Collaborative post – may contain affiliate links
If you have come up with an idea for a product that solves a problem that you have, chances are this may be something that will be of great use to lots of other people too. There is a very strong chance that whatever problem you are facing and needed a solution for, plenty of other people all over the world have the same issue.
So the concept that you have to solve this problem may well be something that could become a scalable business. Or, it may be a product that could be developed and taken into retail outlets all over the world with the help of the right manufacturing business. It is something that you could make money out of, and because of this, it is really worth spending some time to try and develop your product further.
Creating The Plans
The first thing that you need to do when it comes to developing a product is to do some research and see what else is out there. You may have to dig deep as there may be smaller products that just have not reached your corner of the world yet. Essentially, your product idea will need to be perfectly original if you are to develop it and profit from it. If another item that is very similar is in existence, you may be in breach of their intellectual property and will run the risk of legal action being taken against you. Run some checks on patents that match your product idea.
Next up you will need to draw up the plans and work out how you will create this product. If you are technical-minded, this may come naturally to you, otherwise, you may need to enlist the help of someone who is experienced in CAD and someone who will be able to help to work on the mechanics of the design.
Making A Prototype
Once you have the designs, you will want to make a prototype. This will help you to check that your product works as planned. You may want to get a manufacturer to make this up for you, and you may also want to look into having a Stamping Simulation.
All of this will be useful for working out how your product can actually be produced. It will help to give you an idea of costings as well as any potential quality control issues that need to be worked through.
Pitching To The Industry
Whether you are planning on allowing another company to manage the production and sale of your product, or whether you want to take it to market yourself, you will need to pitch your product. This will either be to a company that are interested in buying it, or to investors who may be able to fund your project.
Your pitch needs to be professional and should clearly define the need for the product, what the market demand may be, who will be interested. You will need to demonstrate that you understand what else is out there that could be similar. And then finally you need to get down to the details of the product including the unique selling points. You are selling your product and yourself as its creator.