Taking the steps between having an initial idea, making it into a product and bringing it to market can seem huge to many people. But the truth is that it may all be simpler than you think. And going through each stage is extremely rewarding as you gradually see your idea coming to life and then people getting enthusiastic about what you have created. So, with this in mind, let’s take a look at the steps you need to take to launch your very own product business.
A Moment of Inspiration
A lot of people think that having that moment of inspiration only comes to gifted minds or seasoned inventors. But the truth is that a highly marketable idea can come from anyone. You should start by thinking small. Focus on a very specific niche, preferably one in which you have some inside knowledge or can bring some specific insights. Look at what is already out on the market and some problems that people are having. Many of the best ideas are the most simple ones.
Conduct Market Research
Once you have had this initial moment of inspiration, you then need to start conducting some market research to make sure that other people are as enthusiastic about your idea as you are. Start with people who you know that can also give you an honest opinion. Next, try to conduct some more detailed research using the kind of people who you are likely to be selling to. This can really help to solidify the idea in your mind and make adjustments to it.
Patent and Prototype
If you are confident that you have an original idea, now is the time to start looking into patenting options so you can protect it. You will then want to go about having a prototype made. It is a good idea to outsource this task to a professional company so you can get the best idea of what your product will look like. You will also be able to get a better idea of whether there are any major tweaks that need to be made to it.
Once you have gone through the first three stages, it is time to look into your manufacturing sourcing options. You may start off with a small scale operation before you move onto a more streamlined approach if your idea really starts to take off. Ultimately, you want to find a manufacturing partner who is adept in your particular field and can deal with your specific needs and requirements.
Selling and Marketing
There are two major routes that people tend to go down when it comes to selling their product. The first is to sell in themselves, usually online, while the second is to look at selling to bigger retailers. You also need to be thinking about your branding, packaging, marketing and the ways in which you are going to make more people aware of your product and sell it to as many people as you can.