You’ve been dreaming about it for years and after lots of brainstorming and researching, you finally have a great idea for a new product. But have you determined that there’s a need for your product? And if so, where do you go from there? How do you get from concept to consumer?

There are numerous questions to consider before your product hits the market.

1.    How do you protect your idea? Should you get a patent ?  Most business analysts suggest hiring an attorney to determine if there are any legal issues like patent infringements before manufacturing a new product. They can also help you in filing a patent. Even with the help of an attorney, documentation is vital to obtaining a patent. In the US, patents are valid from the date of issuance for 20 years from the date of filing the patent application.

2.    How do you manufacture your product? You will need a prototype to begin with. A reputable product and development engineering service can turn your idea into a reality. Interview and research companies before deciding who to go with. The Thomas Register is a list of firms specializing in engineering, prototyping and manufacturing. Have a list of specifics, such as customer requirements, expectations, and life span of the product. And most importantly, what market you see the product in. How and where the product will be sold is another important question you should have the answer to. (Will it be sold in a retail store, online boutique, or through trade magazines?)  Technology has greatly influenced the manufacturing industry and you’ll need to be up-to-date on the current process concerning your product.

3.    How do you get investors? The key is to have a good business plan whether you’re seeking outside investors or not. A well thought out plan where you’ve done your homework and mapped out financial goals will show investors that you’re serious about your venture. A sound financial statement and a good track record will assure them that they are making the right decision. Have a clear outline of details such as your financial plan, risks, and market evaluation. They’ll want to know about your personal credit history and what you can bring to the table.

4.    How do you find vendors? Finding a vendor that fits takes time and effort. Vendors are in a sense your partners and the vehicles that will get your product seen by the consumer. Getting the product into the right store is the key to high sales volume. It doesn’t stop there. Product education should be part of the vendor’s plan to get your product sold. If it’s merchandised properly and their salespeople are knowledgeable about your product, you will be happy with the volume of sales. They are the front line and who will help the customer decide if your product is right for them.
Here are a few tips on finding a vendor that fits and maintaining a good relationship once you do.

•    Start by getting a vendor list and web site addresses. Ask like businesses what vendors they’ve been successful with.
•    Interview them by phone first to narrow down your selection.
•    Tradeshows are excellent ways to meet and find vendors to represent your product. There’s nothing better than meeting face to face with potential vendors. You can see if they’re excited by your product. And they get to experience first hand what your product is capable of doing.
•    Building and maintaining a good relationship with your vendor or vendors is essential to the success of your product. Working with your vendors can be rewarding. Communication in any relationship is important. Meet with them often and ask for their input. Share your expectations, concerns and goals with your vendors and they will work hard for you.

Your business depends on your vendors as well as your customers. Forging a strong relationship will take you a long way and you’ll have a relationship with your vendor that will benefit you both.