Today I had an experience I will not soon forget…….This experience deals with NOT loving your product idea sooooo much that you do not listen to reason and jump the gun and order 300,000 units before you have customers. When I told the developer that the product was good, but maybe will have a hard time finding it’s nesting place in the market….I GOT AN EAR FULL!
I know every product developer LOVES their baby. An idea that they have slaved over for many years, you know THE ONE that they have lost many hours of sleep over. You’re so in love with it that, like having a new boyfriend, you do not sometimes see the warning signs, listen to the advice, and all because we’re in love! How wonderful….
I have some advice you should consider when trying to consider developing a product, or NOT. I want to help you avoid some tragic, killer mistakes.
Pointer #1: when you are developing that “no one has ever seen my type of product or invention before” please make sure you do some basic research before you soak a ton of time and money into manufacturing 300,000 units.
Pointer #2: you do not ever want to be legally barred from making or selling your idea because of someone else’s patented product. Do a patent search first…..No big deal….
Pointer#3: go and simply ask your ideal customer if they would buy your product (if it is a secret, describe as best you can). It is pretty simple and not complex. If the response is less than you expect, it is OK. Do not get defensive, confrontational or freak out. It does not mean that the idea is bad, it may be as simple as you your targeting the wrong customers, with the wrong item, at the wrong time and place. Do some homework research and talk to others about what you want to offer. Get feedback first, then evaluate. First place to start is here StartupNation.com…. ask us, them, everyone about what they think….DO RESEARCH!
Pointer#4: try to realistically step away from the emotional side of the product. Seeing if it has a home in the market place can be tricky. Making an emotional decision with regards to what a customer would want, could be a hefty mistake.
Pointer #5: produce enough samples or product that you can afford. Do not break your back by going into debt. Start smart, start SMALL!
Pointer #6: maybe going overseas right out the gate is not a good idea. Bigger is not always better. Maybe you do not need to order 25,000 pieces to get a good break. I know many clients who now are sitting on inventory they cannot move..OUCH!
Be a good researcher, be realistic and always……..
DREAM BIG!- but be smart!