Many of us come up with fantastic ideas for products but never follow through. Now could be the time to turn your product into a reality.
But just how do I do this? This guide covers all the basics of creating a product.
Do your competitor research
Before you start thinking about designs, it’s important to check what similar products are already out there. The internet is a great place to hunt for such products.
Don’t be disheartened if your product already exists. Instead, focus on how you can make your product different and better. Sometimes the best products are the ones that can take an existing idea and perfect it.
Of course, you do need to be careful of trademarks and patents. Always look into these before building a product or using a brand name.
Launching a product can cost anywhere from $100,000 to $1,500,000 over the course of five years. You’ll likely need to look into funding options. This could include taking out a loan or seeking funding from investors.
Banks are some of the most popular options for business loans and tend to have some of the best interest rates. That said, private lenders can be worth looking at too.
When it comes to seeking investment, try different avenues such as using a venture capitalist or trying crowdfunding.
Design your product
The next stage is to start designing your product. You can either design it yourself or invest in professional design services.
If you haven’t got design experience, it’s usually best to outsource a design service. There are so many factors to consider when designing a product – cost, aesthetics, ergonomics, health and safety, and environmental impact just to name a few factors. A product design and engineering company such as Outerspace product design will be able to help you consider all of these factors. You can still give input along the way.
Test your product
Before you can enter the manufacturing stage, you need to test your product to make sure it works properly. This usually involves building a prototype.
You should aim to break your product and find as many faults as possible that you can fix. On top of doing your own testing, you may want to organize a focus group or use a professional product testing service.
In some industries, certain tests may be mandatory to check that your product meets legal requirements. Make sure to not overlook these tests.
Find the right manufacturer
There are some products you may be able to build yourself without the help of a manufacturer. However, for the vast majority of products, you’ll need to outsource help – even if it’s just for the packaging.
You should spend time researching manufacturers. You need a manufacturer who can build your product exactly to your specs. This needs to be for a reasonable price and they need to be able to meet your production deadlines. Collect quotes, read reviews, consider paying for test batches and look into factory tours – this will all help you to find the right company.