Any product you can find began life as a spark in an inventor’s mind. Your laptop, smart thermostat, or even your favorite app started as an idea. There are specific steps that you need to take to move your product from conception to consumers’ hands. We will take a look at four of those steps in this guide to moving from idea to fruition. Here is what you need to consider doing:
Analyze Your Market
Developing and marketing a product is a time and capital intensive process. Before you embark on this journey, you should make sure there is a market out there for your product. In layman’s terms, you want to make sure your product will sell. Doing market research regarding potential sales of your product is integral to product conception.
Create a Base Prototype
Before you are able to get your product into customers’ hands, you must get your product into your own hands. Creating a prototype will differ depending on the type of product you are selling. If you are selling a physical widget, a prototype would be a basic version of the widget that you can show to investors and potential retailers. Having a source of more affordable equipment such as a forklift, like those from Heavy Lift Forklifts, for your warehouse can be clutch. This keeps costs down while allowing you to effectively move merchandise and prototypes alike.
Patent Office Approval
When you are creating a product for sale, you want to make sure no one else has had this idea and patented it. If someone else holds the patent to your “proprietary” design, you will not be allowed to sell and market that product in the United States. You can hire a patent attorney to handle this process for you or visit the USPTO websites to fill out the forms on your own.
Even if your product is fully developed, you will have expenses getting that product to market. These include business registration fees, marketing costs, attorney fees, and many other costs. Having an investor put in money for equity in the company or a royalty in the future can make this process much smoother and guarantee you can make it to market. Investors will gain the spoils but they will also bear the risk.
Turning an idea into a consumer-ready product is no easy feat. The official motto of the British Special Air Service is “who dares wins” and that comes from an older Roman phrase. The same goes for getting your product from conception to the hands of consumers.