6 Things to Do When You Have a Product Idea

It’s not about an idea; it’s about making it work.

The most vital things we use today began as an idea in someone’s mind. Many come up with ideas daily, but only a few dare to act.

We should understand that if your idea is truly innovative, you could be the next Elon Musk!

So, now that you have a great product idea. What next?

1. Check if a similar product exists

A simple Google search will let you know if your brilliant idea is already been used by someone else. With increasing technology and human development, confirming is a no-brainer.

2. Market Research

If you find out your idea is indeed original, the next thing is to research if there is a market for it.

Will people use it? Will they pay for it? What about viability? Will your product be relevant in 2, 3, or 10 years? Search the internet. You can also start by creating a poll with your family and friends. Get useful feedbacks.

3. Patent Your Idea

If you are sure your idea has a potentially huge market share size to sustain your business in time, you can patent it to ensure that no one else copies your idea.

4. Build a minimum viable product (MVP)

You must be able to manufacture a fully functional prototype of your idea. In building an MVP;

• Identify your raw materials
• Define the precise steps for making the product
• Add product testing information

Let friends and family test your product and give you an honest opinion before investing more resources.

5. Elevator Pitch

An elevator pitch is a very brief presentation of your product, showing someone why they should trust you with their funds. Prepare it and seek a potential investor to invest in your idea.

6. Keep Improving

Your customers will always expect something better. Successful product inventors do not remain stuck. They see the need to improve and upgrade.

In all, creating and marketing a new product is not child’s play, but it can be exciting.

Are you willing to dare to act, or will you let that product idea remain in your head?

Please share your thoughts with us!

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