Some products will never be financially or technically viable. This can apply to the modification of existing products as well as to the development of new ones. It is important that you establish this before you invest too much time and money into the project and risk financial problems.
There are some key steps you can take to help avoid this:
- Complete thorough market research. There is no point making a product which customers don't want or which costs more to make than customers would be willing to pay. See how to price your product or service and use market research and market reports.
- Conduct a patents search to check that your idea is new. You can use the IPO's Online Patent Information and Document Inspection Service.
- Draw up clear business plans and budgets and review them regularly. See budgets and business planning.
- Involve people with relevant skills or knowledge who can tell you what is and isn't feasible.
- Split the project up into steps and review the project at the end of each stage.
- Listen to the advice you are given and don't be afraid to drop unrealistic projects.
To help determine the viability of your ideas, you should consider getting assistance from Invest Northern Ireland. Find out about Invest NI's R&D support for business.