You have a brilliant idea for a product that could completely change the market, and you’re ready to bring it to millions of customers around the world. For innovators and entrepreneurs everywhere, we understand the rush to develop an exciting new product. Not to mention how complicated it can be to get it off the drawing board and into the customer’s hands.
Don’t let the process intimidate you; we’ve put together a list of five steps to help you commercialize your innovative new idea.
1. Do your research
Research is the first step in any product development process. You need to make sure your idea has a place in today’s market, while maintaining clear documentation of how you created the product. Looking at the current market for your product is a good place to start.
Identify potential companies or products that could be your competition and highlight how your product stands out. Be sure to research the approximate costs as well so that you are fully prepared.
Document your process from start to finish, taking steps to demonstrate how you came up with the idea for your product and how it developed. Not only will this help you when it comes time to patent your idea, but it can also provide you and your company with great content to share with customers and the press during the marketing phase.
Another aspect of product research is making sure your creation will clear the US Patent and Trademark Office. Research any similar products and make sure your idea doesn’t infringe on any other patents or copyrights.
2. Build a great team
It’s challenging to bring others into your inner circle of trust, especially when you’re dealing with confidential and sensitive product information. However, promising entrepreneurs know that having a strong team is one of the best ways to ensure success.
There are many facets to a successful product launch: a great website, engaging marketing, engineering, prototype testing, accounting, as well as dealing with all the legal paperwork. Don’t expect to do everything: Good leaders hire great people and know when it’s time to deliver a project. As much as you think you can do it yourself, it’s important to have qualified experts. Just remember to show your team appreciation for all their hard work. And find out how to create a personalized award before the last minute; good leaders plan the award ceremony for their employees.
3. Develop a mission statement/consider your goals
It’s easy to lose sight of the big picture when you’re hyper-focused on product development. Therefore, it is essential to create a clear mission statement and define business goals in advance.
First, lay out your core values as a brand. Not only will this be helpful in building your product and making it a reality, but it will also help you bring your team together. Write an inspiring mission statement and make sure everyone on your team knows the company values you’ll be showcasing.
Another key step in making your idea a reality is creating a five-year plan with business goals. What kind of success do you expect in the early years? Don’t be afraid to dream big; good leaders who inspire their teams see great results.
4. Develop a solid budget
Having a good accountant is one of the best tips for any business owner. Don’t leave your product’s financial future in limbo; give your idea the investment it needs to succeed. Work with a professional to set aside funds for product development and testing, legal fees, new hires and marketing. It’s best to go over budget. This is also where all that great research you did earlier will pay off by giving you a solid idea of what costs and expenses you can expect. And not everything will be sunshine and roses, especially in the early days.
With every great idea, there are bound to be challenges and difficulties. To bring your product to life, you’ll need to create a solid budget for emergencies and setbacks.
5. Keep innovating
You have a working prototype ready to go, a registered patent or trademark for your product, and a great team by your side, so what happens? Bringing this product to the world for millions of consumers to enjoy. However, this is not where a successful entrepreneur stops: innovation and development are ongoing.
As you develop and distribute your product, actively seek feedback from experts and consumers, then make sure you apply it. Revise your product as needed, creating updates and going back to the drawing board for a redesign. You’ll find your best ideas as you work to make your product the best it can be.
When developing a new idea, bringing it to life can be overwhelming. However, seeing your product in consumers’ homes and building your brand’s reputation can be a rewarding experience for any business owner.