This will be the third part on the blog “idea to finished product”.
In the first segment we talked about if the idea is worth developing.
In the second part we talked about what to think of when you develop.
In this post we will talk about how to test and develop your idea. Keep in mind that this part takes time and contain many failures until you get it right. Here we will test many different concepts until we find the perfect one to continue with.
I will give you some ideas and tips on how to produce your prototype and in this segment it will cost us money. I will share how you can get the money so you can develop your prototypes.
First now we take all the ideas and start developing a 3D model. 3D model helps you see how it will look and work. If you don´t have any experience there are many 3D programs that are free. If you don´t have time and feel like training yourself to draw in 3D I would recommend finding students who wants experience in their portfolio.
If you want high quality solutions and 3D model you need capital.
So let´s find some capital for our project.
There is many ways to get money to develop your product, before you ask anyone for money you must have a solid business plan:
*you need to know the cost of producing your product and how.
*how and who will run your business.
*Why is your idea worth investing in?
*how will you sell your product and to whom?
*How much profit will you make?
*how will you run your company and where? (Cost, employers)
To get this information you must contact a supplier. Go to Alibaba.com and search for a similar product. Ask them how much it will cost you to make a custom made product and how much you must order. Don’t forget to have all this in your calculations also: product cost, tooling cost, labour cost, taxes, customs, shipping cost, documents, patents, registrations. This suppler must not be you supplier in the end you only need to fish out how much approximately it will cost you to produce your product.
No one will give you money if you don´t have everything planed out.
So who will give you the money? here are some ideas:
*let your customer finance your idea.
Find your future customer and ask them if they are interested in developing this idea with you. Here you can negotiate and for example offering them to own a percentage of the product or another deal that benefits them.
In Sweden you can apply for founding if you have an idea worth developing. It’s run by the government and the founding comes from the tax payers. The idea for them is to help people start a business so you then can hire people. This will decrees unemployment and when you make profit you pay taxes to the government.
Why would someone want to risk for example 500 000kr you ask yourself?
Many people who have a company and makes a lot of money have a period where the can invest their money or pay taxes with the “extra” money. Many reinvest their money and balance their books so the money don´t go to taxes. Here is an opportunity that they can invest in you. How do you find this people? You ask around
You have social media use it to ask people if they know people who are interested in your idea.
You can always see what junk you have home and sell it online. Many people buy second-hand things. One day I noticed that we have a lot a lot of stuff that we never use so I uploaded it on Facebook marketplace. This was fun selling stuff I didn’t use so a made a competition with my sister on who can sell the most online and the reward was if we made it to 2500 kr we would by tickets for Kevin Hart live. After 1 month we totally made 10 000 kr with stuff we never used.
*Start the university
This was something I did at the beginning. There was a university in my city and they had everything I needed to produce prototypes. So I applied for a design course that was 6 months and I had class 1 time every 2 weeks with no tests. Our assignments was to create stuff. So with this I started to contact people form the workshops and made a good connection with them. They then let me use their machines to produce prototypes. I would use scraps or buy material for a small fee.
This is some ideas on how to get finical support or produce prototypes for free.
But back to the subject. Now you have the money and you want to get help from an engineer. (3D market just to make it clearer) Find a good product development agency (3D market) and get and offer on how much it will cost you to develop the product.
When you have a finished prototype that works like you want, keep in mind it takes many prototypes to get it to a final functional sample.
Then we are ready to sell the product/idea.
In the next post we will talk about selling your product before production. The best is to sell your product before producing it, this will make sure you don´t lose money.
We will share how you can do it in the next post.
If you have any questions or need any help don´t hesitate to ask us for help.