I have a new product i want to put on the market but i have no idea where to start. Where do i need to start and what is my best optionsI have a new product i want to put on the market but i have...

I have a new product i want to put on the market but i have no idea where to start. Where do i need to start and what is my best options

I have a new product i want to put on the market but i have no idea where to start. Where do i need to start and what is my best options

Asked on by heath2785

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litteacher8's profile pic

litteacher8 | High School Teacher | (Level 3) Distinguished Educator

Posted on

You need to start by doing research to see if a similar product is on the market somewhere. If not, then you can go ahead and attempt to patent it. From there, you can try to find a way to fund the production and marketing, such as a venture capitalist. Should you find an "angel" you will still need to find a distributor. If you are lucky, some existing company will buy the idea from you. Otherwise, you can build a business around it and sell it yourself. It really depends on what the product is.
krishna-agrawala's profile pic

krishna-agrawala | College Teacher | (Level 3) Valedictorian

Posted on

The very first thing you need to do for ventures like this is to examine the technical and commercial feasibility of marketing the product you have in mind. For this you investigate and answer questions like can you procure or manufacture the product at a an economical price. Is there a market for sufficient volumes of the product? What kind of financial and other resources will be required, and do you have or can arrange these resources. Please remember to do this itself you will have to invest considerable time and effort and some money. And after spending all this, you may reach to the conclusion that it is not worth while pursuing this project further. But If you come to the conclusion that it is worthwhile going ahead for the project, then you should be prepared to spend more money on the project. A good feasibility itself will give you fairly good idea about the further course of action. Still if you feel that you need some more advice for starting your business venture the option is to hire a management consultant. If at this stage you neither have a  idea yourself about how to take your project further, nor you you have the resources to hire the services of a consultant, chances are that the project is beyond your capacity, and it may not be wise to go ahead with it.

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