Product Development

The concept – what are you going to make

Who will buy it, and how big is the market?

Is there a model for this product? How does it do and compare in features and price?

Do the research – are there other artisans who have made a living out of creating an item like this?

Is this a bread and butter item which can be made quickly and will provide a steady income to support research and design and one of a kind work?

Is this a price point item? Are you making it to sell at a specific dollar amount?

How are you going to sell – is the pricing different based how and where you are selling?

How long does it take to make the item?

How much upfront cost is there?

Are there ways to produce this more efficiently?

Is there a way to add value to the item to command a higher price?

Is this part of a product line or a stand alone?

Can you increase production quickly to meet demand if required?

Can the production process be contracted out?

Can you hire staff to accomplish this and still make money?

Resources