You have a great new product idea in mind and you also have a clear idea of your ideal customer. The question that keeps on popping back in your head is, but how do I set-up my product development? How do I start my product-based business?
This is a fair question and needs thorough evaluation before starting with your new product idea. I bet you don’t want to spend lots of money on developing your new product without it being a big success in the market and seeing revenues come in. You have a big desire to create products your customers are delighted about and you want to change their lives and the way they feel when they use your products.
Create clarity on your new product idea
There are a few important steps to take before starting the development of your new idea. One step is to write a clear and complete project briefing on your new idea. This briefing will be the starting document for everyone involved in your new product idea. From your team members, your manufacturers, your marketing communication experts to other third-party suppliers.
What should be in this briefing? The goal of this project briefing is to inform all stakeholders working on your new product on all aspects that are relevant and required to make the development, manufacturing and launch of your new baby a great success.
Topics in a project briefing
- Open a Google document, Word document
- Give your new product idea a project name.
- Enter a start date of your project
- Give a short description of your new product idea, what problem should it solve, for which ideal customer.
- Explain why you want to develop this product, what will it bring to your business.
- Where is the new product being sold: in which region in the world, or which countries.
- Provide some financial data: estimated sales price, estimated cost price, estimated development costs, estimated quantities sold per year, estimated profit margin.
- Indicate which experts you will be needing in your team and why.
- Describe what the end-product will look like, what exactly are you going to deliver to your ideal customers.
- Explain how you’re going to control and assure the quality of your products.
When you want to start your product-based business, start by writing down a complete and detailed project briefing to bring clarity to everyone involved. To prepare all stakeholders on the expectations you have of your new idea and their role in its development.
I’ve prepared a downloadable template for you to give you a hand to get started. Free feel to use it for your new product idea and start your product-based business. Click here to get started.