Got an idea for a new product that you think the world will benefit from? In that case, the sooner you get started, the better. It’s easier than you might think, so if you are ready to turn your thoughts into a genuine product, then read on! We’ll show you everything you need to know.
1/ Refining your idea
Whatever your idea is, it will need a bit more work to flesh it out. Investigate similar products and work out your unique selling point. It could be an improvement on something that exists already or something entirely new. You need to think about what sort of parts you need to build it and where you are going to get them from. Head over to our guide on creating a killer product for more ideas.
2/ Check for patents
It is imperative to check current patents to make sure that your idea isn’t already being developed by somebody else. If there are similar patents already there, then you will need to adapt your original plan. Getting your patent on file as soon as possible is the best thing to do, because once it is down, nobody can pinch your idea. It might even be a good idea to look into hiring a lawyer that specializes in patents, to give you an added layer of protection. .
3/ Start building!
Your next step is to build a prototype. You can do this yourself if you are comfortable with creating things, but you might also want to consider using a third party to make it for you. Find a company that offers injection moulding so that you have a working prototype ready to show people. How many you have made is up to you, but at the prototype stage you don’t want to go too crazy!
4/ Find interested parties
Now you have a prototype you can start looking for interested parties. Think about the areas your product will sell in and get in touch with them to arrange a presentation. Which, let’s be honest, is the scary bit!
5/ Preparing to present
Your presentation should include every last bit of information about the product. You should tie your product into how it will help the investor or buyer make more sales, so you may have to adapt it slightly for different audiences. You could hire a graphic designer to help you come up with something a bit different from the usual PowerPoint presentation. The slicker your ‘show’ is, the more chance you have of being remembered.
6/ Find a manufacturer
If you have the green light, you will need to find somewhere to manufacture your product on a larger scale. This will be a bit of a two-way interview process. While you will be presenting your idea to them, you will also need to know that they can make your product to the right specs. Once you have the manufacturer on board, you can start the building process!
You can’t rely on retailers to market your product for you. Think about how you are going to tell people about your product, and what sort of audience you will be targeting. It could be worthwhile hiring a marketing agency to help you get off the ground.
8/ Reap the rewards
And that’s it. With any luck, your product will be the success you dreamed it would when you started out the process. Kick back, sip on the pina colada and enjoy your early retirement!