I like to visualize the brains of business people as machines with cogs and gears that never stop turning. They always think of ideas on how to make money, how to improve their present businesses, and how certain things will change in the future.
Thinking of a new product is one of the ways entrepreneurs can create more cash flow. Their brains are always looking for anxieties in everything so they can turn it into a new invention or an improved version of an existing product. Take for example the creation of the light bulb. I assume it was invented because candles were fire hazards and can easily be put out by a strong gust of wind. Or the invention of car, which was brought upon by the complexities of handling a carriage attached to a live animal.
Anyone can think of a new idea, the problem is the execution from idea to product. Well, Iâ€™m here to help. If you believe you have a knock out product stored up in your noggin, then follow these tips and techniques.
Think of a Big Market
One of the ways that can increase the chance of your idea to be successful is making one that will cater to a big market. There are some people who just have a narrow market or a certain age group or gender. While not totally abysmal, try to have one that will have a wider scope of consumers. One way of thinking of a new product is creating one based from things that annoy you. Like the examples Iâ€™ve given above, think of something that can remedy your problems and see if there is a lot of potential, market wise. If youâ€™ve thought of a new product then do a Google search to see if your idea already exists.
Create a Prototype
With the advancement of technology, itâ€™s easier to create a prototype. You know the 3D printers you keep on hearing on the news? You can actually use those to create the parts for your product. The printers are pretty costly, but you can rent one for 15$ an hour. If youâ€™re not up to it, you can create one with more traditional materials like cardboard.
Itâ€™s necessary to create a prototype because it allows you to see the parts and the actual product. With a visual guide, you can then change designs, fix problems, and see how the whole thing fits together.
Show Me the Investorâ€™s Money
If you donâ€™t have enough money, you can have help from investors. Crowd funding is also a new way to get enough monetary support to kick start your product. Study your options first and take into consideration the rules and regulations. For crowd sourcing, it would be better if you already have 20% of your target money. 81% of crowd sourced projects with 20% seed money become successful in getting the money that they need.
When you already have your needed funds, find a way to produce. You can outsource the job or make it in house. Production costs should be low as possible, preferably one-fifth of your retail price. Take into consideration your every cost, and donâ€™t be afraid to put value on your time and effort.