Do you find yourself coming up with innovative ideas all the time? If so, why not try turning them into a reality? If you think an idea can have appeal to the mainstream, there’s every chance of success – as long as you play your cards right. In this five-step guide, we’re going to take you through some of the basics you need to think about.
Expand on your ideas
Ideas come and go all the time – we all have them about the smallest little things in life. But, your thoughts and daydreaming don’t automatically make a best seller on the racks of the nation’s supermarkets. You need to develop those ideas into something a little more concrete. Investigate the potential market and see if there is a need for your product – and do so before you get started. Once you go down the route of designing, creating, and trying to sell a product, it’s going to cost you money. It’s vital, therefore, to minimise your risks by undergoing a thorough research period.
Hire a designer
Unless you have a lot of design experience yourself, make sure you hire a professional to help you create your product. Look for one with experience of creating similar products, and you will get expertise, knowledge, and even some advice.
Build a prototype
Never rush headlong into the full production process – it’s going to cost you a fortune and is far too big a gamble. Instead, create a prototype of your product. Again, make sure you see a professional as it will keep your costs and timescales down. The idea of a prototype is to give people a chance to hold and use the product – but it doesn’t have to be the finished article. So, you can think about cutting costs by using plastic injection moulding rather than metal casting, for example. Once you finish your prototype, gauge the reaction from people and see if it needs any changes. A lot of your future success may lie in this initial testing phase, so be as thorough as possible.
Find a buyer
You can also use your prototype to find buyers at an early stage. Assuming you have a good marketing plan in place – such as a logo, name, and packaging – you can get some success. If buyers love your idea, they may well place an order, which will give you the green light to move onto the manufacturing process. Failing that, you will need to find investment. Plenty of angel investors are out there willing to put their money towards fantastic new products. You will have to wow them, however – and they may take a considerable chunk of your business, too.
Manufacturing the product
The final step is to start making your end product to go to the market. Again, you may need some sort investment here, or, alternatively, you could strike a deal with the manufacturer. Keeping your costs as low as possible is always advisable. But, you should never skimp on quality as it will only harm your product’s chances of success. Good luck with the new idea – we wish you all the best!