The very first step you need to take to launch a new product is to market test it. International statistics show that around 80% of new products and services fail within the first year. You can’t afford to waste time and money by investing in a product that fails in the marketplace.
To start off, you need to develop a prototype, model or description that you can show to others. It also allows you to try it out for yourself to make sure it works. Once this is done you need to determine the price you can sell the product at in the marketplace. You will need to get accurate prices and delivery dates from suppliers and determine all the costs involved in bringing the product to market.
From here you can take the product to a potential customer and ask them if they would buy it. If they criticise the product, listen to their feedback and ask how it could be modified to make it more attractive. You can also visit trade shows and exhibitions to get immediate feedback on the product.
Once you have completed this critical step in the research process, and if you have determined that there is a sizeable market for your product, you need to put together a business plan including information about how you will distribute the product, and market it to your potential customers.