Are you a hobbyist with advanced knowledge of electronics and a business mind? Or maybe a start-up or an entrepreneur with a new idea on how to improve our world with a new electronic device? If so, you’ve come to the right place. If you’re considering bringing a new electronic device to market, read on to find out what you need to consider if you’re going to be successful.
Research and analyse the market
According to the Federation of Small Businesses, there are 5.5 million UK private sector businesses. Therefore, if you’re going to bring a new product to the market, it’s important to create something that stands out. One way to do this is by conducting thorough market research. This will ensure that there is enough demand for what you’re going to create.
Start the pre-design stage
Before you go ahead and start mass-producing your device, you’ll need to make sure that you have a functional product without breaking the budget. Normally, during this part of the development process, ready-made kits and modules are used to keep costs low. The alternative is using personalized circuit boards which can be extremely expensive.
One of the most cost-effective ways to test your device is by using a circuit board prototype to help you detect any flaws.
Produce a working prototype
The next stage is to create a prototype that proves that your device would sell in the real world. To do this, you’ll need to produce a working prototype. In other words, you’ll need to produce a small number of products so you can begin the market testing stage.
Once you’ve sold a few devices, you should look to get feedback. Once the users have spoken, you can start to tweak your device, so it becomes something users need!
If you fail to do this, you may become one of the 80% of businesses in the UK that fails within the first year.
Mass-produce your product
Now it’s the exciting part – mass producing your product! To do so, the first step is finding a reliable production partner that is willing to produce your device at a reasonable cost. Initially, it’s a good idea to produce a small number of your devices so you can see if there are any issues with the manufacturer. If you’re happy with the outcome, you can go on to order more.
If you’re struggling to fund the mass production stage, you might want to consider looking for investors that would be interested in funding your business.
Although it may seem daunting to create and bring an electronic device to market, with a bit of know-how and good technical ability, it’s surprisingly easy. If you take the time to conduct market research and follow the above stages, you’ll have a working product flying off the shelves in no time.