How to turn your idea into a product
Have you ever bounced around on a trampoline and suddenly the greatest idea in history has magically entered your brain? Maybe you haven’t been bouncing or even near a trampoline but thoughts like such can regularly drift away into nothing. Many people get stumped on the best way to execute that genius idea and turning it into a reality. Excitement builds and you want to get the ball rolling immediately, but you need to hold your horses.
We’ve broken the it down and come up with 4 steps we suggest you follow to get you idea out from your head and onto the market.
Step 1: Write EVERYTHING down about your idea
Thoughts and ideas come and go, the last thing you want to do is have a great plan and ideas pouring out of your brain to only forget everything the next morning. Trust me, it can happen. It’s important that you write everything down in relation to your invention, whether that’s general ideas, scribbles of the design and how you could market it. They types of questions you should be thinking about are; Who are you targeting? How does your idea add value to people’s lives? Who are your competitors? How am I going to build a brand? You should be more prepared to answer these questions than a 16 year old sitting down for their Learners test.
Step 2: Research, research, research
Research isn’t exactly like going onto the very trusty Wikipedia, but it’s more to research your idea from a legal standpoint. You need to ensure that no one else out there has already come up with your idea and is protecting it through a patent. Further, it is also important that your product has a point of difference on the market. For example, someone else out there might have a clothing label…
Make sure your idea is acceptable to a wider market; you may think it’s a great idea but will anyone else like it? You need to research your market and competitors, if you have a genius idea about a touch screen phone, I think Steve Jobs may slightly edge you out in the market share.
Step 3: Make a prototype
A prototype is a model of your invention that shows all workings and practices from your written down ideas. This step is when we start to really get to work. Before you file for patent you will have to have a prototype made to present to potential lenders and licensees. Prototypes are also useful for uncovering inevitable design flaws and or a new feature you might like to add. Some handy tips for prototyping is beginning with sketches and a good drawing of what you think may be the final product. Also creating the mock up with material that will allow you to create a 3-D model.
Step 4: Devise a marketing strategy for your invention
Now its show time, you need to figure out how you’re going to bring your product to the market. This is where we step in at Quak we can help you in this area but you still need to come up with a sound business plan to hopefully start making money. Good questions you need to ask yourself are; how will you generate revenue? Who is your customer? Now is a good time to decide if you will manufacture and sell the product yourself, or license it for sale through another company. That’s completely up to you!
When million dollar ideas come into your head, you need to capitalise, use these steps and tips to give you the best chance possible for creating a successful product! Send us your thoughts or feedback to firstname.lastname@example.org and we’ll be sure to get back to you straight away. While you’re here, check out our article 5 Tips for Building a Strong Brand in the Online World or What is SEO? Simple SEO tips for beginners to boost online traffic.