Good Problems to Have When Starting a Business

November 24, 2021 by Zac Marton

A good problem to have in business is an issue that is created by having too much success. These problems are said to be good because they would not exist if the business was having poor or moderate interest from the market. Therefore, they imply that the business as a whole is on the right track. Some good problems you could have that warrant consideration when starting a business are not enough inventory, too many investors, and too many sales.

Within a business, inventory is ordered based on sales forecasts and past sales numbers. In a new business with no past sales to base inventory purchases off, forecasts need to be made in order to establish quantities for mass manufacturing at their production partner. Given that a manufacturing timeline averages 3 months from order to delivery, what can a business do if they run out of inventory weeks or months before their next scheduled delivery? Without the right manufacturing partner this can result in lost sales and unhappy customers who may never return once inventory is restocked. Esino owns our own factory so we are able to be flexible and prioritize orders for our clients who need more inventory fast.

A new business often accepts capital from investors in order to fund their start up phase. But what happens if too many investors want to put too much money into the business? This can create a situation where the owner of the business may lose significant holding and potentially lose majority shares. Entrepreneurs need to be wise when considering what investments to accept. Of course it is a great thing to have interest from capital providers, however too much money taken too quickly can derail the original vision of the company. If this is a problem that you are currently experiencing, schedule a consultation with an Account Manager from Esino who can walk you through what investment acceptance strategies that will work for you and has worked for previous clients.

When a business begins, of course they want to drive sales to create revenue. However, what happens if a company has too many sales in a short period of time? Problems can arise from this due to a lack of business infrastructure. In order to properly process sales there is a need for customer service, supply chain logistics, and accounting, among other tasks. Without these important staffing positions filled in a new business, it will be difficult to fulfill sales within a timely manner necessary to create happy customers. Esino can assist with this by providing our sales office staff to our clients for their use.

Starting a business will be a difficult task regardless of initial success or failures. Esino has been through this process time and time again and wants to be there for you as you build your business.

How to Prepare for Chinese New Year

November 16, 2021 by Zac Marton

Fifteen days out of every year, beginning on February 1st, the manufacturing hub of the world shuts down to celebrate the New Year with festivals, food, and family gatherings. With the average mass manufacturing timeline being 2-3 months from order to delivery, November is the time to place an order that can be in your inventory before all factories shut down. When thinking about your company’s Chinese New Year plan, consider your pre New Year inventory levels, if it is possible to maintain a reduced crew during the New Year, and your order schedule once everyone gets back to work.

Healthy inventory levels are essential to every business to ensure that there are products ready to be sold when your customers want to buy them. If your company finds itself needing more inventory while your factory is shut down for over two weeks there is no ability to place a new order or rush an existing one. During the month of November make sure a new production order has been placed with your Chinese factory for delivery before the start of Chinese New Year. Game plan out average sales per month and anticipate having an increased inventory level during late January into February. Also account for the fact that no representatives at the factory will be able to answer questions or concerns during this time so plan out ahead of time what it will be like to be in the dark from your overseas manufacturing partner for over two weeks.

Esino is different from most Chinese manufacturers because we keep a reduced crew in place throughout Chinese New Year to keep basic functions and crucial orders on track for our clients. If you know in advance that you will need services during this shutdown, build a relationship with us now and we can plan to have staff in place during this time to fulfill your needs. Most factories shut down completely during Chinese New Year so this is a unique benefit of working with Esino.

Once February 15th rolls around and all of the workers return from their home villages to their respective factories, there is a phenomenon that takes place every year that results in a reduced workforce. This is that a given number of employees will just leave their jobs on a whim. This can often be because they had a great two weeks off and don’t want to return to regular working life, they discovered they have a sick relative in need of their care, or found another opportunity in their home town. Make sure your factory is ready to hire more people after Chinese New Year with new applicants standing by. This crunch is compacted because it is also the busiest time of the year for Chinese factories as every client has over two weeks of work that is backlogged. Discuss with your factory contact what your priority in the manufacturing line is so that you can resume production order scheduling as soon as possible.

Chinese New Year shutdowns have historically caught many companies by surprise since this is not a holiday that is celebrated in the West. Make sure your team thinks through months in advance a strategic response and implements that plan appropriately.

Are you building a brand or just selling a product?

November 1, 2021 by Zac Marton

Many people believe that just because a product is on the market and selling well that they have established a brand. There is so much more associated with building a brand above and beyond selling a product such as educating customers, social media management, search engine optimization, and creating a cohesive line of products. Think about and implement each of these things to go from selling a product to having a brand.

Educating customers on the function and benefits of a product can be done several ways including market data, testimonials, info graphs, and step-by-step guided tutorial videos. How will the customer base know if they want to make a purchase decision if they aren’t sold on how it can make their life better? Messaging around product education should be free and easily accessible on a brand’s website.

Social media has become an essential component to brand building. Look at any well established brand. They use social media as a platform to interact with customers, provide brand updates, and find potential customers using targeted advertisements. The social media platforms that are currently trendy and essential to be on are Instagram, Twitter, Facebook, LinkedIn, Pinterest, and Tiktok. To create one organized and cohesive message use the website Loomly which allows posting to all platforms at the same time.

Search Engine Optimization (SEO) is the best way to drive traffic to a brand. Why spend marketing dollars finding a customer when those customers can organically find you through their own online searches? Begin a relationship with Google Analytics to begin optimizing an SEO strategy.

A key element to a brand is having a line of complimentary products. Once a customer is attracted to a product, that will likely be the same target customer for all of the other products within a brand. Once the first product is launched, think of other innovative or existing products that can be sold under the same brand and would appeal to the same target customer as the original product.

Great product idea? Here is how to know if it has potential.

October 25, 2021 by Zac Marton

We have all been there. Whether in a dream or by a sudden stroke of genius the idea for the next great product comes to mind. The optimism and excitement is uncontainable leading to several hours of deep thought and online researching. What should you be looking for? How do you know if you are the first person to think of this idea? In today’s modern age it is easy to get discouraged and think that everything has already been thought of, however before getting pessimistic go through these steps to do your initial idea research.

Can you currently buy it online?
Think of a short description for your product idea and type it into both Google and Amazon; the largest search engine and storefront respectively. If your idea, or a variation of it is already being sold then it may not be wise to continue to pursue this idea because someone with more infrastructure and intellectual property has already penetrated the market. If you cannot find anything similar to it in your online search, advance to the next step!

Consult a product development company.
Companies like Esino will provide the free service of letting you know if your product idea is truly original. Product design professionals spend time everyday looking at new and innovative ideas so they will be able to provide intelligible advice and insight into your research. If it has potential, you can get a free quote to get a feel for what the product idea would cost to design and prototype.

Would your friends and family spend their money on it?
Market research is a free way to get an idea of if your potential customers would be willing to spend their hard earned money on your product if it existed. Talk to people you know and give them a minute long pitch on your vision and ask for their honest feedback. Remember, you will have an inherent bias towards your idea and think that it is better than it actually is.

Overall it is important to put significant time and energy into researching an idea before sinking any money into it. Although many ideas have been thought of, the next million dollar product is still waiting for its inventor.

Six Often Overlooked Links in a Supply Chain

October 5, 2021 by Zac Marton

1. The Suppliers of Your Supplier
Physically inspecting the source of components and materials that your manufacturer uses is very important. Never assume the best. Companies will try to cut corners to save money, so they need to be held accountable and closely watched to ensure that quality never diminishes.

2. Customs
Customs holds have caused many missed deadlines. Before making any shipment make sure to look into what type of goods can cause a hold by the customs department of both the shipping and receiving country. If you are worried that your shipment may experience a customs hold, contact a government agent for clarity.

3. Choice of Shipping Service
Cost is not the only factor when considering the shipping service to use for your goods and materials. It is important to develop a relationship with a representative at your preferred company so that you get optimal service and have a person at the ready to contact if any issues arise during the shipment.

4. Factory Cleanliness
A dirty factory is indicative that corners are cut in other places of the business. It may seem like a small thing but being clean and organized is something that should be insisted on for everybody in your supply chain.

5. Holidays, Disasters, and Shutdowns
Keep track of all federal holidays in the countries you operate in. These non-working days need to be accounted for when creating logistics timelines. More unforeseen events such as natural disasters and government shutdowns, such as recent Covid lockdowns, can also add additional days to shipping time.

6. Utilize Technology
Avoid employees performing monotonous tasks that could be instead done digitally. This will reduce human error and allow your workers to spend their time elsewhere. Innovative technology and software can automate tasks such as label creation, tracking, and inventory management.

If You Needed A Reason To Manufacture In China, Here’s 10

September 9, 2021 by Ondrian Yeung

1. Lower Production Cost

Expect to spend less on molding and manufacturing when using a Chinese company. Other companies known for manufacturing such as USA, Japan, and Germany are almost always significantly more expensive.

2. Faster Production and Scalability

Lead times on production orders made in China are usually less than that of other countries. China makes it easy for businesses there to grow quickly, build new facilities, and expand with few obstacles.

3. Willing to Work with Smaller Companies

Many manufacturers only want to work with large, well established brands. China’s manufacturing entrepreneurs are often more willing to work with start-ups and people at the beginning stages of development in hopes that the business grows over time.

4. Pro-Business Government Policies

China’s laws, rules, and regulations make it easy for businesses to grow year after year by not placing unnecessary restrictions on them and by supplying valuable incentives to manufacture in China.

5. Abundance of Skilled Talent

China graduates more skilled laborers from university than anywhere else in the world. So many new engineers enter the world force every year in China that the large supply of skilled labor available keeps the cost for such services affordable.

6. Stability

Over the last 30 years China has been the pinnacle of stability around the globe. While other countries often change leadership and policies, China’s consistency in this area gives business people confidence that what they invest in now will not change in the years to come.

7. Modern Infrastructure

China has been at the leading edge of creating roads, bridges, and highways that efficiently transport people where they need to go. They are also known for their state of the art public transportation system, so you can have confidence that even if your interests are in several cities or provinces, you can travel between them easily.

8. Abundance of Raw Materials

Basic commodities such as metal, wood, and chemicals cannot be found anywhere at cheaper prices than in the Chinese open market. Whatever the raw material is that you need for your company, it is most likely produced in China and can be purchased there at a fraction of the price than anywhere else in the world.

9. Product Quality

There is a misconception that Chinese products are cheap and often break. This is due to past notions about products produced during the developmental stage of China’s growth. Now China is a global superpower that has all of the same or better technology and innovation as the rest of the world which allows them to supply products of the same quality as other developed nations.

10. Language Barriers Disappearing

In the past, communication with Chinese factories created a language barrier. Now with the push in education to train everyone to speak English, it is almost universal that an English only speaking business person can effectively communicate directly with people who work inside of Chinese factories.

Finding the Right Manufacturer for Your Product

April 14, 2021April 13, 2021 by Ondrian Yeung

Finding the Right Manufacturer for Your Product

When it comes to bringing a new product to market, it is quintessential to have the best-fit manufacturer for your business. Many factors go into determining the best manufacturer for your organization, including quality, pricing, location, and factory size. Finding a manufacturer that is the best fit for your product and company is a tedious process but can ultimately save you money, time and prevent you from creating a failed product.

What Exactly is a Manufacturer?

A manufacturer is a company that produces finished goods made from raw materials and/or sourced parts. It is common for manufacturers to specialize in producing specific types of goods such as tech, packaging, glass, boxes, and more. Once a manufacturer makes the finished good, they can ship directly to retailers, wholesalers, consumers, and more.

If you are developing a unique product, you must use a manufacturer rather than a drop shipper or supplier because a manufacturer has the capabilities to produce your unique invention.

The Location of a Manufacturer:

The location of the manufacturer you select is crucial because it can affect the cost of production, the number of manufacturers to choose from, speed of production, and quality and labor standards. There are pros and cons to any manufacture, whether you decide to use a domestic or foreign company. Keep in mind that the best choice for your company may not be the same as another. While location will play a role in your ultimate decision, remember that the manufacturer itself and the quality of products they produce are most important.

Domestic manufacturers located in North America pros and cons:

Perceived higher quality and labor standards
Lower shipping costs
Easier communication because of no language barrier
Higher cost for production
Fewer choices in manufacturer to choose from

Foreign manufacturers located overseas pros and cons:

Less expensive production costs
More one-stop services that can produce, package, and even sell products
More manufacturers to choose from
Potential language barrier
More expensive shipping
Limited warranty options and often no repair services

When determining the location of your potential manufacturer, ask yourself these critical questions:

How much can you afford for your product’s production, and what price do you want to sell your product at?
Do you need a one-stop-shop manufacturer that can handle producing the product and packaging it?
If the manufacturer is located across seas, do they have an account management team that can address the potential language barrier?
How will you plan on managing damaged or returned goods? Will you need the manufacturer or a third party to service products?

The Quality of a Manufacture:

In any business, the quality of the product you are selling goes hand and hand with successful sales. To ensure that customers are happy with your product, have positive feedback, and make repeat sales, you must be sure that the manufacturer you are working with produces a quality product for you.

To determine if the quality of the manufacturing company you are considering working with is up to your standards, you must do your research on them.

Look for customer reviews and at their reputation.
Who have they worked with in the past?
Does this company have poor labor practices?
Does the company have any regulation violations or fines?
Do they have quality standard certifications such as ISO9001?
What types of materials and quality of materials does this organization use?

After you have finished your research and meeting with a potential manufacturer to work, it is essential to ask questions to ensure that they are knowledgeable in the industry and market segment you are entering.

The Size of a Manufacturer:

Picking the size of the manufacture you are going to work with depends on a few things:

What is the output quantity needed to meet consumer demands?
How fast do you need a product manufacturer? Will they meet your speed and efficiency standards?
What types of manufacturing processes do you need, and does the manufacturer have the capability to fulfill these manufacturing needs?

The answer to all these questions will significantly help you narrow down your manufacturing search. Some organizations may not meet the production needs of your product. Ensure that you have done your market research to have the most accurate idea of what you need in the size of the manufacturing company you will need to work with.

The Cost of a Manufacturer

The cost of a manufacturer that you will use varies depending on size, location, types of materials you use, reputation, and production speed. Investing in the proper manufacturer for your company and product can be worth the money if it means that you will have a better quality product on the market. When speaking with potential manufacturers, it is best to compare quotes and go with which one is best for your business needs.

Takeaways:

Working with a manufacturer is a large commitment that may take time to determine but can ultimately affect your bottom line. Doing the proper research and understanding the market demand for your product will ensure that you select the best company to work with.

If you are looking for a manufacturer to begin working with, then check out Esino’s website because product design and manufacturing is our company’s specialty. We design and make high-quality electronic devices and offer super competitive prices. We not only work with you to create your product, but our engineers and project managers provide their expertise of over ten years of experience to elevate your product even further. We have over a decade of experience working with high-profile clients to develop their winning products. Although we manufacture overseas, we do offer repair services in the United States. Feel free to reach out to EsinoUSA if you have any questions or are interested in seeing how we can help!

Interested in Esino’s manufacturing services? Check out the Inventors Only Contest for the chance to win up to $10,000 of product development services at Esino and much more.

How to Know When You Have a Winning Product

April 14, 2021March 24, 2021 by Ondrian Yeung

An Expert’s Guide to Product Development Success

Inventors Only is hosting a product development contest to help inventors across the nation take their new product ideas to the next level. This contest is powered by Esino USA and many other renowned partners, all with plenty of years of experience in the product development industry. We want to share our expertise on what it takes to have a winning product in the Inventors Only Contest and the market.

Winning Product Tip #1 – Make sure your product is necessary

Developing a new invention often comes from noticing a problem, which sparks an ingenious idea for a product to solve it. Products that make life easier for people and solve problems are the ones that find the most significant success. These products become deemed by many people as a necessity.

To determine if your product is essential and will withstand the market, ask yourself these questions:

Does it solve a problem?
Does it bring joy to life?
Are there similar or substitute products?
Will this make other’s lives easier?

If your product can answer yes to these questions, you are off to a good start on the product development journey.

Winning Product Tip #2 – Research and Ensure Your Product is Feasible

Research during the product development process is a significant key to success. When you perform in-depth analysis, you can guarantee that you have a unique idea that has never been done before. You will learn if the product you want to develop is feasible and able to survive on the market.

A common mistake that inventors make is conducting too little research. It is necessary to do a deep dive into what you want to develop and the market you will be entering. Any organization you work with, and all investors will want to know that you are knowledgeable in your product and what it will take to bring it to life.

Tips and Questions for Getting the Most Out of Your Research:

Has your product already been developed?
Does someone already have a patent for your idea?
Is it feasible for engineers to make your product?
What type of manufacturing will you need to mass to produce?
What materials will you need for your product?
How much funding will you need?

Winning Tip #3 – Know Your Market

A smart product developer knows the market they are entering and who their target audience is. It is highly suggested that you learn as much as possible about the people you are selling to so you can cater directly to them. When showcasing your product to investors, customers, and other product development companies you plan on working with, presenting your market knowledge will increase your chances of winning them over.

What to know about your market

Who is the target audience? What do they do, where do they shop, how often will they use your product?
Is your target audience a niche group? Will your product appeal to the masses, or are sales in this niche community sustainable?
How much will you charge? How much do competitors charge?
What are your competitors doing right and wrong?

Final Winning Tip – Be Consistent

Successful product development is a complex and lengthy process, but it will help set your product up for a win if you keep these tips in mind. It is essential to be flexible because the product development process is full of different challenges arising. If you are patient and endure these challenges, it will be worth it when you see your product come to life.

How Do I Turn My Idea Into A Million Dollar Product? (Part 2)

November 29, 2021January 6, 2021 by Ondrian Yeung

10 Steps for Product Development Success

In part one of this blog series, we discussed the first five steps of getting started with product development, from research and design to perfecting your prototype. Now let’s dive into part 2! This section will explore the manufacturing and product to marketing phases of your product development cycle.

6. Getting A Manufacturing Quote

After going through many revisions and adaptations, your product prototype is finally perfect! The next step is beginning the manufacturing process and getting a quote for the cost of production.

At this point, you should begin speaking to an account manager at the company that manufactured your prototype to determine how much it will cost to produce the desired amount of units you want. If the company you are working with to create a prototype does not mass produce products, you will need to find a new company to assist you with this step.

When you speak to your account manager, it is essential to share an honest and accurate budget with them to determine the best ways to get your product on the market. Be sure to communicate the market desire for your product so your account manager can decide what type of manufacturing process is best for you when figuring out your quote.

What goes into determining a quote:

Cost of the production process
Number of units produced
Materials needed
Labor costs
Shipping costs
Packaging costs

Keep in mind that a quote is just an estimate. In many situations, the final cost varies. Product developers often forget that other expenses such as packaging, shipping, and marketing also add up. Take these expenses into account when creating a budget and price point for selling your product.

7. Clinical Testing

If your product is a medical device, this is the time to look into clinical testing. To determine if your product is classified as a medical device, check out the FDA Medical Device Website for a list of medical device qualifications. Clinical testing is necessary for medical devices to have FDA approval and sell on the market.

Your product will go through clinical trials, informing developers if the new treatment is more effective and/or has less harmful side effects than the standard treatment. A clinical trial can also look at making life better for people with a disease or chronic health condition.

Reasons to have your product clinically tested:

FDA Approval
Medical data and study to back up product claims
Learn how people react to using your device and if there are any risks to using your product

8. Injection Molding

If you plan on mass-producing a product, it is recommended to use the injection molding process to manufacture. Using injection molding is advised for most products because it is quick and cost-effective when manufacturing. To start this manufacturing process, you must create the molds for the parts necessary for your development. This step is expensive upfront, but your quote will often include the price it takes to make molds for the injection molding.

What to know about creating molds:

Expensive upfront, but cost-effective in the long run
Lower production costs
Low waste
Part redesign restrictions

For those who are producing a low volume of products, an alternative to injection molding is 3D-printing. 3D printing is a viable option for making a product because it has low costs upfront, has a high accuracy level, is fast and repeatable. A second option is urethane casting, which uses a 3D-printer to create silicone molds that deliver an alternative for low-volume injection molding.

9. Production And Packaging

At this time, it is best to have a packaging plan in place. Often the manufacturing companies you are working with to produce your product can also supply the packaging. If this is not the case for you, then you must find another packaging supplier.

What to consider with packaging:

Your Audience: Create a graphic and structural design that will be most appealing to your audience.
Retail & Distribution Requirements: Your customer may be a distributor or retailer with particular requirements for your product.
Design: How will your package branding and design will set you apart in the sea of other products?
Sustainability: The image you want for your brand, the availability and cost of materials, and the fees associated with recycling or disposal of the packaging after consumer use.
Product Handling: How will your product be shipped to customers?

10. Product To Market

The concluding step in bringing your idea to life is to take your product to the market. The process of developing a new product is complete, and you are fully ready to sell to all interested consumers.

Ways to sell your product:

Directly through your eCommerce website
Online third party retailer (ex. Amazon, Etsy, Walmart Marketplace)
Your own physical storefront
Third-party physical stores

Selling a new product takes patience and a learning mindset. Many product developers dream of seeing their products on the shelves of big retailers like Target or Walmart. Getting a product sold in big market stores is more plausible when you build a record of accomplishment in small and local shops, or your product garners significant interest on other platforms.

Getting a new product sold in smaller and local stores can be challenging and time-consuming. A tip from a successful new product sales team is to devote time targeting a few stores or customers who are likely to buy your product rather than spreading your attention over many accounts. People will not always say yes to your product but adapt based on the feedback you receive and attack any challenges that arise with confidence.

The Product Development Process

The product development process is hard work but extremely rewarding. If you are ready to get started bringing your idea to life, check out our Esino contact us page to talk with an account manager about getting started. Esino is your one-stop-shop for all your product development needs.

If you have not read part one of this blog, you can find it here.

How Do I Turn My Idea Into A Million Dollar Product? (Part 1)

November 29, 2021December 8, 2020 by Ondrian Yeung

10 Steps for Product Development Success

Daily life is filled with nuances and problems, leading many people to seek out more efficient solutions and create ingenious product ideas. You might be that person that has a fantastic idea, but what comes next? Although it can be overwhelming, here are five steps to get you started on the product development process and give you an idea of what to expect along the way.

1. There is Always Room for Improvement – Research, Improve, Repeat

When you have an innovative product idea, the first thing to do is write EVERYTHING down. Putting your thoughts on paper allows you to thoroughly analyze the product’s strengths and weaknesses and determine what possible additions you can make to make the product even better. It is best to develop a concrete concept that thoroughly explains your product and its purpose. Once you have fully developed a product idea, make sure you research it to understand all of the information necessary to create it. Research is key to creating a groundbreaking product. Before you go all-in on this product, you want to be sure that no one else has developed this product, patented the idea, and that this is something consumers need to succeed in the market.

One of the most common reasons why new products fail is that they are not needed. Here are some questions to ask yourself to help determine if your idea will be a successful product:

Is this product useful or enticing?
Is there a large market for this product? A niche community may want your product, but will catering to this market segment be enough to remain profitable and thrive in the long run?
Will this product still matter in 5 years?
Are there similar products already on the market that will act as a substitute?

You don’t want to end up with a well-developed product to find out that your product belongs to a small niche market or that your product is not interesting enough to be purchased. Do your research and be honest with yourself about your idea.

2. Bring Your Product to Life Digitally!

After establishing and researching your product idea, create an STP design file for your product. An STP File is a 3D assembly file supported by various mechanical design programs that shows all of the exterior and interior components that make up a product. The design file is extremely important as it allows people to evaluate your product and better understand how the product functions. If you do not have an engineering background, it is best to hire an engineer to assist you with this stage of the product development process. An engineer can create the STP File while providing feedback to guarantee your product is functional and consumer-friendly.

When developing a product, its design’s functionality and features play a significant role when determining if it is consumer-friendly and enticing. Here are a few things to consider when designing your product to ensure its success:

Is there a trigger for the product? The trigger is the reason why a user will go to the product. Learn and understand what motivates your target user and build your design to support the trigger.
What is the action necessary to use the product? The action is the behavior performed to reap the reward for using the product. Is the action convenient and simple for the user?
What is the reward of using the product? The reward is the benefit the user gets from using the product. Is the reward worth the action?
Is there investment for future repeat or use of the product? The investment is a seed planted that causes the user to utilize the product in the future. Will the product solve a problem the user has and trigger them to use your product again?

Image Source: UX Collective

You want your product to flow through this process to ensure that it is consumer-friendly and straightforward for customers to use frequently. When customers keep using your product and its features, you have the best chance at establishing customer loyalty, a repeat purchase, and positive word of mouth promotion about your product.

3. Prototype Development and Signing an NDA

After developing the design file for your product, it is time to create a functional prototype. If you don’t have an engineering or manufacturing background, you should contact a professional manufacturing company that makes prototypes and products to assist you with this part of the process.

Choosing the right company to work with is crucial because you need confidence that they want the best for you and your product. When meeting with companies, it is necessary to sign a non-disclosure agreement (NDA) before sending over your design files. Signing an NDA ensures that you are protected and that the company will not disclose any information regarding your product or idea.

When you determine the company you want to work with, you will begin the prototype development stage. Here is what to expect during this process:

Most products average 3-6 prototypes. It is doubtful that the first prototype will work correctly and be precisely what you want.
The process can be costly. On average, people spend a couple of thousand dollars to create multiple prototypes.
Creating a reliable product can take weeks or even months.

Remember that patience is vital for product development. The prototype development stage is often longer than most product creators expect. It always pays off to launch a fully developed product that consumers will love.

4. Perfecting the Prototype

Perfecting a prototype comes from trial and error plus feedback. If you work with professional engineers and account managers, they will study the design and product to help develop the best prototype possible. Since professionals and account managers have had their fair share in product development, they may know a feature or two that can further enhance your product. Their expertise can take your design to the next level by:

Making the product more marketable
Determining the optimal weight and size of the product
Finding favorable materials to use for mass production. Sourcing the right materials involves many factors, including availability, cost, quality, and durability.
Introducing technology that you may not have been aware of

While working with a professional team, you should also test your product with potential customers. Having your potential customer base try your product or conducting a focus group with them gives you useful criticism and guarantees an actual need for your product.

5. Gaining Funding and Creating an Online Presence

Gaining funding is an ongoing process that should begin throughout the prototype development process. Product development is often expensive, which is why it is smart to have investors and funding. When a product has financing, there is no need to skimp on quality or halt production because of a lack of funds. You want to release the best product possible to see success on the market with high demand.

Ways to gain funding include:

Crowdfunding sites
Investors
Loans

Another essential ongoing process is establishing an online presence and garnering social media attention during development, which leads to early sales success. Establishing an online presence can include crowdfunding campaigns, having influencers in the industry review your product or prototype, social media paid advertising, and more.

Takeaways:

A common mistake that product developers make is rushing to put out a product because they promised investors and potential clients a finished product by a specific date. You never want to send out or sell a product that is not finished or of low quality because it often leads to bad reviews.

Be prepared to face challenges, make many changes, and be patient as you work hard to make your idea come to life. If you have a great idea that will disrupt the market and help people, you can count on it being worthwhile to develop.

Once you are ready to begin the product development process, reach out to Esino USA to bring your product to life with one of our account managers. Esino is your one-stop-shop for all of your product development needs!

Stay Tuned for Developing a Product – Part 2

Getting Manufacturing Quote
Clinical Testing
Create Molds for Injection Molding
Start Production
Bringing your Product to Market