It’s not easy to develop products for a home based business. Chances are you don’t have a laboratory to formulate and test your own products, or you don’t have enough packaging and marketing strategies. So what do you do?
The good news is that since you have thought about it, you are already on your way. Don’t waste too much time looking around; you will be lost in a sea of information. Look at yourself and think deep. Because you are the solution, as Donald Trump would say. So here’s what you can do to develop your own product.
A wise decision would be to find something which people want, which they don’t have already. And people are a key here: you need to communicate with them. So go ahead and start questioning your friends and family, your business colleagues or clients. Ask them what they need. Give them a survey to fill out, or a poll to vote on. To reach them you don’t have to personally travel to them. That’s why we have phones and internet. Call them or email them. We also have forums and chat rooms which are a great way to extend your voice, so post your questions there. Be a detective, but you must love this game of hunt, otherwise you might just do something else.
Now that you are already into it, remember to be very well organized. Practice taking notes of any important points whenever you stumble upon one. Keep your information in ordered on the computer or using labels and folders. Use an organizer along with a calendar comes in handy too.
After you have discovered what people need but don’t have, it’s time to get down to creativity. You don’t need to think like scientists and invent something new. Just do some research on previous versions of this product. Use them as a base of your product. To do this, you can read trade journals, browse the internet, go through old magazines, and ask a librarian for advice on where to look. Your research must be focused on how to improve on the product so that yours will stand out from the rest.
It’s best to do it in a group. Seek help from the experts or the experienced. Of course, you will have to share revenue, but you will also share market funds with them. You don’t have to do it alone. Team based work will get you much, much farther in a shorter time.
Be sure to ask for legal help as required. You might be needing licenses, contracts, special permits and so on. Consulting the Small Business Administration is a good idea. Proper setup is important. You don’t want to get tangled in legal issues.
Finally, after you have achieved success from one idea, move on to the next. Now that you have gained experienced yourself, coming up with a new product should be far easier. Maybe you can go back to your notes to see which you would like to do. This way, you are helping both yourself and the community by giving them something they need. Or maybe you can help others too with the host of information you should be possessing by now.
Creating your own product is a tremendous amount of work. But once you have done it, the rewards will be worthwhile.