Do you have a great idea for a product or device that could change lives? If you’ve been inspired by Shark Tank to dream big, maybe it’s time to put your dream to the test. Here are some things you should know in order to get your idea off the ground.
Get the Money
It takes money to launch a new product, and not all money is created equal. Find your money the smart way, from reliable resources. Sure, you can talk to your family and friends who might like to support you, but there are other options as well. Check out microloans and crowd-funding sources in addition to more traditional credit lines.
To Patent or Not To Patent
A patent is nice, but not always necessary. And if time is of the essence for your idea, it’s probably not something you should tackle upfront. Patents take a lot of time and effort and you may need to spend that time elsewhere at the beginning. File for a Provisional Patent Application. It will give you 12 months before you have to officially file for the real thing.
Use Contract Manufacturing
Long gone are the days when you used to have to build your own factory from the ground up. Now you can use contract manufacturing to get the job done. If you need processes such as milling, wire cutting, and lathing, contract machining services are available as well. Many companies are more than happy to hire out their services, equipment, and skill to produce your custom product.
Be Smart With Marketing
Get your product onto social media platforms as soon as possible. It should have its own website and tagline. Utilize email marketing, pay-per-click, and search engine optimization to your advantage. Most of your customers are now online, and your product should be, too.