Amazing Product Idea? Here’s What To Do Next
So you’ve had a flash of inspiration, and you’ve come up with an idea for a new product that you think could make your fortune.
That’s fantastic, but coming up with an idea is the easy part. If you want to turn your idea into a successful business venture, here’s what you need to do:
Assess its viability
Before you steam in and start making business plans, looking for investors and incorporating your new business, you must work out whether your idea is viable. You will need to find out first of all if it’s unique, then if it is likely to be in demand – and, if so, how easy it will be to produce your product.
The easiest way to do this is by sharing your idea with as many people as possible and getting honest feedback. Solid market research will help you determine how big an audience there really is for your product. If, after you’ve done all this, you are confident that your idea is viable, you can start making real plans.
Trademark your idea
If you don’t want to risk having your idea stolen, and you don’t want to launch your product only to be hit with a lawsuit because someone else had the same idea and registered it first, it’s time to find out how to trademark your product. Filing a patent will ensure that your idea is yours – for the foreseeable future at least – so you won’t have to worry about rushing the process or having someone rip it off.
Create a prototype
Next, you’ll need to set about creating a prototype of your product, which can be used for demonstrations. Having a prototype is an important step if you want to convince investors to back you, so don’t skimp on having a high-quality product built.
Armed with your newly manufactured prototype, it’s time to start raising the cash you need to go into full production. This can be a difficult and daunting prospect, but if you have confidence in your product, a working prototype, and a solid business plan, it might not be as difficult as you think.
If dealing with venture capitalists isn’t for you, you could try launching a Kickstarter campaign or checking out peer-to-peer lenders to raise the cash in another way. In fact, raising money on crowdfunding might even be better because it will give your idea more exposure right off the bat.
Hurry to market
When you have a great idea, going to market as soon as possible, despite what some people will tell you, is rarely a bad idea if you’ve done all of the above. After all, if you think your idea is a good one, you’ve created and tested a prototype and put it through testing, and you’ve secured funds, there really is no reason for you to wait any longer.
A lot of people think their product needs to be perfect before it’s launched, but it doesn’t – it just needs to work as you intended. You can always launch new improved models later on, and the feedback you get from having your product on sale will be invaluable for that purpose.