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Got A Brilliant Idea For A New Product? Read This First!

BY Rachel | 22 November, 2014 | no comments

You might not know it, but you could be a natural entrepreneur! Do you have an eye for detail? Do you keep on top of the latest trends and want to make money, designing a new product and selling it to consumers could be right up your alley.

Individuals and businesses create new products every day to meet the needs of consumers. They might be new inventions, or they could get adapted versions of existing items. If you have a brilliant idea for a new product, you need to read this blog post before you do anything else today!

Does it solve a problem?

Most people that come up with new product ideas do so because they feel they have come up with a solution to a problem that affects a lot of people. But did you know that some folks just invent things for the sake of them?

Want your product to be marketable and useful? Make sure it’s because it solves a problem rather than it being an idea that came to you in your sleep!

I will assume you are reading this because you want to sell your product. If so, I recommend designing your product around a problem that affects large volumes of users rather than five or ten people.

If you’re not sure how big your target audience might be, you could always take the time to do some market research. Speak to the people that might use your product. Find out what is important to them and what isn’t.

You might think that this is overkill for an idea. But it can mean the difference between launching a successful product and wasting time and money on something useless to the masses.

Have you got any business and product development experience?

When coming up with a new product, it is essential to have business and product development skills. If you don’t, you will have to pay someone else to do the hard work for you.

That might not be a bad thing in some cases. For example, let’s say that you have come up with an idea for a product that nothing else comes even close to! You will want to ensure that no-one else steals that idea.

When I came up with a new product invention, the first I did was talk to a patent attorney from London IP. It helped me learn about the pros and cons of each option available to me, and what I should do in my individual case.

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Credit – europedistrict / Flickr

What about money?

When you launch a new product to your chosen demographic, you need to have a lot of money behind you to do so. You need to pay for advertising and marketing costs, as well as production costs.

Some people find it easier to licence their products to other companies. The great thing about this is your initial investment is low. Of course, you won’t earn as much money as you would if you did it alone. But if capital is an issue, licensing your product could be the best choice for you.

Good luck!