Product development is going to include all of the steps needed for you to go from “I have a great idea,” to “I invented ‘xyz’ product you see in stores.” However, there are a lot of factors that go into this process, and it can be very easy to let excitement get you into the process when you should maybe consider waiting a bit longer.
What are some factors to consider?
The first– is there a need for the product? If you are creating the product to solve a niche problem that you encountered doing a chore at home, there may not be enough of a need to go through the whole process. If you are creating the product to solve a problem that you know many others face and could benefit from having a solution to, you should consider starting the process! This can be determined by talking to potential customers, doing research or sending out surveys.
The second– is your solution viable? If your solution involves a ton of work on the user’s end, people may not care enough to use it. Something to keep in mind is that a majority of people want something simple- if your solution isn’t simple, people are likely to not consider your product at all, or even look for a way to simplify it themselves and become competition.
The third– do you know exactly what you want? It’s important to think about the small details. Do some research, even if it is just you jotting down those details in a notebook, they will be important in the process down the road. You don’t want to let your lack of details turn into a company taking your idea in a direction you hadn’t quite intended.
The fourth– be sure to consider financials. The most modest of products is going to cost up to hundreds of thousands of dollars, but depending on the complexity of the product can get upward of a million dollars. The last thing you want is to invest money to get started then not have enough to finish. Make sure you have a good financial plan before you decide to get started.
If you considered these things and still feel strong about your product, then maybe it’s time to get the process started! You can reach out to us here at The Hendey Group and we can start discussing your big idea!
Interested to hear more about the product development process? We will continue to post here on our blog to teach you what we can and answer any questions you may have. You can follow our YouTube channel for information about products we have already brought to life for others just like you.