UK home business market research

The 5 Steps of Creating a Product

So you have a unique idea. An idea that you think will make millions for your UK home business. The question now is, “Will the product be successful?” Can you just go ahead with creating a product straightaway, and expect the money to pour in afterwards?

Let me stop you there, because that is a big misconception! Your unique idea alone is not enough to drive sales to your UK home business. So don’t dive into creating a product just yet.

UK home business creating a product

Having that kind of passion isn’t a waste of time, though. You just have to do your homework first. Will people like this product? Will they want to buy it? Who would want to buy it? These are a few questions you need to address. So, before putting your idea into the assembly line, take these five steps first.

 

1. Market Research

Let’s say your product is of excellent quality. Which is how it should be anyway. But despite that, no one would buy the product if no one feels the need for it! That would be a shame: you worked so hard to design the product well, but it doesn’t sell.

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How do you avoid that? Well, before creating a product, study the market first. Identify its needs, and the specifics too. What problems are there that people want solutions for? How big of a problem is it? How much are people willing to spend for a solution?

Remember that your aim is to generate income out of your product. It isn’t about showing off how good you are in designing the product. People don’t care about that. What they do care about is whether or not your product is a good solution to their problem.

 

 

2. Identify Your Prospective Customers

This stage is where you can channel your inner Sherlock Holmes. Investigate and know as much as you can about your potential clients. Find out about their jobs, the companies they work for, where they reside, their income, age group, what they like to buy the most, things like that.

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If your clients are companies, then learn about the sort of businesses they’re running. Find out about what services they have, what products they sell, whom they sell them to, and the like. Additionally, it pays to check which media outlets they patronise, so you can tap into them for advertising.

 

3. Make Your Product

After doing the research on your target market and potential clients, you can proceed with creating a product. This is where you should pour out the passion you initially had for your unique idea. Design an excellent product, so that your customers will feel that they must have it!  Form and function are the keys here: The product must do what it’s supposed to do (function), while also being aesthetically pleasing (form).

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4. Test It Out

Allow people to try out your product, and ask for their feedback. You can give out samples to your friends, acquaintances, neighbours, colleagues, anyone you can think of. Just make sure to get feedback from them. What they think about your product is the most important takeaway in this stage.

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Their opinions are valuable, since these will tell you what your product needs to improve. Don’t take negative feedback personally; instead, treat them as insights into what your customers really want. Again, customers care the most about the performance of your product. The better it delivers, the more likely customers will buy it.

 

5. Pre-Launch Your Product

Organise an event to officially launch your product into the market. Invite your potential clients, and let them see your product and what it’s capable of. You can also give a talk on why they should buy your product and how it can improve their lives. This is also a great opportunity to give discounts, freebies, and special offers to your first-time customers, especially those who decide to buy on the spot!

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There you have it. See, that passion you had for your unique idea isn’t a waste of time at all. That, alongside following this step-by-step guide, will propel your UK home business into big profits soon enough.


 

Would you like more tips on creating a product for your UK home business?

Then head over to http://icopyit.co.uk to find out more from an expert. You can also copy his online business idea that’s proven to work!

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And oh, don’t forget to apply for our small business tips newsletter and begin to learn more about how to make money online. Leave your details on this site and I’ll send you my free report; ‘Online Business Ideas’.

Every success to you,

Peter

 

 

Summary
The 5 Steps of Creating a Product
Article Name
The 5 Steps of Creating a Product
Description
Do you have a unique product idea for your UK home business? Before going into the assembly line, take these five steps first.
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