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Good Problems to Have When Starting a Business

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.

Are you building a brand or just selling a product?

4 key branding elements

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. 

Six Often Overlooked Links in a Supply Chain

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

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. 

 

Top Three Winners of the 2021 Inventors Only Contest

Top Three Winners of the 2021 Inventors Only Contest Presented by Esino USA

IRVINE, Calif., June 24, 2021  — Esino USA has officially concluded their first-ever Inventors Only Contest. The product development contest was a success receiving over 100 unique new product ideas from all over the world. Out of all of the invention submissions, three were chosen to receive a total of $17,500 in product development services and $100,000 worth of branding, patenting, marketing, Shopify, and software development services. 

The Inventors Only contest was inspired by the television show, “Movers, Shakers, and Invention Makers” as a way for product development experts to give inventors extra resources and feedback needed to help them move their product along to the next stage of their product development journey. One of our judges, Mark Julian, was the host and founder of the show when it was airing on live television. Esino, in partnership with Mark Julian, started the Inventors Only contest to bring inventors together and explore what creative solutions are out in the world today. Esino hopes that the prizes are able to give the winners a jumpstart in their product development journey.

First place in the contest is awarded to VX Pet Magic, developed by VRTX Technologies Inc. The VX Pet Magic is awarded $10,000 of product development services from Esino USA, an Amazon and Shopify storefront valued at $25,000 by Mueller Direct, and a Patenting Prize Package valued at $15,000 by Alcoba Law. VX Pet Magic is awarded first place based on their innovative therapeutic PEMF device that drastically reduces health problems and aids pet rehabilitation. 

Second place in the contest is awarded to iWONDERCOOK, invented by Foodstar. The iWONDERCOOK will receive $5,000 toward product development services at Esino USA, a branding package from CultureMind Cinema valued at $30,000, and Software Development by AccQData valued at $10,000. iWONDERCOOK wowed the judges with their revolutionary cooking platform consisting of a fully automated robotic chef and food cartridge. 

Third place in the Inventors Only contest is awarded to 8BitCADE XL created by 8BitCADE. The 8BitCADE XL will receive $2,500 toward product development services from Esino USA and an SEO prize package from the Flying V Group valued at $25,000. The 8BitCADE XL is an educational game console that you build yourself, offering a fun and rewarding way to learn electronics and programming, which won the contest judges over. 

The top three product submissions were selected from a group of ten contest finalists who all pitched their idea and interviewed with the contest judges. The ten finalists include the Barbell Hangover, E-bike, Hann Full-Suspension Shoes, Looft Lighter, LIT FLASK, The Scruffie, and Security Hat. 

Overall, the Inventors Only contest was a huge success and offered an opportunity for innovative minds from around the globe to showcase their groundbreaking products while providing quality product development resources. Developing a new product is no easy task, and we aim to continue to highlight the product development community in years to come during future Inventors Only Contests. 

 

For more information on the contest, Esino USA, and any other partners, check out the Inventors Only Website.

Meet the Esino China Team

Meet the Esino China Core Management Team

 

Mr. Wu 2

Nick Wu

Founder & CEO

Nick, Esino’s Founder & CEO, strives to further the development of ESINO and provide a healthy lifestyle to everyone through rehabilitation and massage products.

Nick is the pillar of the corporate culture of ESINO. He has a strong personality and attracts a large number of outstanding talents. Under his Leadership, ESINO has transformed from a foundry into an innovative enterprise integrating design, R&D, manufacturing, marketing, and promotion.

 

Manager Chen 2

Michael Chen

Chief Financial Officer, Lawyer, CPA, CICTA, CIA

Michael has a combined professional background in finance and law. He has much experience from his past occupations working in top manufacturing companies. Michael has more than 15 years of financial, legal, and operational management-related work experience. Michael excels at financial planning and corporate management.

 

Mr. Hu 2

Jack Hu

HR Director

Jack graduated from the School of Public Administration, Hunan Normal University, and has over 11 years of experience in human resource management.

Jack is the originator of the term “Military Training Corporate Culture” and advocates the concept of “Promoting Military Training Culture and Carrying Forward the Army Spirit.” He once provided training and teachings of the “Military Training Corporate Culture” for Sany Group and Broad Group Program employees.

 

Mr. Yu 2

Tom Yu

R&D Director

Tom obtained his Master of Engineering from Huazhong University of Science and Technology. He has over 25 years of experience in product design and has rich product development experience, especially in massage, medical, and fitness products. He developed a number of products that have successfully obtained patents and sold well in domestic and foreign markets.

 

Jillian-4

Jillian Guo

Legal Adviser

Jillian obtained her master’s in Law from Hunan University. She is skilled in dealing with legal issues stemming from the operation of the company. She has rich practical experience in drafting, reviewing, revising various contracts and legal documents and legal risk assessment.

She has won various honorary awards, including the Outstanding Young Lawyers and Outstanding Trainee Lawyers awards. She holds a lawyer’s qualification certificate and a national legal professional qualification certificate.

 

NANCY-4

Nancy Yang

 Brand Manager

Nancy graduated from the College of Fine Arts and Design, Shenyang Normal University. She has high aesthetic cognition and design skills and a composite background in design and marketing. She is equipped with over 10 years of practical experience in manufacturing brand building, marketing promotion, event planning, market PR, project management, and team management.

 

Asher Huang

Sales and Marketing Director of Esino USA

Asher is the CEO of the ESINO USA Branch. He is responsible for the overseas promotion and publicity of ESINO. He obtained a double degree in economics from Wuhan University and Zhongnan University of Economics and Law and a master’s degree in economics from the University of Minnesota.

Inventors Only Product Development Contest Finalist

Inventors Only Product Development Contest Finalist Showcase

The Barbell Hangover

By The Barbell Hangover

The Barbell Hangover turns handheld weights into barbell plates! This fitness accessory can hold up to 500 lbs of weight and allows you to attach dumbbells, kettlebells, chains, and more to your barbell!

iWONDERCOOK

By Foodstar

The iWONDERCOOK is a revolutionary, patented integrated cooking platform consisting of a fully automated robotic chef and food cartridge. iWONDERCOOK cooks complex multistage recipes in less than 15 minutes.

Full-Suspension Shoes

By Hann Athletic

Hann shoes is a patented carbon composite full-suspension footwear technology that stores and returns energy to its wearers. The shoe also possesses a hinge in the forefoot (similar to a cross-country ski), which facilitates the energy transfer of the heel strike to the forefoot carbon element enabling energy return to occur at the time of toe-off. 

LIT FLASK

By CRTFIED

The LIT FLASK is an all-in-one liquid container that has a portable charger and Bluetooth speaker. The LIT FLASk holds up to 16 fl oz, has a USB charging port, and has 8 hours of battery life. 

The Scruffie

By Scruffie LLC

The Scruffie is the world’s first and only leg shaver and back of the neck trimmer! The Scruffie gives you an enhanced and efficient shaving experience. Originally invented to clean up the neckline in-between haircuts, but pivoted to leg shaving after going viral on TikTok.

Security Hat

By Water Rabbit Design

Make live experiences and events safe with the Security Hat. This digital hat is worn at large live events to aid security with responding to emergencies and spotting any threats. It is constructed with an earphone attachment, Bluetooth pairing, and camera. 

VX Pet Magic

By VRTX Technologies Inc

The future of pet care in the comfort of your own home. The VX Pet Magic is a  therapeutic PEMF device that drastically reduces health problems and helps treat and rehabilitate your pet. Strengthen human and animal bonds by actively engaging in the wellbeing of your pet.

 

8BitCADE XL

 By 8BitCADE

The 8BitCADE XL is an educational Game Console that you build yourself, offering a fun and rewarding way to learn electronics and programming while playing your favorite retro games!

Finding the Right Manufacturer for Your Product

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: 

  1. How much can you afford for your product’s production, and what price do you want to sell your product at?
  2. Do you need a one-stop-shop manufacturer that can handle producing the product and packaging it?
  3. If the manufacturer is located across seas, do they have an account management team that can address the potential language barrier?
  4. 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:

  1. What is the output quantity needed to meet consumer demands?
  2. How fast do you need a product manufacturer? Will they meet your speed and efficiency standards?
  3. 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. 

 

What Exactly is the Unrelenting “Axel-Breaking” Spirit That Helped Esino Win Big Clients?

What Exactly is the Unrelenting “Axel-Breaking” Spirit That Helped Esino Win Big Clients?

 

The Start of Esino: Undertaking the First Large-Scale Development Project

“Don’t choose shortcuts, work hard step by step, day by day, earnestly and down-to-earth, accumulate time, dreams into reality, career success, this is an extraordinary mortal.” -“Living Law”

In 2012, Esino was fortunate to be trusted by customers and received its first development case ever.

After much success with product development, Esino successfully took on a second large-scale development project in December of 2013. The project was dedicated to designing a top of the line physiotherapy equipment that features low noise levels and high vibration. Esino assembled top-tier engineers and a chief designer with a master’s degree from Huazhong University of Science and Technology.

When you are new in the industry, you have to work even harder to build a reputation. The first product design had a few issues due to the difficulty of assembly and resulted in too much noise. Instead of moving forward with the imperfect product, Esino started all over and developed the world’s quietest and strongest physiotherapy device.

After seeing the display of responsibility, clients began to have greater trust and confidence in Esino’s capabilities. This also helped Esino understand that “Quality is the Cornerstone in Designing” A good product is one that can serve its function and is easy to produce, but the most important thing is that it needs to have impeccable performance.

Finally, when it was time to create new products for customers, we encountered a core issue. The market has not been able to create a motor that could power this product.

Motor: Commonly known as “motor,” it is the power source that maintains the operation of electrical appliances and other machinery. At present, the motor is one of the main carriers to improve the level of technology and even the quality of life.

 

Develop Strong Partnerships, but Always Take Ownership of Quality

Carefully select and purchase spare parts. Create solutions that meet the highest standards in the industry.

Esino business style has never been limited to pure business relationships between suppliers and clients. Esino will choose partners with potential so that they may grow and develop a successful partnership together. The success of the partnership will result in higher-level execution for development, which will result in successful products for our clients. To address the issue of finding a strong enough motor to power the device, Esino has taken the same approach to find a partner.

After looking for countless motor suppliers, Esino found a supplier of drive subsystems and drive components that are currently leading the industry. This established business has complete confidence in its products. After learning about Esino’s procurement needs, they repeatedly said: “There will not be any problems!” Everyone thought that Esino had found a supplier that can meet their needs. The team was relieved that a solution was finally found, especially since the supplier is a leader in its industry.

Though he was relieved, Mr. Wu Zhiyong, the founder of Esino, wanted to ensure the motor’s effectiveness to comply with Esino’s strict production process. “It still has to be tested. We can’t rely on luck.”

Quality is the foundation of Esino, and it must not be put into the hands of suppliers. Even if the supplier is an industry leader, testing is the only method to verify and confirm the truth. It is better to have a problem before distribution than to receive a complaint from consumers afterward. Esino encourages everyone to keep asking questions and keep testing to ensure success. Everyone in the R&D team was assigned to perform a product prototype synchronous test. Anyone who detects a problem will be rewarded.

Test Until Perfection: The Only One Responsible For Your Reputation is You

Motor testing is in full swing, and there are no abnormalities and quality problems during the test. Even the founder of Esino has personally participated in the testing of this motor. This motor has withstood many tests, but just when everyone thought that victory was in sight, the unexpected happened: the motor with the best reputation in the industry broke! Everyone was surprised at the sudden fracture of the motor axel. 

In the comprehensive follow-up analysis, it was found that the motor had other defects. The large industry-leading company that Esino had partnered with was shocked. “Our motor was tested and broken by a small company, incredible!” This allowed the then-unknown Esino to win respect from industry leaders, who were all moved by Esino’s persistence to develop the perfect product.

Due to the fatal problem in the motor and unsuccessful partnership with the well-known supplier, the team took a step back to recollect. Embarrassed in their trust in the supplier and glad that the CEO challenged the motor’s quality, the Esino team reflected and made it a requirement to uphold the rigorous procedures and absolute standards for quality. No other suitable motor suppliers could be found, and Esino decided to stop searching for a supplier.

 

Research and Development: Creating the Perfect Motor

If there is not a suitable motor supplier on the market, Esino will develop its own!

This is undoubtedly choosing the hard way to produce a product. Developing a new motor is very time-consuming and labor-intensive, but Esino does not create “defective products.” After the team’s hard work over several days and nights, they finally developed a successful motor with high vibration intensity and low noise. This product turned out to be extremely popular on the market as soon as it was launched! 

Today, because of its high quality and powerful functions, it has a strong reputation in domestic and overseas markets with a continuously high sales volume. The original customer has become a unicorn among similar brands, and the sub-product lines developed from this are also constantly being laid out. Mr. Kazuo Inamori said: “Those who make good products can hear the voice of the product.”

It is precisely because of the hard work put into this product that Esino has become the best partner in the hearts of core customers. From a no-name to a well-known brand, it has maintained a long-term and stable strategic partnership for almost a decade with its customers. Quality is representative of corporate image and how consumers regard the brand. When the motto, “quality is the life of an enterprise,” is rooted in the hearts of all Esino employees, our products become invincible in the fiercely competitive market. The quality department of Esino is given the most challenging task: Always maintaining the ultimate standards and highest requirements.

 

 

Author | Nana Romily

Review | Nancy Yang

Translated | Ondrian Yeung and Mia Hernandez

How to Know When You Have a Winning Product

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: 

  1. Does it solve a problem? 
  2. Does it bring joy to life? 
  3. Are there similar or substitute products?
  4. 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: 

  1. Has your product already been developed? 
  2. Does someone already have a patent for your idea?
  3. Is it feasible for engineers to make your product? 
  4. What type of manufacturing will you need to mass to produce?
  5. What materials will you need for your product? 
  6. 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 

  1. Who is the target audience? What do they do, where do they shop, how often will they use your product?
  2. Is your target audience a niche group? Will your product appeal to the masses, or are sales in this niche community sustainable?
  3. How much will you charge? How much do competitors charge? 
  4. 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.