If you have a product idea, it can feel like you’ve come across a potential goldmine. People can feel so much of a rush on coming up with a new idea that they get into a rush and perhaps don’t entirely think the idea out before they invest time and money into making it a reality. Being enthusiastic about your idea is great, but you want to make sure that it’s really a good product before you start to run with it.

What problem does it solve?

If you want to be able to sell your product effectively, you had better be able to tell the average person what it can do in a couple sentences at most. Take your time finding the product’s unique selling point. It’s usually a problem that it helps the consumer solve, but it can also be a goal that they are trying to achieve or a need that they are hoping to fulfill.

Is anyone else making it?

If your product is really that good of an idea, then you might have the sinking suspicion someone has already made it. There’s a good chance that your suspicions are correct. Take your time to search for products like yours and consider hiring some market research to do it for you, too. Even if there are products that are very close to yours, if you can find your own product niche, you can still get away with a profit.

Does it feel good?

The physical product, itself, needs to have a certain level of quality to stand out on the market. If you’re not able to consistently make products of decent quality, yourself, then you should work with 3D printing production parts to see if you can better turn digital designs into the real thing. Of course, it’s not just about feeling pleasing to touch, but about the sturdiness, the comfort of holding it, as well as how convenient it is.

Can you make it cost-effectively?

Of course, it is a vital part of managing your finances that you are able to make a profit in selling your product. To that end, you need to make sure that you are able to source any materials, to manufacturing the product, and come up with a minimum viable product cost-effectively. Whatever the cost of production is, you have to make sure that you are able to price it above that amount. If not, it’s not viable.

Is the audience there for it?

Aside from identifying a target audience, which should be part of your market research, you should also get it in front of that audience. Critical product testing is all about seeing what real consumers think about the product when they have the opportunity to get hands-on with it.

There’s nothing to say that your product idea isn’t going to be the next big thing or at least tick a profitable box in an underserved niche. You should, however, do your homework and make sure it’s got the best chance of making it out there.

Greg Kononenko
Greg Kononenko

My name is Greg Kononenko and I am a full-time online blogger and owner of Dad's Hustle. I'm a dad, and my passion is to help other mums and dads to start their own "hustle" and improve the financial future of their families.

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