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Product Development Strategy: Launching Your Idea
Did your 2019 resolution focus on product development and launching a business? The New York Post published a piece that says New Year’s resolutions, on average, don’t even last two weeks—that’s right, January 12th is the fateful day for many resolutions. Resolutions are hard—changing your behavior, mindset and shifting your focus can be extremely stressful if you jump in and do it all at once. We recommend starting slow, so that you aren’t overwhelmed, and building a support system to help encourage you and keep you focused. If you plan on starting a business in 2019, below are actionable items to keep you on track so that your resolution is successful.
The First Steps of Your Product Development Strategy
Write Your Goal Down
Write your goal down in one or two sentences. Keep it short and concise. Then post your goal somewhere where you will see it every day—whether it is at your office, your bathroom mirror, or as a reminder on your phone. Having it around will be a constant reminder of what you want to accomplish this year.
Find a Mentor
Business mentors are a great resource. You can bounce your product development strategy ideas off them and ask for advice when faced with obstacles. It will be even better if you can schedule a monthly meeting with your mentor to help keep you on track and pushing forward. Having a measurable goal and/or accomplishing a task before your next meeting will keep your startup moving ahead.
Start a Business Plan
There are many great business plan outlines online. Find one that fits your specific startup and start filling it out. Get all of your ideas, goals and ambitions out there on paper. You will see your plan start to solidify, and the plan will show you your strengths as well as your areas of weakness. Keep in mind that entrepreneurs aren’t great at every single aspect of business—and asking for help is normal, and extremely beneficial.
“Two founders, rather than one, significantly increases your odds of success. You will raise 30% more investment, grow your customers 3 times as fast, and will be less likely to scale too fast.” (Inc.: 5 of the Most Surprising Statistics About Startups)
Build a Prototype
By now you have an idea, you have probably sketched the product design out a few times, possibly built a rough version out of items around your home and you are ready to get going on an actual prototype. Great!
Depending on your product, 3D printing is an excellent option for initial prototypes. You can get a physical prototype in hours, refine the design and print again. It will take a few iterations to get it just how you are imaging it. Startups all over the globe are now turning towards 3D printing technology at various stages of product development—low cost and quick turnaround times make it ideal for budget conscious hardware startups.
Eventually you will want to build a functional prototype, especially if you are going to move on to patent protection.
Take your prototype and start talking to friends, family and people you know to gather their thoughts on your product. In your business plan, you have outlined your target market, so try to find people that fit in this category. Remember that the feedback is going to help you build the product customers want, so the design will most likely change a bit to accommodate customer needs.
Here at 3D Innovations, no matter the stage of your business, we can help you meet your goals. Our team has a proven track record in all areas of product development and we work side-by-side with you throughout the entire design and manufacturing process. Peek at the Case Studies section of our website to see a few examples of the startups we have previously partnered with, and how they leveraged our design and manufacturing expertise to reduce time to market.
Have additional product development questions? Please send us an email at email@example.com
3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.