You’re now on your way towards refining your product idea and creating a solid business plan. As you move forward, it’s important to have an overview of the entire product development process. This is where you consider different stages of development from design, sourcing materials, manufacturing, right up to marketing and sales.
Once you have your design visualized and the details ironed out, it’s time to think about the other stages. Start by identifying where you can source your materials. Spend some time understanding where they come from and what would work best for your product. Speak to suppliers to better understand what they have to offer. Take your time and select the right inputs for your product. After all, it’s the sum of all parts that make up a whole, so what goes into your product matters a great deal!
As you develop your product, also consider the manufacturing process. Are you going to make this product on your own? What tools or equipments will you need? Where can you operate? This stage requires diligent research and some trial and error. If the tools needed are expensive, consider leasing them or purchasing them second-hand. An initial investment is to be expected for any business, but keep an eye on cost and find solutions that are within your budget.
Once you figure out how you will make your products, the next step is to consider marketing and sales. You can have a killer product, but without marketing, no one will know about it. Use social media platforms such as Facebook and Instagram to market your product. You can even sign up for marketing courses to better understand the power of branding, how to grow your social media presence, and drive sales.
One important thing to keep in mind is that no one ever feels completely ready or prepared to take this leap of faith. A lot of what you need to know, you learn as you do and that’s okay. You might start off with a less than ideal website or marketing strategy, and that’s okay too. It doesn’t have to be perfect from the get-go. You can improve things as you go along, but in order to do that, you need to first get started.
Take some time to go through this month’s newsletters and use them as a guide as you work on your business idea.
I’m excited to hear about your progress. Do email me and let me know how you’re doing!