You’ve been staring out of the window, daydreaming, and then it comes to you: an ingenious product idea that gets your heart racing. Your eyes turn to dollar signs. You can picture on the shelf in the store, and boy, it’s beautiful! In your daydream, you race far ahead. You see the end game. When you come back to reality, you see that there’s a big gap between where you stand now and that future that was so clear in your mind. But rest easy: there are ways to make your dreams a reality! But you’re going to need to know a thing or two first. Below, we take a look at things you need to consider and do to get your idea out of your mind and into existence.
Is it a Good Idea?
First thing’s first: is this a good idea? Not all original ideas are worth pursuing! Things can look pretty magical when it’s fresh, but after some investigation, can show themselves to be less than stellar. It’s your idea, so you’re probably going to be slightly – no, very – biased, but your friends? They’re going to tell you the brutal truth – they’re not your friends if they’re not willing to tell you how dumb an idea is. So float it around. It all the signals you receive are positive, then you’re likely onto something. If everyone’s shaking their head and calling you names, then, well, don’t abandon the idea exactly, but maybe give it some further thought.
And Is there a Market?
But here’s something that you probably already knew: your friends and family don’t know everything! Even if they’re bowled away by your product idea, that doesn’t mean that there’s a market for it. For starters, your friends and family are likely to be from a similar background/economic status as you. Everything can sound good when it’s in an echo chamber! To see if you’ve actually got something viable on your hands, conduct your market research. It won’t just tell you whether the product is good, but whether it can be a business. A product that can teleport people from one place to another is a good idea, but wouldn’t be a business is no-one could afford it!
Checking Who’s Already Done What
We’re not going to rain on your “original idea” story, but you might want to check that it really is original. There are a lot of people in the world, and two people are bound to think the same thing from time to time. So before you go any further, check that the product you’re thinking of creating doesn’t already exist. A few internet searches and trips to the mall should be able to tell you. You’ll only get yourself in a lot of legal bother if you don’t check and it later turns out that you’ve copied someone else – even unknowingly.
Your Unique Selling Point
It’s important to note, however, that someone having a similar product doesn’t necessarily mean that yours has to go into the trash. If it’s more or less the same product, then sure, it’s going nowhere. However, if it’s simply solving a similar problem, then the game may be on. You’ll have to determine how your product is different. You’ll need to find your unique selling point. You’ve already addressed the issue of why people would need a product like this; why do they want YOUR product, rather than someone else’s?
Breaking Down the Numbers
As you’ll quickly come to appreciate, the process of having a product idea and bringing it into being can be lengthy, not to mention expensive. So if this is going to be your full-time work, then you’ll need to crunch some numbers first. First of all, who’s going to be funding this product? Are you able to leave your current work and still afford to meet your expenses? If you can’t do it right then, then you may need to make this a part-time venture until you’re in a better financial position.
Bringing People On Board
Whenever you do get serious about it, make sure you’re not doing everything by yourself. You’ll be the driving force behind the product, but you won’t have anywhere near the expertise you need to do everything. This is true of all new companies, but more so with products, simply because there are so many small, technical matters to address, and it’s simply more complicated than say, a tech start-up. And when it comes to hiring people, hire the best. We can’t stress this enough – make sure they’re smarter than you and know the industry better than you do.
Getting A Prototype
You don’t run straight from idea to company to raking in the profits. You’ll need to develop and work on your product. For this, you’ll need a prototype built. If you choose Laser Light, you’ll be able to see and feel the first incarnation of your product, an important part of the process. By seeing your idea up close, you can see any flaws that were not immediately apparent when the idea was just down on paper. From there, it’ll be about tweaking your design and then taking it to the next level.
Feedback
You have a deep understanding of how the product is supposed to work. When you hold it in your hands, you’ll know what to do with it. The question is: does the public?Before you begin mass producing your product, you’ll need to make sure that it’s going to go well with the consumer. Ask for feedback from people you trust, and then make adjustments based on their recommendations. They are the people you want to sell to – they know better than you do!
Marketing Your Product
It’s all good and well having an excellent product, but you need people to know about it. Think long and hard about how you’re going to get your product into the minds of the general public. Here, your company branding will be essential, so make sure you get it right!
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