So You Have the Next Great Product Idea? What’s the Next Step?
Everyone at some point in their life believes they have a million dollar idea for a product. That this idea is so great that once the public gets a look at it, they will be handing over their money gladly to get it. If only things were that easy!
The truth of the matter is that while many people do get these million dollar product ideas, very few acts on them. They will talk about it for years, but then they will wait so long to take any action that someone will come in and make the product before they do. Having the amazing idea is not enough. You must take the steps needed to build it out from there.
Make a Model of the Product
Before you start forking over money for patents and lawyers, see if this product is as good as you think it will be. Draw up the designs and make a prototype of it. Put it to use and figure out if this idea is a winner or if you should take a hard pass. And if artwork and manufacturing are not your strengths, create your product with a 3D modelling software that will simplify it greatly. You can come up with professional 3D designs and even print the product into a physical object with a 3D printer. It doesn’t get much better than that.
Present It to Friends and Family
Friends and family will usually be honest with you if they believe your future is at risk. If they think your idea is a bomb, they will tell you so to spare your failure. However, if they think your product idea is a solid one, they will provide you with some solid advice about what you should do next. Plus, if you are a bit short on funds and they believe in your product that greatly, they could be the perfect investors. Keeping everything in the family is ideal as long as it proves to be a success. If it does not live up to expectations, expect awkwardly long holidays in the future.
Pitch It to the Right Company
Sometimes instead of taking on the manufacturing all on your own, you can pitch your idea and prototype to a company that is already in the field you want to enter. For example, if your product has something to do with cars and trucks, pitch it to a car manufacturer. If it is better suited to be in hardware stores, find the right company and toss the idea at them. You never know what could happen!