Sunday, August 25, 2013
Every now and then a really good idea can pop into your mind. Suddenly you may spot a gap in the marketplace and think of the perfect product to fill it. How you can you capitalise on this great idea and make some serious money?
You don’t have to have a degree in business to start your own company. There are many highly successful entrepreneurs around the world who started off without any business experience at all. They were lucky enough to spot a niche corner that they could exploit and had the determination and drive to see it through. They were able to make real business opportunities from their big ideas and with a little help you could to.
How to Develop New Products
Developing new products is actually relatively simple. As long as you follow these golden rules you should be able to design, create and produce profitable products that could help you start your own business empire:
· Research Your Market – before generating ideas for new products you need to research the marketplace. Use feedback from customer surveys, information from competitors and suggestions from those in the industry to develop potential ideas.
· Assess Business Ideas – once you have thought up some ideas you need to assess them carefully. Think about how they would fit into your overall business strategy and how they might fit your skills and resources. There is no point considering ideas that would be too expensive or technical for you to develop.
· Sales Potential – look at your product ideas and try to estimate their sales potential. Market surveys can be useful to help you analyse whether or not there would be a good demand for them. Identify potential risks (such as strong competition) and try to overcome them in your marketing strategy.
· Branding – start designing your product branding. If you don’t have any experience then it might be a good idea to get expert help. Branding is essential when it comes to developing a strong place in busy markets.
· Production Strategy – outline your production strategy. How are you going to produce and package your product? Get quotes from companies like Neatcrown Contract Packing to see how much it would cost to produce your product. This will help you understand how much you need to sell it for and what potential profits you could expect.
· Prototype – develop a working prototype of your product before you go into full production. This will help you to spot potential problems and overcome them before you spend a lot of money on stock. You can also use your prototype to test market reactions. This can be a very beneficial way to ‘testing the waters’ before you commit yourself to your new product range.
· Reassess Product – once you have the prototype, cost information and feedback from customers reassess your product. There may be some critical changes that need to be made before you go into production. You may find that the whole product may need to be re-thought. For example you may have used a gel-based format for your original product but found that Contract Liquid Filling packaging is a more financially viable alternative. Redesigning your product in a liquid form may make it more commercial viable and also increase its sales potential to customers.
Designing a new product can be a great way to start your own business. If you have a good idea, then don’t let it go to waste. Get started now and work your way towards developing a great new product that could make you your first million!
Chris Hoole has always wanted to run his own business empire. With a few great ideas and a little help from contract contract liquid filling services he has now developed his own successful organic gardening range.