Are you starting up a business that involves developing a new product? If so, here’s a few pointers I have collected from many hours of research and real-world practical experience.
Firstly, let’s jump to the end goal: What you are looking to get out of this business? Chances are, you are not dreaming about running a manufacturing plant to produce this product. Even worse, I bet your not looking to have a garage filled with parts and evenings spent assembling goods… right? Actually, you’re probably dreaming about selling the business idea for a mint and living the good life for a while. Sounds more like it hey? Either way… to ensure your business product has value, you will need to own and protect your Intellectual Property (IP).
Managing your IP: Get early protection
Did you know that if you talk about your invention to anybody before securing your patent, you may not be eligible to secure your patent? That’s right, part of some countries Patent application processes requires you to have not discussed or revealed your intellectual property (thus making the property general knowledge). As soon as your idea looks viable, I recommend securing an Innovation Patent. This can cost as little as $150, however the expert legal advice from a Patent Attorney will cost upward from $1,000 – $10,000+.
Personally, I skimped out and did the following:
1) Performed my own search through AusPat and found no overlapping inventions
2) Downloaded and studied the patent application guide
3) Reviewed similar types of inventions succesfully sealed patents and duplicated the style and content
4) Submitted it to a Patent Attorney who reviewed and supplied valuable feedback (at the low price of $1,000 for 2 hours work!!)
5) Lodged the Innovative Patent application (for $150)
6) Printed this Patent Number on prototype and referred to it whenever demonstrating or referring to the product.
Shopping around is one thing, but here are a few additional tips that have saved me thousands on top of bargain shopping on its own:
- Importing from offshore. Buying products and materials from sites dedicated to offshore purchasing, such as Alibaba. Remember, customs duty will be applicable for anything over $1,000. Shipping and handling charges and SAC fees are all applicable, so make sure you do your research on these things and include in your final product purchase cost.
- Purchase through your suppliers. My suppliers beat my best shopping prices be a mile because they have commercial accounts and preferred customer rates with the suppliers. I was shopping around as a small fish
- Look for bargains using Google Shopping. Google Shopping trawls the internet for bargains (including eBay). I picked up some of my material for 90% discount by purchasing from closing down businesses liquidating through eBay!
Sales & Marketing are key
Remember, your product is not going to make you money. Having a market that wants your product is. This is a whole seperate article, which I will write some other time, but for now… just know that market research, sales funnels, branding and price testing should be spent in equal distributions of your time with product development. This is what is makes a sellable business, not just the good idea.
Kick Speed: Improve your kicking speed. Taking this product to market helped me to develop most of the fast learnings above.
Taekwondo kicks: Check out all types of taekwondo kicks. If you like taekwondo kicking, you’ll like these collections of clips.