A product idea is a concept for a potential product…
A product idea is a concept for a potential product that the company could sell to the market. It is not easy to turn an inventive idea into a product. Every organization must identify its product idea and the procedure for making it a reality.
To create a genuine product that can help make money, you may need to do a lot of homework and research. From the ideation process to the effective delivery of the product, you must stay alert to guarantee that you are on the right track. Experienced product development firms can assist you in making your brilliant idea a reality.
This article will assist entrepreneurs and startups in avoiding common errors and succeeding more quickly. Let’s see how to turn an idea to product!
10 Steps to Turn Your Idea to Product
You may have an excellent idea for a new product you believe many people would be willing to purchase. However, you will never make money from your ideas unless you have a realistic plan to turn them into marketable items.
The first step to finding the right idea is to figure out what the issue is you want to work on. This step could be as simple as what your product idea is and how you want to contribute in the world. The idea must be one that recognizes an issue, or people will not buy it.
Here are some other steps to take:
1. Write and Record your idea
You will not earn from your idea merely by imagining it. You must have evidence proving that you were the first to think of your possible product.
As a result, record everything you can regarding your creation’s concept, design, and marketability in an inventor’s journal.
An inventor’s journal that will stand up in court can be any bound notebook with sequentially numbered pages that cannot be deleted or reinserted. Don’t forget to have a witness sign and date your diary entries.
2. Ensure your idea is not patented
Just because you haven’t heard of your invention ideas doesn’t mean you’re the first to think of them. As a result, you should start with a patent search. If someone else claims to have come up with your idea before you, they will be entitled to all proceeds from any sales.
Conduct a preliminary patent search. Visit the website of the United States Patent and Trademark Office to see if anyone else has previously patented your idea. You should be able to do this without the assistance of a lawyer.
3. Conduct Market Research
It’s easy to fall in love with your innovative ideas and then assume that everyone else will. However, the only way to know for sure is to conduct extensive market research.
Ask your potential customers what they want, then LISTEN. Knowing what people are willing to spend money on can give you the courage to pursue your project.
4. Make a Prototype
The following step is to finish a working model of your product. This procedure is necessary to iron out any defects and add any new features.
Never file a patent until you have completed a prototype. You will not possess the rights to any improvements you make to your invention after filing a patent. Ensure you have a satisfactory product first before filing a patent.
First, sketch down your invention concepts in your inventor’s diary to begin the prototype process. Then create a 3-D model of your idea using any materials you like. Finally, make a fully functional model of your product.
5. Apply for a Patent
Patents are classified into utility patents (for novel processes or machines) and design patents (for manufacturing new, non-obvious ornamental designs).
You should not file a patent without the assistance of a patent lawyer with the necessary technical skills.
If your invention is valuable, people will ultimately violate your patent. Hiring the right patent attorney ensures that your patent is completely protected and that you avoid costly court fights.
6. Product Overview
The company now needs to clarify the idea in greater detail and from its perspective as to what it believes is correct. The heart of the product overview consists of four components: Product’s uniqueness, characteristics of the product, advantages of the product, intended audience.
Following the creation of the product overview, erect certain obstacles to entry, and establish the use cases.
7. Develop a Marketing Strategy
A good business plan can assist you in determining the quickest and most straightforward way to profit from your product.
Consider the following question:
- Who is my client?
- What am I promising my customers?
- What are my strategies and action items for achieving my goal?
8. Product Design
This comprises everything related to the product’s appearance, functional requirements, hardware requirements, software requirements, mechanical requirements, and performance.
9. Business Structure
The company must identify its value propositions, cost structure, and income streams.
10. Business Insights
This is the final and most essential and theoretical stage. It entails risk assessment, team management, establishing a legal structure, performing financial predictions, and establishing milestones.
To Wrap Up
It can take significant time and effort to develop your innovative idea into a lucrative product. However, following these procedures will have a better chance of profiting from your discoveries.
Turning ideas to products doesn’t happen overnight, but the first step is to understand the market. It’s more than likely your idea is going to be a winner!