Entrepreneurs…do you have an idea for a new product and want to take it to market? If you are thinking of taking a new product to market, here are five essential tips to get you started’
Research!
The more you know about your customers, your competitors and your market landscape, the more successful you are likely to be. Who are your potential customers? What problems are you solving for them? How much will they be prepared to pay for your solution? How many of them are there (i.e. how big is your market)? Where (in the world) are they? Who will be your main competitors? And, crucially, what will you offer that they do not?
Plan!
How will you fund the development process? Who and what will you need to get your product to market? How will you find them? Are there statutory regulations, restrictions or approvals associated with your product? How will you ensure that you comply with those? How will your product be distributed and sold? Online? Through selected distributors who may already have a customer base to which your product could be sold? Who will manufacture your product and, crucially, where will your product be manufactured? If overseas, have you factored in freight costs and import/export taxes?
Protect!
Going back to point 1 above, what will your product provide that your competitors’ products will not? In other words, what is your USP, and how will you use that to distinguish your product over others? How will you stop your competitors from copying your ideas? Do you have IP protection and a robust IP strategy to protect your market share and brand? For more information on this aspect, please do book a free consultation with us via our website https://strachanip.co.uk, or contact us by email: info@strachanip.co.uk or by telephone@: +44 (0)7714 797135.
Quality!
Make sure your product developers help you to develop a product worth selling. Make sure they communicate regularly and effectively with you so that the product development process reflects your vision, not theirs. Check their credentials – what is their track record? Can they offer more than just design work, and instead help you to manage the entire concept to market process, including things like safety standards and other statutory and regulatory provisions, manufacturing specifications, manufacturers, materials, and even branding and packaging? Companies such as https://design2market.co.uk can not only offer all of these things and more.
Resilience!
There is no doubt that one of the key qualities of a successful entrepreneur is resilience. I have seen products taken to market and businesses built successfully through, what looked like, the sheer will and dogged determination of the entrepreneurial founder. Be prepared: the process usually takes longer, and costs more, than expected. Be patient: you will get there, but don’t cut corners. And most important of all: Enjoy! One of the greatest advantages of being an entrepreneur is being able to work on something that interests you and that you are passionate about. Don’t lose sight of that.
Good luck!
If you want to read more about How to turn an idea into a business, you can go to https://www.design2market.co.uk/product-design-guide/turn-an-idea-into-a-business/
