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I have a great idea for a physical product...what should I do next?

by ashloren
9 replies
Warriors,

I have what I think is a great idea for a physical product, but I don't know anything about how to make it a reality...nor do I have tons of money to invest in it at the moment. I've done some preliminary research online to try and find out what my options are, but haven't been able to unearth much so far.

I imagine I need a prototype built, no clue how to do that either.

I guess my question is...what is your advice as far as how I should proceed with this idea? What might be a good step to take next? Any advice would be greatly appreciated.
#great #idea #physical #productwhat
  • Profile picture of the author threezerozero
    you'll definitely want to make a prototype. doesn't have to be exactly how the final product looks, but just so it works and can be used for whatever the function might be. there are people that do prototyping and build these things, but it depends on what your product is. the prototype will help you refine your design and you can get feedback to make it better.

    while you're getting the prototype done you should definitely think about the market. who do you want your target audience to be? know anything and everything about your audience, you'll be able to cater to them better, but it will also help you establish a price point for your product.

    you stated that you dont have much to invest, so ill be assuming you'll be looking for investors. investors love numbers....sales, revenue, profit, break even point as well as your plan of action. the more details you can lay on them, the better.

    feel free to shoot me a PM if you have any other questions as the company I used to work for made new products for emerging markets. the process is a little different, but its relatively the same.
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    • Profile picture of the author The Real Deal
      I would stay away from trying to create and market a brand new physical product on your own, unless you have deep pockets and a good amount of patience. It can be a long and windy road to invent a new product and actually make money from it. Its difficult to foresee and plan for all the problems that can (and will) occur on the way.

      What I would do is one of the following:

      1. Get a partner on board who has experience and financial backing. Instead of spending your own hard-earned money trying to develop a prototype spend someone else's money! Make sure you sign a strict NDA with anyone before revealing the details if its a really good idea, and even with an NDA in place only deal with people you feel you can trust.

      2. Simply license your idea and let someone else do all the hard work! This is by far the easiest option and it can be hugely profitable. There are a lot advantages to licensing it to a professional company in the same field since they know the market and already have the distribution etc. in place. I bought this book for my sister, (she is full of great new ideas but never manage to take them "all the way") and she loved it!

      How To License Your Million Dollar IdeaHow To License Your Million Dollar Idea (not an affiliate link)

      Here is a company that help you to turn your invention into reality and make money from it. They look good to me, but I can't vouch for them in any way.

      Invention Marketing Help For Patents and New Ideas (not an affiliate link)

      Good luck!
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  • Profile picture of the author conanedo
    maybe you can try to sell other similar product if that product have many consumer then you can create your own product.. you can outsource that process maybe you can look this website thomasnet.com
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  • Profile picture of the author jamesrich1
    ashloren unless your willing to dedicate your life to turning your idea into a tangible reality then do go any farther. When I say dedicate your life I me be prepared to spend tens of thousands of dollars, thousands of hours and a lot of potential temporary defeat into turning this idea into a tangible form.
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  • Profile picture of the author fcebri24
    You could enter angels investors contests that are done throughout universities in the USA and expose your product. If you win, then the investors will help you pursue the creation of the product. Also, just type angels investors in google to see what you find out, but no worries there are plenty of options out there.
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  • Profile picture of the author MelanieandMiles
    I'd recommend reading the book: The Lean Startup

    Figure out a way to test the feasability of the product before spending $ on production. Build a sales page, send some traffic to it, see if it converts. If it does convert instead of a checkout process, have a 'sorry were back-ordered' message and an email opt-in for when you have more in stock.

    Once you have the means to sell the idea, then you have reason to create a prototype.
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  • Profile picture of the author Weedy92
    Well before you get too excitied, you'll need to file a patent.. You're talking thousands of dollars, I've been down this road before.
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  • Profile picture of the author Randall Magwood
    You could always buy a grocery store or a dollar store.
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  • Profile picture of the author Virtualghost
    Depending on what is may be able to find a warrior from China who can help in manufacturing most ideas built there.
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