A few thoughts on our favorite topics... Remember, we're all about helping you achieve your goals without being overwhelmed in the process.
Everyone knows that when you discover a great product idea, you’ve had a serious journey. People spend months, years even trying to perfect and create a great idea. It is the most difficult yet exciting part of the process.
I’m sure you did your research on the market. I’m even sure that you tweaked your product to make it relevant for the market. But, did you remember to keep your product as simple as possible? You don’t want it to be so complex that consumers don’t understand it.
Here are a few things to remember when you’re creating your product. I can’t even keep count of how many times I’ve said any of the below to clients…
Your opinion doesn’t matter, but the customers does.
It does not matter what you think about your product. You can’t generate the revenue yourself, that’s what customers do. Of course, you believe in your product and think it’s the greatest thing on earth. But everyone else will not believe that as much as you do. It must be a priority to constantly obtain feedback from target customers to confirm your product is worth it. Often, people will provide insight into things you haven’t even thought about. So don’t be afraid to ask, that feedback is gold for you.
Don’t break your budget with development or design.
When you’re venturing out into something new, you won’t have a clue what you’re doing. But, that doesn’t mean you have to pay an arm or a leg just because you don’t know. I’m sure your first step was to Google different firms and agencies close to you or find the cheapest. The cheap firms were probably too inexpensive to develop a quality product for you. And others were probably way too expensive for your budget. I have found more designers and web developers by talking with friends about my new client projects or on freelance.com. Friends can always recommend someone, so it’s always important to let others know what you are doing, without giving away your idea of course. On freelance.com you can ask for samples of work and check out their user-submitted client reviews. You can also always contact a school or internship program for help. Students who are trying to build their portfolio are always a great low-cost solution.
Don’t stray from your bible, I mean business plan!
Remember, you don’t want to stray from your business plan while in the design phase. I’m not saying you can’t pivot, but make sure that it doesn’t stray too far from your mission, values, and goals. You spent weeks writing that business plan ironing out all of the details. You created marketing plans and financial projections for your market, so make sure that your product design and development is always aligned with your marketing, sales forecast, profit, and cash flow.
You are not limited to the USA.
Most entrepreneurs feel they have to stay local, and that makes sense. But it’s pretty expensive to manufacture a product on US soil. Let’s be honest. Production costs can topple tens of thousands of dollars in comparison to producing in East Asia. And you can’t always afford to allow this factor to make or break your business. You can always start abroad and bring production back home, once your cash flow allows you to. Be sure to account for shipping and import taxes when manufacturing abroad. Those two expenses are key in making your financial comparison to producing in America.
Need a Patent?
So you turned your idea into a business plan, got feedback and are ready to manufacture your product. Do you need a patent? Did you talk to and/or hire a lawyer? A patent is the legal protection of your idea. If you can, I’d suggest getting a provisional patent. It’s a low-cost method to protect your idea for one year, while you test your product out on the market. After that year, you can either pursue a full patent or toss your idea.
These are just a few of the most common topics I have with clients. If you have deeper questions about any of these topics, give me a shout!
-give your brand the good life-