How to Turn Your Idea into a Profitable Reality

Everybody is full of good ideas, but turning that idea into something more concrete can be where your plans come to a grinding halt. However, regardless of your level of experience in this field, you can get the results that you are looking for if you know which areas to focus on.

1. Researching your market (and building a business plan)

To start, you will have to research your market to ensure demand for your product exists before you start manufacturing. Having an idea of your costs and what you will be asking for each unit will provide you with a profit margin. This is very important; if your idea is not cost-effective, it will not make any money and you will soon go out of business.

2. Drawing up a business plan

At this point, you should draw up a business plan. This will be useful when applying for a business loan or attracting investors. However, it is important that you fully understand the difference between the two. A business loan will make your finances easier to budget as you will have to pay a set amount every month to pay back your loan.

In comparison, investors will be buying into your business. They will want regular updates on their investments and will have a say in how your business is run. Each one comes with advantages and drawbacks – you will need to establish where you want your money to come from.

3. Getting your product designed

Once you have a business plan drawn up and some financial security in place, you will need to seek out a company offering product design services. They can take your ideas and run with them, providing you with a bespoke service that will start with your idea and finish with a product that has been quality tested and is ready for the manufacturing process. You will even be provided with an optimized BoM (Bill of Materials) for further production.

Finding a manufacturer to take on your work can be relatively easy, but if you are struggling to find anyone or are worried about approaching manufacturing companies, then your product designer may be able to help.

4. Marketing your product

Marketing is how you are going to sell your product. Here you have two options, either do it yourself and struggle to make enough sales or opt for hiring marketing professionals that will be able to get you results fast. Here again, it is essential that you understand all the different types of marketing that are open to you and for the sake of getting as many customers as possible, you try them all.

Online Marketing

• SEO, keywords, content marketing, backlinks, and making your website more readable to search engines.
• Social media, posts, blogging, influencer marketing, and connecting with potential customers.
• Paid advertising, inc pay-per-click and pay-per-impression.

Offline marketing

• Posters, flyers, and leaflets
• Newspaper advertising and magazine advertising
• Radio broadcasts, specialist podcasts, and TV programs or advertisements
• Promotional stands in malls and storefronts