Everyone in the world probably has that ‘aha’ moment and thinks they have devised a product that could solve so many problems.
Unfortunately, very few actually make a go of their idea. Some of us take no action at all, others take all of the wrong steps while a select few manage to get it to market and make a real success of it.
Of course, you know which category today’s guide is going to talk about. If you have a new idea for a product, it’s time to read on and decipher these four points that we have put together to help you along.
Look into drop shipping
Granted, this first point is largely going to depend on the type of industry you are involved in. If you are in the market to make your own products, it goes without saying that drop shipping just isn’t an option.
For everyone else, this can be a good, low-risk method of entering the world of business though. You don’t have to think about the logistics as such, the bulk of your work is getting your products to market and making a name for yourself. Another company is responsible for actually manufacturing, storing and eventually delivering products to consumers.
If you are looking to test a market, drop shipping can be a good way to do so.
Is there possibility for a patent?
If you have ever seen any of the entrepreneur TV shows like Shark Tank, you’ll have seen countless start-ups enter and reveal a groundbreaking product. The problem, at least in the investor’s eyes, is that this can be copied at a whim.
It means that if you have devised some sort of revolutionary idea, you need to have some form of protection. Let’s not forget that for the time being you are a new, unestablished business and if you don’t have any legal protection such as a patent, it will all be for nothing.
Of course, patents can be expensive, but this could be the best investment that you ever make in your company. Here’s a good guide to help you get to grips with patents.
Forget the minimum viable product – you need the real deal
Harvard Business Review recently analyzed the most common reasons why product launches fail.
The thing that caught our attention the most was what the publication defined as “product limbo”. In other words, a lot of companies create a product, but it sits “in the middle somewhere” and doesn’t provide consumers with a definitive reason to buy it.
This is something that you need to make sure you don’t do. Product launches are expensive and a lot of companies feel as though they are in a race against time to get to the market. Don’t fall into said trap. Do the right research and release a product which is relevant for your market and not something that is only going to get halfway there.
Interestingly, this doesn’t just have to relate to market demand. There are some key safety issues to contend with here; the last thing you want is to be yet another company is suffering with product recall issues.
In short, put the time in now, and it will make a monumental difference to your chances of success.
Check if the market is ready for this
Finally for today, you need to check if the market is going to be ready for your next creation.
In his sandwich years outside of Apple, Steve Jobs created a company called NeXT. While Apple eventually purchased this company, Jobs famously said that the reason it didn’t make the cut at the time was because the technology hadn’t caught up with its ideas.
The same issues can blight consumers. You can create something that will eventually be the next big thing, but it’ll all be for nothing for the time being as consumers just don’t understand it. A degree of education is sometimes required, and you need to question if you are the right company to offer this. Or, perhaps more importantly, if your marketing department has the budget to offer this.