You’ve been hit with a bolt of inspiration and are excited about bringing a product to market. Excellent! However, before you jump too far down the rabbit hole, you’re going to want to make sure you’re ready!
Before we begin, it’s important to understand that this isn’t a step-by-step list to guide you on the process. Instead, it is a few things we believe are important to give you the best chance at success. Let’s not waste any more time and jump right in!
Find Your Niche
Why is this product something that needs to exist? There are several answers to this question, from filling a location-based void to solving a unique problem. However, make sure you’re really focused on finding a good answer to it. Whatever you’re bringing to the market doesn’t always have to be completely groundbreaking or earth-shattering, but it should fill a gap that others are not currently filling (or even aware of!).
One thing that can help you get a grasp on this unique value proposition is by researching your competition. Figure out what they’re doing right, what they’re doing wrong, and where exactly you can fit into the puzzle. You might find out that the product you planned on creating already exists (albeit in a slightly different way), but now you can alter your offering to find a stronger niche.
Just because someone is already doing something, doesn’t necessarily mean you couldn’t do it better, cheaper, stronger, or with better customer service.
Hope For The Best, Plan For The Worst
Shoot for the stars, you miss 100% of the shots you don’t take, or any of the other inspiration quotes you prefer. If you’re going to try something, go all in and give it your best effort. However, this doesn’t mean being unrealistic.
We’ve said it before, and we’ll say it again, success is not a straight shot to the top. Small issues, setbacks, and full-blown failures happen, but being prepared to deal with them will help you bounce back ready for round 2. For example, if failure would mean you lose your home and savings, perhaps spending some time getting angel investors on board is a good idea.
Surround Yourself With A Strong Team
You might be alone now, but trust us, you won’t be forever.
Eventually, you’re going to need some help, whether that’s directly hiring someone, reaching out for consulting, or partnering with the right distributors. Take plenty of time when making these decisions as they are crucial to your success. Make sure your strengths compliment one another, while also filling the gaps in your weaknesses.
Check Out Another Blog: Failing Forward: How To Do It And Why It Matters
Lean On People
There are countless people who have been exactly where you are right now. They know the feeling of getting ready to step into the unknown, to take the plunge, to push your chips onto the table and hope for the best. However, they also know what they could have done differently to maximize their chance at success. After all, sticking with the poker analogy, you aren’t playing the cards, you’re playing the man across from you!
Visit entrepreneurship centres, reach out on LinkedIn, attend events, and find every opportunity to get in touch with people who know better than you! Not everyone will be giving handouts, so don’t expect that, but most are happy to try to help another small business succeed.
Speaking of experts you can learn from, the latest episode of the Thinc. Underground podcast is unmissable for just that reason!
This episode of the Thinc. Underground Podcast features inventor, artist, entrepreneur, and Founder of Bond Invention House, Don Fletcher. Don shares his expertise from a place of experience as he has spent ten years prototyping, testing, and successfully marketing a cutting edge piece of renovation tech. “There’s a long process from an idea to retail sales.”
Business is about solving problems, and there are few better teachers than those who have been doing it for years!