If you are tired of working as an employee earning minimum wage every day, you may want to consider starting a business. You can read more on why you should start a business in this link here. However, for those who are just beginning their journey as an entrepreneur, some of their challenges include creating a product that sells.
One of the hurdles of becoming an entrepreneur is to bring the ideas of a unique and original product into reality. The process can be mysterious as there’s no straight line that connects great businesses to their original ideas.
Developing a product requires a starting point. But you will often undergo five stages, including having an idea, researching it, planning, prototypes, and sourcing.
How to Develop a Product
- Have an Idea
Most entrepreneurs wanted to make a difference in the world, and some of them have an idea or two on how they can make everyone’s lives easier. However, these ideas are often stuck in the first stage because most entrepreneurs wait for the perfect time and product to sell. You need to know how to turn your ideas into reality and sell it to everyone.
While it’s incredibly fulfilling to create something new, most of the existing products in the market are because of an iteration of existing products. You may want to substitute something on the market for cheaper options like selling faux fur instead of the real ones, which is more affordable. You may want to incorporate ease of use to phone cases and batteries by combining them into a single package.
Others adapt to the norm and develop front clasps of bra for breastfeeding moms. Others modified existing essentials at home, such as attaching electricity to toothbrushes for cleaner results. Others created memory foams for pets or rearrange duffel bags so that they won’t cause wrinkles on one’s outfit.
You can check other lists and sources that can help you define the product that will represent your brand. If you want more inspiration, you can always visit https://www.productcreationprocess.com/ to know more about the things that you can do. You can reinvent historical trends that work, and you don’t necessarily have to start from scratch to be an excellent entrepreneur.
- Research a Lot
If you already have an idea on your mind, you may want to go ahead and put it into production. But if you fail to do research and perform validation, you waste your time, effort, and money in the process. You need to know if your idea is needed by other people and if it will sell big.
What you can do is to ask your family and friends about the product that you have in mind to know their opinion about it. You can also do surveys, crowdsourcing projects, and get feedback from community forums. Research online on Google trends and launch a “coming soon” page to see if there are people who are interested in what you have to offer.
You need to get a lot of feedback, and their sources must be unbiased. It would be best if you were wary of people who tend to overvalue and write positive things on your crowdsourcing page and say that they will definitely buy this or that. Until their money changes hands to the sellers, then you can’t count them as a definite customer yet.
Competitive analysis is also included as you need to gauge your competitors in your chosen niche. Know more about this analysis when you click here. Your competitors’ websites and their email lists will help you see what will work on your campaign and how you can make your first sale. Asking feedback from verified customers who purchased a specific product will also help you avoid the pitfalls that your competitors are making.
- Planning Stage
Since the development and creation process is a complicated one, you need to take some time to build a prototype. When you are approaching the suppliers and manufacturers, you should have an idea of the design and how you want it to be used by your consumers.
You can start with sketches of what you want your product to look like after it is finished. You should add as many details as possible and make it clear with labels.
You won’t need to hire a professional artist since you are still in the creating stage at this point. You won’t submit the first drawing to the manufacturer, but if you want someone who has the skills, you can always find legitimate illustrators to make the sketches for you.
Determine if what you have in mind is something that your customers will use on a daily basis or if it only applies on special occasions. You need to see what category your products will fall into or if the premium materials are environment-friendly.
- Prototype Creation
The goal of creating a prototype is to see how you can easily prepare and get the product done for mass selling. The prototype will involve experimenting with many variations of your ideas, eliminating the things that don’t work, and making enhancements until you feel 99.9% satisfied with your sample.
Most prototypes involving cosmetic products and food recipes are DIY. If you are lucky to be trained in pottery, designs, and fashion, you can also proceed to do prototypes of these products yourself.
If you are looking for a seamstress for clothes or cobblers for shoe-making, then you can search these local businesses in your area on the internet. Some everyday household objects like electronics, accessories, and toys may need 3D rendering from CAD experts and engineers.
Once you have a model that you are satisfied with, it’s time to look for partners that will help you build the products. The supply chain will include your vendors and resources needed to get your products into your customers’ hands.
You may want to source for suppliers in person or online. Many business owners use trade shows for sourcing, and they have the opportunity to meet many vendors at once. They get to see, touch and explain the material that they needed for their products. They also build a relationship with their suppliers in the process.
While these are just some things that you need to undergo in a development process, there are other things that you need to know. You can check an in-depth online guide and see other options to help you make your ideas into reality.