, so you’ve had a great idea, but what are you going to do with it? Your first step is to put things down on paper. You’ll need to take a look at any similar products that are already on the market, and study your competitors. Make lists of their strengths and weaknesses, and work out how your product is different to all the rest. You’ll also need to think about how to source the parts that make your product, look at premises to make it in, and also start looking for a team to help you.
Is your idea different? One thing you have to do before going any further is to check that your product doesn’t clash with any current patents. If it does, then you might need to think about making some changes. If it doesn’t, however, then you have to get your idea patented as quick as possible. Once you have the legal license in place, it will protect your idea from anyone who might steal it. At this point, it’s probably best to find a lawyer to work with.
Make your prototype. Prototypes sound complicated, but there is nothing to them. You could seek out help from a third party that specializes in producing prototypes, or you could learn how to do it yourself. There are plenty of short courses that offer CAD training or scientific molding training, for example. That will give you the skills you need to create your prototype, and you could even use it as your coursework. Your prototype is critical though; it’s going to give you a working model of your product that you can give to others to test. It’s the perfect way to iron out any teething problem.
Find some funding. Your prototype is also the best way to find funding for your product. As long as it is at a stage where it is working correctly, then you should think about getting in front of investors. That could be a superstore, or a private angel investor, or anyone else that has a history of investing. Now, this can be a little unnerving, so you should brush up on your presentation skills. The words should come out of your mouth in a natural way, and you should also have an excellent visual aid. And, most importantly, an accurate estimate of your potential profits.
Start production. Now you have the funds in place; you can get out there and start making your product on a more industrial scale. Have a well-trained team in place to look after production while you go out and look for buyers. Use your passion and your new-found presentation skills to find the right buyers. After this marketing stage; with hard work, you should finally see your product selling on the shelves of your favorite stores. Ready?
Photo by Jeff Sheldon