Lots of people have great ideas for a new product or a new way of doing things. But very few of them see it through until that idea becomes a business. So, if have a spark of an idea, what happens next will be determined by your own actions.
Here’s a few things you need to think about to get you in a positive position.
Your first idea
Let’s get this out of the way first – everybody has ideas, but to succeed, it will need to be a good one. In fact, it would be fair to say that even ‘good’ won’t be good enough – it will have to capture hearts and minds and be nothing short of brilliant. It could be something that makes a current product much better, or it could be an entirely new product that makes a task much easier.
Whatever it is, though, it will need to have a market. So, don’t just have an idea and build it right away – you could lose your savings on something people don’t want or need. Instead, make sure you research it’s appeal – and if you discover there is a mass want or need, then it’s time to go ahead.
Design and patent
Next, you need to design your idea. It might be worth finding an experienced designer to help you – especially if you don’t know how to use CAD software or something similar. And, as soon as you complete it, you will need to put legal protection in place for it in the form of a patent.
It’s essential to have this vital protection, as it only takes a little industrial espionage to occur, and your idea could be stolen and used by somebody else. Seek out a business lawyer with intellectual property experience if you need help.
Prototypes and finished product
Take your design and get it built into a prototype as soon as you can. Pass it around friends and family and see how they react to it – get them to be as honest as they possibly can. Once you are happy with the result, you can move into production. There are two ways of approaching this.
Firstly, if you have the savings in place, you can buy or rent your own factory premises. It might be worth getting some training in some part of the manufacturing process yourself, so you are aware of what needs doing. For example, of your product is made of plastic, you could look into injection molding training.
It will also help you identify the skills you need to hire in, and will enable you to react quicker to any issues that might arise. Alternatively, you could outsource the manufacturing process to a third party. This will cost you less in startup expenses, but it might cost you more in cost per sale in the long term.
And that is all there is to it. Obviously, you may need to look for investment, and you will also have to find retailers or outlets who will sell your new product. Or, you could set up a website and online store yourself and sell your product exclusively. Head over here for a thorough look at how to do it. We wish you the best of luck!