Interoduction
You must have seen many such products in the market that are very successful, and you must have also gotten questions in your mind about how these products are finally made. What do we need to do to make such a product, which can create a storm in the market?
If you also have such questions in your mind, then in this blog we will understand how to create a product from scratch step by step and will see how to find an idea, and after validating it, its MVP is made, and finally how to build a successful product by iterating an MVP. So let’s uncover it…
Identify a Problem Worth Solving:
Our first step will be how to find an idea, so let’s find a unique idea that solves a real problem in the market and that is also in demand in the market. There are many ways to find an idea, but I will tell you the simplest and most practical method, which you can find very easily. I will tell you about 6 such methods that will be best for you.
6 Smart Funding Hacks to Turn Your Idea into Reality
1. Observe Your Daily Life—The Secret to Solving Your Own Problems!:
This is the best method of finding an idea when you face a real problem. Observe your daily life carefully and see where you are feeling stressed. When you do any work or job, you have to face a lot of stress. You have to observe them and find a meaningful idea from them. You should ask all these types of questions to find an idea.
2. Dig Into Amazon Reviews to Discover Hidden Product Gaps:
Go to Amazon and see the 1-star, 2-star, and 3-star reviews; understand what the customer is saying there and what he wants. Is there something that the brand or company is not able to deliver? Think about it. And think, can you make that type of product?
3. Trends Don’t Lie: Use Google & YouTube to Spot What’s Blowing Up
Go to Google Trends and check what most people are searching for, understand it, and think about it. Similarly, go to YouTube and see what is being discussed the most, like AI is trending the most right now.
4. Analyze Competitor Products:
Go inside the market and see; there are already many products inside the market. Understand them well and think whether you can make a better version of that product. Like general gyms are already there in the market, think about whether you can make a gym app for students.
5. Use AI tools to find powerful ideas.
6. Talk to your friends & family:
Have a conversation with your family and see if they are facing any challenges. And can you solve those challenges easily by using your product or service?
Validate the Idea:
When you find a good idea, you have to validate the idea. This way you get to know whether there is a demand for that idea in the market or not, and the most important point is whether that idea is solving any problem or any pain point of the customer or not. To check this thing, we first validate the idea. There are many methods to validate the idea in the market. But I will tell you the 5 most important methods, which you can do easily in very little time.
1. Urgency:
The first step to validate your idea is urgency. Whatever segment you want to deal in, what is the urgency of the product you are going to make within that market? For example, the urgency of old movie tickets is less, while the urgency of new movies in the market is more.
2. Pricing Potential:
When you find out the urgency of an idea, then your next step is pricing potential. This gives you an overview of the market you want to enter. At what maximum price can you sell your product in that market? When you launch the product, you will not have any problem in setting the price.
3. Market Size:
Now comes your third step: market size. See, market size tells you the maximum number of audience to whom you can sell your product. It is not like that; the market size of the sector you want to enter is very small. For example, the market size of traditional pens is very small because very few people use traditional pens.
4. Up-front Investment:
The fourth step of idea validation is your up-front investment. This lets you know how much money you have to block from making the product to selling it; you can find this out by calculating it first. For example, setting up the manufacturing of a product can be a very heavy investment for you.
5. Evergreen potential:
The last step of idea validation is evergreen potential. Whatever your idea is, you analyze how much effort you are putting in, from making it to selling it and making a customer happy. How much effort are you putting in to continue that product? And the most important point is, are you getting good ROI from it? For example, after making a course, you just have to sell it.
Build MVP (minimum viable product)
When you complete these 5 steps and get a green signal on all five steps, then your idea is now ready for the next stage, which is MVP, i.e., minimum viable product. This idea is built in very little time with its core features and is quickly tested in the market to see whether people are liking it or not.
Many such founders take a lot of time to make an MVP, but my suggestion would be that the sooner you can make an MVP of your idea and test it in the market, the more easily you can find out what is working in the market and what is not.
Get PMF (product market fit).
See, when your MVP is ready, you can launch it in a small market. You can sell it to 10 to 15 users, take feedback from them, and iterate your MVP. That is, whatever argument the customer has told you, you can fix it and sell it again in the market.
Again, you can take feedback. This is how the iteration cycle continues, and after a few iteration cycles, you get the PMF, that is, the product market fit you want. When you get the PMF, you are ready to scale your product.
🚀 Final Thoughts:
Look, starting a business is not rocket science. If you are in a job, you should definitely consider it as a side hustle because only by doing business can you achieve your financial goals. If you have benefited even a little from this, then you can tell us what you want from us on the next topic. want to know, what are the five pillars of every successful business go to blog page and learn from there.
✍️ About the Author:
I’m Md Muntasir, a startup enthusiast and co-founder of SparkAura. I enjoy blending technology and marketing to turn ideas into powerful brands.