Do You Have A New Business Product Idea?

It seems like there is a new Invention or innovative way of improving productivity on the market every day.  The advent of the internet, social media and cheap labor has made it possible for anyone to start producing a product and making t available to the masses.  If you have a great idea are you ready to take the next step and turn your product into a business opportunity?

The following steps should help you create your dream:

Patent

Before you get too stuck into the production process, it is advisable to check whether anyone else has a patent filed for a product the same or very similar.  If they have you will need to come to an arrangement with them; make sure this is covered by a legal contract.  If there is no patent you should file one yourself; to protect your idea.

Build a business plan

Before you can start to create your dream product you must establish the funds you have available and the funds you will need.  If you do need funds it is not always necessary to go to the bank; friends and family may be able to help or you can visit a crowd funding site where people will sponsor your idea; if they believe it has merit.

To establish the funds required you will need to draw up a list of the parts needed for your new product and how much these parts will take to manufacturer.  You will need to consider if it is essential to have a certain number of the product ready at launch or is you will make them as the orders come in.  Other costs to consider will include your living costs, overheads of any premises which you may require, or staff and an allowance for business rates and taxes.

It can be a good idea to seek financial assistance from a financial advisor, however, this may be more funds than you can afford to spare at the moment.  Instead you should take advice from a friend or family member that you trust.

Once you have your plan, you will know how much capital you need to get started and this will govern the selling price of your product.  You will the, need to source your finance whilst building the next step.

Market research

Once you are certain that you have a viable idea you can start to market your product; even if this starts with a ‘coming soon’ approach.   Social media is one of the best places to start your marketing campaign.  Create a new social profile for your product and get your family and friends to connect and tell others about it.  You may be surprised at how quickly publicity can grow; the more people who are interested in your product the more likely it will be that you gain sales.

You may wish to consider creating your own website and linking this to your social profile.  This will not only present a stronger business identity but allow you a platform to launch other products from.

You should also consider local and relevant marketing.  If your product is aimed at older people with mobility issues then look at the methods you can use to introduce your product to these markets.  This might be by approaching residential homes or mobility centers to promote or sell your product on your behalf.

Building Your Product

Alongside marketing your product you will need to make it!  There are various options for this, depending on your product and the target market.  You may be able to source the components and make the product in your own home, or garage.  Alternatively you may find that you need to use the services of a professional manufacturer for some or all of the process.

Making a product from scratch can often involve needing to use the services of a die-cutter.  These are specialist machines which can quickly and easily cut a pattern or mould a part, many times over.  If your product is aimed at the medical market you will need to factor in the cost and time it will take to manufacturer the product via a clean-room die cutting technique.  This will ensure the product remains sterilized and safe for the medical profession.  If your product needs to go this route you will have to use the services of a professional firm, such as Baril Corporation.

As soon as you have worked out the right way of producing your product you should get the ball rolling and work out an estimated production date.  You can then add this to your marketing to help build anticipation of your product and orders.

Selling Avenues

The marketing is essential as it will build awareness of your product and will probably show you the best way of selling your product.  If your product is relatively simple, homemade and can be reproduced quickly and easily you may wish to visit shops door to door and attempt to get them to display your product.  Alternatively you may need to sell to large corporations, for this you will need to develop a good sells patter and presentation, then contact them and attempt to demonstrate your product.

Alternatively you could simply list your product on your newly created website and focus on building a social following and developing a customer base.  A key part to the success of this is to ensure you get as many personal testimonials and references as possible.  These can be placed on both your social media sites and your website and linked to build your reputation and sales.

Generating sales can be a slow process but it is a very rewarding one!

Growth

Finally it is essential to think about growth and have a plan to ensure you are able to cope with any increase in mind.  It is advisable to consider what you would need if your output needed to double or triple; you can then work out contingency plans and be ready to put them to action, if required.  It is necessary to have this planned ready as growth can be sudden and you will need to re  act quickly.

Equally growth can be obtained by adding new products to your range or even by selling other people’s products which compliment your innovation.  Whichever path you choose, it will be an exciting and rewarding opportunity!

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