Are you ready to launch a startup in 2018? As the year begins to wind down, many people use this time to assess current goals and make new goals for the year ahead. A new year is often looked at as a fresh start or a new beginning—a time to make a change and forge a new path.
If you are considering developing a product or launching a hardware startup in the new year, we have a few pieces of advice to help you gear up for this adventure and to get you started in the right direction.
Write Everything Down
Grab a computer and start typing. Write everything down that has to do with your product idea. What it looks like, how it will function, its size, who will use it—all of this needs to be down on paper so that you can review every detail about the innovative idea swirling around in your head.
Draft a Business Plan
We suggest that you draft a business plan, however don’t get bogged down by it. Business plans can be high level, and just a couple of pages at this point. A business plan is a great way to take all of the details you have written down, and organize them. A simple internet search for a business plan template can help get you started. With your ideas organized and in one place, you can then begin the process of listing “action items” and getting to work on them.
Make a Prototype
In the very early stages, a homemade prototype may suffice. Depending on your product idea, you might be able to find the items you need to build a rough version at your local home improvement store. As you build upon your idea and start to assess your target market, you will need to work on a functional prototype.
A functional prototype will allow you to refine your design, gather market feedback, rally financial support (if you are looking for VC or crowdfunding investments) and file a patent.
Consider a Partnership
Many people envision entrepreneurs as “lone wolves”, however this could not be further from the truth. No one person has the skill sets necessary to build a startup completely alone from start to finish—the key is to find quality partners. You might decide to bring partners on full-time or to consult with outside agencies (product development, intellectual property, legal matters, to name a few).
Schedule a Product Development Meeting
Often, entrepreneurs think that they need to have a firm idea in place before setting up a time to meet with a product development firm, this is not the case. Many times, a product development firm will be able to help you refine your idea and provide suggestions on maximizing the design. A product development firm has extensive experience in both design and manufacturing, so meeting them early-on is advantageous.
The new year is a time to step out of your comfort zone and try something new. If you still find yourself on the fence about developing that product idea, ask yourself this one simple question, Why not?
Have additional product development questions? Please e-mail them to us at email@example.com
3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.