Successful entrepreneurs are strategic people, and know that thinking up an idea is one thing, but bringing it to market is another. In a competitive world, you must learn to think ahead of other entrepreneurs; it’s the only way to stay on top of your game.
A guide on how you can pursue that great idea.
Non-main business product idea development
Not every product developer or inventor designs products for a living. It’s possible that product development is a side job for you, however, you should take a look before jumping in. You’re never interested in jumping right into development without first mapping out a plan.
The first step is to do thorough research on the product you want to design. Online, there will likely be a wealth of information on similar concepts, where you will see companies that have tried and succeeded or failed. Take a notepad and write down the reasons for both things.
Related: How to Research Your Business Idea
The next step is to determine how you can fit such a project into your schedule. You should be able to track progress as well as set milestones. In addition, new developers must learn to measure gaps in their skills and resources, so you also need to establish what you need to do to cover these gaps.
Once you’ve learned these basics, talk to an experienced developer (make sure that your notes and reference materials are organized before any such meeting). This is also a good time to develop a plan with accomplishments, and to define your responsibilities — both one-time and recurring tasks, to see what can be delegated or outsourced.
Determining whether an idea is worth doing
It would be unwise to spend time, energy and resources on a project that is unlikely to materialize. Therefore, you should investigate its potential and find out if the idea is worth pursuing.
First, new developers must make precise estimates of market size — both the total addressable market (TAM) and the serviceable addressable market (SAM). Once that’s done, estimate the potential sales and profits, which would be a smart way to outline the amount to be pumped into the project as capital. And feel free to check the market data about the uptrend.
If your product is already developed, try selling it on a platform like Etsy or launching a Kickstarter. This process is called “pretotyping,” aka pre-sale launches where you test potential customers’ interest and their acceptance.
How to develop a creative plan
Having a plan helps you reach your goals faster. If you want to create a plan for your project, using a product development map is a good idea. Also, some pre- and post-production activities and expenses will be critical to success, including investments in legal and marketing.
When entrepreneurs find it difficult to succeed, it’s usually not because they lack drive or creativity. In most cases, the new ones are less consistent. So you have to determine how much time you can allocate to a project per week and make sure you meet that target. An additional suggestion is that you talk to potential engineers and manufacturers to find out their lead times. This will put you in a position to determine the best moment for launch (you may decide to hit the Christmas sales season or some other strategic time).
Finally, don’t beat yourself up if it takes longer than expected. Producing excellent products, especially if you are not yet a professional in this field, takes time.
Related: Why Consistency Is The Key To Success, Learn From This Entrepreneur
Find a development provider
Ending with a winning product is very difficult to do alone. You need a partner you can collaborate with, whether in marketing, accounting, sales, engineering, or all four. So the next important task is to write job descriptions for each of these potential partners/suppliers — a clear understanding of what you need from each of them. At this stage, make the internet your best friend: Open your PC and find partners via Quora, Reddit, LinkedIn, Facebook, you name it. Don’t forget to also rely on word of mouth references from colleagues about professional developers, accelerators and incubators as well as potential partners.
Determine the ultimate goal
Before committing to product development, there are other metrics and indicators you need to define. Knowing when to stop product development, for example, is critical if an idea isn’t sustainable. At such times, pre-determined by pre-defined metrics, you will know that you should not consider trying as your primary source of income. You also need to estimate the lifetime of a product, and when you will need to add additional capital, if necessary. Likewise, you must determine what it means to you and the rest of your business if the project is successful.
Related: 5 Goals New Product Prototype Development Will Help You Achieve
Position yourself for success
Funding is the backbone of any successful project. Therefore, you should be wary of investors and clearly evaluate your monthly allowances (such as reserve money). It’s easy to waste resources as a result of such inattention. Yours energy must be channeled to realize goals as a developer; I can’t stress that point too much.
And, of course, things may not go according to plan. This is considering that entrepreneurs experience challenges on their way. There will be bad days and good days, but the bad times don’t last long — only the tough guys survive — so stay motivated and stay focused on the game.
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