Step 1: Inventing your next product idea
The first step might seem too intuitive to mention. You have an idea and you want to manufacturer it. Why spend time talking about inventing your next product idea?
This step is not so much about coming up with the initial concept (which I’ll assume you have already done and is exactly why you happen to be reading this post right now). This step is more about making sure you understand enough about the relevant manufacturing processes so that you can refine your idea in order to come into the market at your desired price point.
The equation of manufacturing a new product might look something like the following:
Product Design (complexity + quality) x Manufacturing process = Price per unit
How can you really know what it is you want to manufacturer without knowing about a lot about manufacturing? You can’t. If you are a newbie, you’ll need to start by reading up on the relevant manufacturing processes and their associated costs and places of production. You’ll need a primer on manufacturing. (I’m working on this more hefty piece).