Do you have the ambition to start your very own business and create a product that you’re passionate about as well as fitting consumer needs? Although you may have a specific product idea in mind, the development process is not always as easy as you may initially believe. Yet, with the correct planning and research, you could end up creating a product that not only ties in with your interests but fills a gap in the consumer market.
The product you sell ultimately becomes the key aspect of your business that customers associate with your brand and later become familiar with, therefore, it’s important to put in the time and dedication to create a product to be proud of.
In this guide, we’re going to look at some of the key tips for creating and developing a product successfully:
1. Determine the needs of customers
As briefly mentioned, your customers’ needs must come first when it comes to the creation of a product. Regardless of the extent of products that already exist on the market, customers are always looking for the next best thing, so it’s your job to keep up with the current trends and deliver.
If you are new to the business world and are unsure exactly what your customers are looking for, it may be a good idea to send out questionnaires and surveys to gain some understanding of your consumer target market’s thoughts. Going forward, you can gear these answers towards your product idea and development which should increase your chances of success.
2. Develop a prototype and begin manufacturing
The next stage would be to develop a prototype of the product. By creating a model of your product, you can see how your product will physically tackle any issues that arise before it is sent for large scale manufacturing. At this stage, it would also be a good opportunity to send your prototypes out to family and friends and gain feedback on what they liked about it and what could be changed before going into mass production. Finally, you need to find a company to manufacture your product and carry out the relevant quality checks. If your product is made from plastic, for example, hiring an external company to carry out injection moulding would be beneficial for creating your initial prototype and manufacturing the finished design.
3. Don’t forget business insurance
If you are already an established business and simply adding a product to your range, the likelihood is that you will already have business insurance to legally protect you against formal complaints. However, if this is your very first step into business, it’s important you take out the relevant insurance policies for legal purposes.
It is an absolute must to take out product liability insurance to cover both you and your business in the case that someone is harmed through the use of your product, whether that be as a result of injury or allergy.