How to go from dream to reality - creating a new product
Have you ever had a good idea for a product but not had the opportunity to pursue it? Perhaps you have a great idea but don’t know how to get started?
New products often come about when you can’t find the solution to your particular problem. That was certainly true for me. I came up with the idea for Futliit LED backpacks when my eldest daughter started secondary school and I was worried about her safety walking to school in the dark winter months. I couldn’t find a suitable light up backpack so decided to design my own backpacks with integral LED lights that would help keep school children and commuters safe on their way to school and work.
Here are my top tips to turn your product idea from a dream to a reality.
1. Research, research and research some more…
So, you’ve come up with an idea and think it’s got legs. Now is the time to thoroughly check it out before you spend any money. Does your product idea already exist and if so, what will make your version stand out in the market? Have you checked the trademarking and design rights databases to make sure that no-one else has registered a similar idea? How are you going to get it made and where? Will other people buy it?
2. Organise focus groups
Do you know anyone who fits your target audience who you could interview about your product idea? I had already quizzed my two young teen daughters about what they wanted in a school backpack but, for the price of lots of bars of chocolate, I ran informal focus groups with friends who’d got children of similar ages to see whether anyone else would consider buying a light up backpack.
The kids and their parents had loads of ideas about what they wanted in a backpack, how they thought the lights should work, what colours they liked or disliked and features they thought I should include. The kids for example were clear they wanted LED lights that were bright and easy to turn on without needing to find a switch inside the bag but that were practically invisible when they weren’t in use.
3. Create a prototype
I found a firm based in China, who were willing to help me translate my idea into a reality and oversee the production in a small family-run factory. They looked at the mock up I had fashioned ‘Blue Peter’ style and turned my rough sketches into a technical drawing. They then worked with the factory to work out how to insert the LED lights to make the backpack light up. To keep costs down, my prototype came in bright orange as that was what was available in the factory!
4. Write a business plan and a cashflow
Such obvious advice but I know from experience how tempting it is to skip this step. I can’t stress enough though how important it is to get down on paper exactly what you are doing and how you are planning to do it. It felt rather daunting so I started with a massive board and stuck loads of post-it notes on it describing all the different parts of the business and what they would cost. I moved them around until I was happy I’d thought of everything and then painstakingly started turning it into a business plan and cashflow.
Gradually, I was able to work out what I would need to pay for and when. This cashflow will help you find out whether you can make your product at a price point that your customers will pay, that will cover your all your business costs and still leave you some profit.
5. Ask for help
Don’t be afraid to use your contacts: most people are flattered to be asked for advice or help. I was amazed by how helpful even complete strangers were; a UK manufacturing director talked me through various issues and pitfalls even though he couldn’t make the backpacks for me in the UK.
In conclusion, be resilient. Things are never plain sailing and you will hit setbacks. Some of them you will see coming and others you won’t – Covid and lockdowns were a major issue for me. It will take longer than you think and it will cost more than you think so work in some contingency. Believe in your idea, put the work in and you will get there!
