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How Hardware Startups Succeed—Planning & Research
The month of December is often a quiet time for businesses, and yes, even hardware startups. Right now, businesses everywhere are working to close out 2018, finalizing budgets and forecasts for 2019 as well as taking time off to enjoy the holidays. Your emails are going to receive a higher than average, “Out of Office” reply and your voicemail messages will take a bit longer to be responded to—it’s the December lull. The next two weeks tend to be quiet, but that doesn’t mean that you can’t make this time useful. Below are four ways hardware startups can use holiday “downtime” to their advantage.
Develop a Product Requirements Document
If you are just getting off the ground, you are going to need to start this. However, if your hardware startup is up and going, you will want to refine this. Either way, a Product Requirements Document (PRD), is good for business. According to Bolt VC, a PRD adds a tons of value in a few strategic areas: aligning your team, seeing around corners and constraining the design.
Professional Tip: Don’t let your PRD become too cumbersome, the documents that are short and direct are often the most beneficial.
Design a Marketing Plan
Products don’t sell themselves. Maybe you had some buzz around your crowdfunding campaign, you beat your funding goal and now you believe that your product will be flying off shelves—wrong. You need a marketing strategy. Whether you are a one-man operation or there are a handful of people working on your startup—your hardware startup needs a go-to market strategy. Top hardware startups have a solid marketing strategy that is easily communicated.
Professional Tip: This Forbes Marketing Plan template is an oldie but goodie. It has amassed almost four million views since 2013. It’s a clear marketing roadmap that helps you sculpt a true vision of where you see your business going.
Product development, manufacturing, distributors, retail, channel partners—all of these need to be thoroughly researched and vetted. Take these next two weeks of December to look into potential partnerships and ideal partners. Learn all you can about them, write questions down, research their past and current clients, try to schedule a meeting—all of this research and face-time will payoff.
Here are a few good business articles to consider:
- Six Tips To Form A Channel Strategy For Your Hardware Startup (Forbes)
- Go-to-Market Strategies Hardware Startups Need to Adopt (Brinc)
- Product Retail Fit: 10 Things Hardware Startups Should Know (HAX)
Asses Past Goals & Make New Ones
Millions of people now are actively making their goals for the New Year—your hardware startup should be doing the same. Top hardware startups take time to define measurable goals. Take time to critically assess your 2018 goals—what went right, where did you misstep, where did you excel, how can you do better in 2019 and beyond? After you have gone through those goals, set new ones and make sure you have a system in place to keep you on track.
Professional Tip: Setting SMART (specific, measurable, achievable, relevant and timely) goals can help you evaluate the goals you wish to set. Think about whether they are realistic. You should write down your goals in your business plan to help keep you on track to achieve them. (Australian Government—Business)
Take time now to plan ahead and align your startup up for success in the New Year.
3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.