In a previous podcast, we talked about taking a leap and starting your own business before 30. With the market growing as rapidly as it is today and the wealth of opportunities waiting to be seized, starting a business of your own is the right thing to do.
That said, there are still challenges to face before you can get the business off the ground, including the challenge of developing a product that suits your target customer. So, keep these product development tips in mind if you are transitioning to life as an entrepreneur.
Work on Your Ideas
Product development isn’t something you need to do immediately, and there is no need to jump straight to making prototypes and testing them. Instead, take some time to work on your product ideas.
First, you want to simplify your product ideas. I know how easy it is to add more features just for the sake of it, but a product that does 100 things isn’t always better than a product that specializes in one or two functions and does them well.
It is also a good idea to test your product ideas by discussing them with close friends. Make sure you can trust those friends before revealing too much about your ideas and that you know you can get honest feedback from them.
Understand Your Customers
The next thing you want to understand is the importance of knowing your potential customers. Investing in market and customer research projects is essential at this stage, as the more you understand your customers, the better you’ll be at solving their problems.
Customer research gives you insight that you may not be able to get from secondary data. Sometimes, you might have to talk to your customers directly in order to fully understand what they need.
At the same time, take a closer look at your market. Run a quick check on your competitors and analyze how well they are doing in the market. Knowing your competitors helps you define the unique traits of your products – your Unique Selling Points or USPs.
Utilize the Best Tools
One thing that makes developing a product so exciting is the different ways you can now do it. There are many tools and resources to use during the product development process today, and utilizing the best tools is a way to boost your chances of success.
Let’s say you are developing a hardware for customers. Rather than drawing the PCB board manually or experimenting with a real one, you can now use Upverter to simplify the process. This software is designed to make PCB design easy and intuitive.
Tools like Upverter help you anticipate problems before they occur. When designing how components are laid out, for instance, Upverter will automatically predict clearance issues and potential problems with your board before a prototype is made.
The combination of a mature idea, good understanding of the customer, and the right tools for the job will make your product development process an exciting and enjoyable journey. And, at the end of the journey, you will have a product that works – and sells.
