Start a Business From Your Product
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Do you have a new product idea and want to start a business? It can be hard to navigate where to start and what steps to take, but this roadmap should help lead the way.
Come up with a business plan and know your market. The first stage from the get-go is to come up with a business plan so you are ready to present information at any time necessary to possible investors or customers.
Make a prototype. This is where you explore and iterate. You’ll make a creative design, and then take it to a product design company where they’ll refine and improve it. Choose a product design company that best fits your needs and capabilities. Do you need a one-stop-shop for all the services you need? Or are you more of a niche customer that needs a specific service? Think about the quality of the service when choosing your prototyping and design services.
Patent Your Idea. First, do an initial patent search to make sure the idea hasn’t been patented before. You can do this by going to uspto.gov for a Quick Search or an Advanced Search. You can then file for a utility, design or plant patent, based on what your idea is — in this case, it will probably be a utility patent. Then, submit the necessary paperwork which will include the application filing fee, cover sheet, written description of your patent, and drawings. In some cases, if you’re applying for a non-provisional patent, you’ll make patent claims, an oath or declaration, and a disclosure of prior art. These are formal statements where you’re stating the subject matter and claiming that everything is yours and made by the inventor, which is you. Patenting your idea is a formal and exciting step toward bringing your idea to life.
Gather feedback on your prototype from the market, as well as friends, family, coworkers, and industry experts. Test out its capabilities and its structure; perform stress tests, etc. This will ensure that it’s designed for manufacturability and it’s ready for production.
Manufacture your product. After you’ve ensured that nothing needs to be changed with the prototype, it’s time to manufacture your product. For plastics, it goes through the injection molding process, and for PCBs, it goes through circuit board assembly. Orders can be either small batches if you want to take it slow, or large batches. But if the prototype was designed with manufacturability in mind, there should be no worries.
Market your product based on your business plan you came up with in the beginning. This includes launching the product on Kickstarter or Indiegogo or pitching it to angel investors that would likely invest capital in your business. Either way, marketing is one of the most overlooked but hugely important steps to launching a product from the ground up.
If you’re just starting a business or launching a product idea from the ground up, these steps should help you navigate the road.
This article was published by the Jaycon team. Learn more about how we can take your product design and hardware idea to the next level here.