Many of us have fantastic ideas about new products we think might be a success. However, few of us will ever see those ideas form into a genuine business opportunity. While creative ideas are all well and good, there are nuts and bolts involved in making things happen. So, if you think that your next idea might be a hit, read on. We’ve pulled together six essential things you need to do before launching your product.
Think about it
First of all, think about how your product or service is going to benefit anyone that uses it. You might already have a clear idea in mind, but the more you think about it, the more you will be able to zero in on making it work. It’s a case of constant brainstorming, to highlight potential weak points and look at your competition.
Research it
Don’t underestimate the importance of research for your new product. You have to put your potential market under the microscope and see if your idea will work in the real world. There’re production costs to think about, too, and you overall profit margin for each sale. If you fail to do enough research and go ahead with your plans, you are in danger of spending a fortune for nothing. There are some great guides out there on determining the viability of a new product, so make sure you take a look.
Create it
Only now you can think about creating your product – but only in prototype form. A prototype will allow you to test for weaknesses, look into what works, and see what doesn’t. It will also give you something that other people can check for you and give you their thoughts. It’s a wise idea to find a manufacturing company that can do this for you, so find a few in your area and get some quotes together. Also, look at their past records and customer satisfaction rates. It might be worth paying a little extra for a company that delivers first class service.
Build your company
The next step is to create your business. You will need to find a manufacturer to work with on a mass scale – the firm you use for your prototype might be a good fit. You could also look at setting up a factory space yourself. There is a lot to think about if you do, though, so consider your options carefully. Owning your manufacturing plant brings a lot of responsibilities with it. You’ll need to hire every member of staff on the shop floor, arrange HR and tests such as PUWER inspections to ensure a safe workspace. And, of course, you will need to pay for the premises. In many cases, it might be a better idea to find a third party manufacturer, at least until you have enough market traction.
Market it
Next up, you have to market your product, It can be the most amazing product in the world, but if you don’t look at your marketing, you won’t sell a single unit. There are plenty of marketing guides out there, and you should think about outsourcing to a third party to help.
Sell it
With any luck, you will now have a well-researched product that flies off the shelves. However, you also need to look into using the right distribution channels. Good luck with the new product – let us know how it goes!
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To your success,
Vinh Van Lam & Stuart Horrex
Your Coaches CoSydney & ArtSHINE
