Bringing a Product Idea to Life: Six Steps

Introduction

• Developing an original product idea is complex and varies by individual.
• No strict blueprint, but common approaches exist among entrepreneurs.
• Presentation by Michelle Bally, who has experience with product development.

Six Steps to Product Development

1. Ideation

   • Starting point for product development.
   • Many entrepreneurs struggle with this stage, waiting for a "stroke of genius."
   • Best ideas often stem from iterating on existing products (e.g., Dyson vacuum).
   • SCAMPER Model: A tool for generating ideas:
     • Substitute: What materials can be substituted to improve a product?
     • Combine: What happens if you combine two products?
     • Adapt: What tweaks can improve a product's output?
     • Modify: How can you change processes to disrupt an industry?
     • Put to another use: What other markets can the product serve?
     • Eliminate: What can you remove to simplify the product/process?
     • Reverse: What happens if you change the production order?

2. Research

   • Validate your idea to ensure it’s marketable and people will pay for it.
   • Methods for validation:
     • Crowdfunding: Use platforms like Indiegogo or Kickstarter.
     • Feedback: Utilize forums like Reddit for honest opinions.
     • Market Trends: Use Google Trends to analyze demand for keywords.
   • Understand competitors and perform competitive analysis.

3. Planning

   • Concrete design and function for the prototype are essential.
   • Start with a detailed hand-drawn sketch.
   • Identify product category, quality, packaging, and labels.

4. Prototyping

   • Create a benchmark sample for mass production.
   • Expect to go through multiple iterations before finalizing.
   • Options for prototyping:
     • DIY for simple products (e.g., food, cosmetics).
     • Work with local professionals for fashion items.
     • Use 3D rendering for complex products.

5. Sourcing

   • Gather materials and find partners for production.
   • Build a supply chain with multiple suppliers to safeguard against issues.
   • Attend trade shows for networking and sourcing opportunities.

6. Costing

   • Calculate total costs (COGS) and determine retail price and margins.
   • Create a detailed spreadsheet listing all costs.
   • Compare options for local vs. overseas production.

Industry-Specific Tips

• Fashion and Apparel:

  • Start with hand-drawn sketches.
  • Consider print-on-demand options.

• Beauty Products:

  • Focus on natural ingredients and sustainability.
  • Research regulations (FDA, labeling, etc.).

• Food Products:

  • Low-cost development from home is feasible.
  • Utilize licensed commercial kitchens or co-packers for production.

Conclusion

• Every product journey is unique; challenges are common.
• Maintain a positive mindset and follow structured steps.
• Selling online is easier with platforms like Shopify, with a free trial available.
• Encourages viewers to subscribe to learn more about online business development.