After reading this article named "The 7 steps of effective product development" I have picked up some many teamwork tips, leadership tips, and an idea of how complicated it is to make your own idea or product come up and be invested. I don't know if I'm sounding right, because I'm a bit tired, and mind clouded haha so I'll do the best I can to make sense in my words.
One tip I saw that I felt was helpful is number 3. Don't skimp on materials or manufacturing. It says, A low-cost vendor isn’t necessarily your best bet. “It’s important not to make purchasing decisions based solely on price,” Ko says. “You have to go for quality and reputation.” That may mean spending a little extra, given that top-shelf suppliers, labs and manufacturers tend to charge more.
Look online, attend trade shows and collect industry recommendations. You may need to hire an agent to find a factory for you. However, Ko cautions, you must personally visit any factory you’re thinking of partnering with, even if it’s 8,000 miles away.
To ensure that production is up to snuff, create guidelines for every manufacturing detail.
“It’s not enough to outline 85 percent of the process,” Hong says. For example, don’t simply say that your product should be constructed of stainless steel—specify a grade, or the factory will likely use the lowest-end option.
Don’t expect a flawless product off the bat, and stay on top of every detail. “You have to check that,” says Amy Wenslow, CEO of Products to Profits, a consultancy in Pasadena, Calif., that helps entrepreneurs develop, market and sell their products at stores such as Walmart, Target, Lowe’s, Bed Bath & Beyond and Big 5 Sporting Goods. “It’s like a Grand Canyon-size cliff if you don’t. Because that’s your opportunity to sign off that your product is correct, and if it’s not, to have the production line stop and fix it.”
I think I learned the most in that tip, another one I found really helpful is number 6.Protect your ideas. It says, Intellectual property laws can protect you only if you arm yourself accordingly. Hiring a tough IP attorney is a must. But before you shell out thousands, visit the U.S. Patent and Trademark Office website (uspto.gov) to learn about these protections and ensure that your idea hasn’t already been patented or trademarked by someone else.
As early as possible, you should trademark your product name, purchase the corresponding web domain and file a provisional patent application, which won’t break the bank but will allow you to stake a claim on your idea while giving you a year to file a formal application.
You probably won’t be able to afford to patent your products in multiple countries from day one—you’ll likely file a U.S. patent first and add others as it makes sense. But it helps to determine early on where else you may want to market your idea, Wenslow says, because once you head down this path, the deadlines for filing patents abroad arrive quickly.
Everything about this really gave me a clear idea of how to protect me idea and how to go about it without hurting that idea. Now, the last one that I would like to point out is number 4. Price it right. This tip is the best tip out of all seven tips in this article. I think this because, many things that are being sold out there and are trending; are being sold at a high, and horrible price! okay. This says, Many entrepreneurs fail to factor in all overhead costs—including shipping and duties—when considering pricing. Other mistakes: gauging incorrectly what consumers will be willing to pay, not knowing where you want to sell the product and thinking you can make the same profit margin from high- and low-end retailers. For example, selling at Nordstrom will yield a different margin than selling on Amazon and may require different packaging, Wenslow says.
Wait to do the math until you’ve nailed down all the particulars. Once you run the numbers, if your profit margins are too low (or the price you need to charge to make a profit is too high), you may need to whittle down your manufacturing costs.
Hong is a fan of looking to the marketplace—at comparable products and industry margins—to calculate product price. “I’ve always been a big believer that your cost and the price is driven by the market, unless you are creating a new market for a product,” he says.
If you need help setting prices, Wenslow suggests enlisting the services of a product development consultant or sales broker.
Okay, I hope this was really helpful to everyone that have read this, and I'll catch you later~ BAM!
(picture cred: Erin Fetherston The Wildwood 163 Designers Reveal Their Fall Inspirations -- The Cut )