While the business world is seemingly more and more dominated by service-based businesses these days, there is still a place for companies that manufacture their own products. If you have an idea for a product, then here are three things you’ll need to consider as you start the journey towards bringing your product to market…
#1 – The importance of innovation
There are hundreds of thousands of different products currently available on the market, so making sure you only choose to manufacture genuinely unique products is incredibly important. Unfortunately, choosing to create products with almost identical functionality to existing products offers little to no benefit; if you’re going to manufacture, then always make sure your finished product will genuinely offer something new, different, and exciting to the overall marketplace.
#2 – Protect your ideas
When you have found a genuinely innovative idea that you want to manufacture, it is incredibly important to think about how you will protect that idea. This means you will need to look at intellectual property laws, with a particular focus on whether or not you can patent the idea in order to prevent other companies from benefiting from your hard work.
#3 – Eliminating the risk of defects
With your IP protected, you will then need to consider the manufacturing process itself, with a particular focus on eliminating defects. Defects in the manufacturing process can be hugely detrimental to your business for a number of reasons, but thankfully, there are ways and means of ensuring defects are kept to a bare minimum. One of the best options currently available is Six Sigma, which you can learn more about in the infographic below.
Infographic Design By Rutgers University
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