Is My Product Idea Feasible

Blog Post 1

Product Development—Overview Of Process

Have You Had A Miserable Experience Trying To Get Your Product Manufactured

Do you have a great product idea you want to manufacture, but you’ve been discouraged. You took your idea to one of the big “inventor” shops and you weren’t taken seriously. It was really embarrassing. They treated you like you’re stupid and like your idea is stupid. You got the big brush off.

In the first place, going to one of these companies is very intimidating. They don’t seem to have much interest in “small potatoes”. First, they told you that you don’t even have a good idea. Then they told you there’s no reason to pursue it. They make you think that your project is too little for them and they can’t even be bothered with it.

After being belittled, they start throwing 5-figure numbers at you JUST TO TAKE THE FIRST STEP! You’re shell shocked because it seems like it’s going to cost 20X to 200X what you think it should cost. They tell you that for only $25,000, you will get a rendering or a tiny model—not even a full-sized model!

You leave feeling pretty discouraged, and at least a little humiliated. You still don’t even know whether or not it’s a viable product idea. The thought that you could be sitting on a gold mine haunts you. You’re not ready yet to give up on your idea.

Don’t Be Discouraged! We Will Tell You What You Need To Know

Step By Step You Can Assess The Viability Of Your Product Idea

We will systematically provide the information you need to know. Our mission is to help our clients—who become our friends—bring product ideas to life. This is the first in our series providing you the detailed information you can use.

A lot of clients walk in my doors here at N3DX feeling pretty beat up. I have heard all kinds of stories about their experiences. Hey, it makes me sad because I’m a dreamer and inventor myself. I’m always here to support creativity, inventiveness and better ideas.

Two Assumptions For Our Readers

You can assess the viability of your product idea yourself but know this. We’re starting with the assumption that you are willing to invest in your idea if you believe it can be profitable. Few people are interested in spending money for purely vanity projects.

We also assume that you are business-minded and relatively good at research. Those are two requirements you need to complete this process successfully. There will be a lot of research for you to do and we’ll lay out the details for you. In the end though, being business-minded is required for your final decision.

One Caveat To Our Readers

I want to put a little emphasis on the business case for your idea. It could turn out that you’ll find your product idea isn’t going to be profitable. There can be a fine line there where you might have to cut through your own denial and accept reality.

When I work with clients, we sometimes run into situations where the idea seems it won’t be profitable. What I’ve found is that we can often open up profitability through other avenues. Sometimes we can adjust materials or manufacturing processes. Other times, design improvements can increase both the price and the value—improving profit potential.

What I’d like you to remember is that there can be other options. Once you’ve done all the research and come to a conclusion, we could help you explore those other possibilities.

Overview Of Process To Assess The Viability Of Your Product Idea

Before You Start, I Want You To Understand The Process You’ll Use

I’ll start off with a high-level look at the full process you will use to assess product viability. Once you know what you need to do, it becomes a lot easier to do it yourself. For whatever reasons, there’s a lot of mystery around assessing product ideas. The biggest reason though is that the knowledge is specialized.

Besides the information being specialized, there are a number of ways to make costly mistakes. This is an industry where costs tend to be associated with innocent mistakes. I know my clients have a lot of fears about “learning the hard way”.

Here’s The Overview Of the Product Viability Process

This is a quick rundown of what you need to do. It’s a comprehensive list of activities you will use to assess your product. However, some products may require additional activities. Typically though, this process should provide the information you need to assess the viability of your product idea.

  1. Sign an NDA with everyone you share your idea with—before sharing the idea.
  2. Determine existing information that marks your starting point. Summarize it. This includes:
  • Ideas
  • Notes
  • Sketches
  • Drawings
  • Models
  • Research
  1. Do market research on your product idea.
  • Research Product Features of Competitors
  • Research Competitor Companies
  1. Do Manufacturing research.
  • Research Materials Options
  • Research Manufacturing Options
  • Project A Timeline
  • Research Preliminary Costs
  • Project A Price For Your Product
  • Develop A Step By Step Product Development Process
  1. Do Product Idea Patent Research. Create a summary of patent research. Apply for patent. This step can actually occur at various points in this process. Many clients though eventually want to protect their product ideas by applying for a patent.
  2. Create a summary of market research. You want to summarize your research in an easy to understand way. Often, this is the meat of the process and you want to document what you’ve learned. This information can come in handy in the future if you are looking for funding.
  • Research Product Features of Competitors
  • Research Competitor Companies
  • Product Idea Patent Research
  • Research Materials Options
  • Research Manufacturing Options
  • Project A Timeline
  • Research Preliminary Costs
  • Project A Price For Your Product
  • Develop A Step By Step Product Development Process
  1. Develop a rendering of your product.
  2. Analyze everything and come to a conclusion on product idea feasibility.

That’s the summary, and we will be drilling down into each of these activities. Don’t worry though. We will be providing you with all the details of each activity. You can assess the viability of your product design idea. Not only will we tell you how, we also provide you downloadable documents you can use to record your research and activities. This is just the beginning of this series.

That’s The Overview Of Activities You Use To Assess The Viability of Your Product Idea

But You Don’t Have To Do It All Yourself—We can Help With Our Feasibility Package

If you’ve read this list and feel a little deflated, don’t worry! We’ve got your back. Maybe your life is too busy to do all this. Perhaps you simply are not good at these kinds of research projects. We’ve designed a package of services that handles these activities for you. It’s called the Feasibility package.

If You’re Interested In Discussing This Package

Call Now, 720-639-4113, And Let’s Start The Ball Rolling!

If you’ve read this post and feel excited about your product possibilities, take action now. N3DX has a full suite of five Product Development packages, starting with the Feasibility Package. For the full details of that service, go to Feasibility package.

There is no charge for our initial conversation. We’ll answer any questions you have, and support you in pursuing your dream for your product idea.

 

Take Action Now

feasible roduct development

A businessman with hands on hips standing in front of a business scheme drawn on the blackboard. Back view. Black background. Concept of developing a business.

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