Developing Your Micro Business Products

What is a micro business?

A micro business is classified as one that operates with four people or less. Micro business is one of the fastest growing sectors in the NSW economy, making up 88% of the State's small businesses. (Source: ABS Cat No. 8165.0, Counts of Australian Businesses, Jun 2003 to Jun 2007).
Micro businesses may operate as a single operator or multiple employee business from either home, mobile, shared offices or commercial premises.

Lifestyle Factors

Operating a business from home has become increasingly common because of the digital revolution, outsourcing, the trend to self-employment and the growth of service industries. This accelerated emergence of micro business operating in recent years can also be linked to better technology and trends toward more flexible lifestyles. Apart from the economic value this growth entails, local communities also gain with social and environmental benefits of those working from home.

Developing Your Products

Many micro-businesses are developing unique products and business services to bring to the market. They are also developing unique brands and trademarks. To check on the commercial viability of your product we suggest you seek an innovation consultant which specialises in commercialising products or services. The first port of call can be the NSW Innovation Advisory Service, which provides an initial free consultation to assist you get on the right path. They are specialists in product commercialisation and will assist with streamlining your product development process and refer you to the appropriate expertise for each step of the way.

Also, consider securing your trademarks, patents and copyright for manuals and written material. The Innovation Advisor will again assist with this process. They are also business strategy consultants and will discuss the best business model for bringing the innovation to market via licensing or capital raising.
Product development is not for the faint hearted, but can be enormously rewarding. Seeking advice at the correct stages can save much time, heart-ache and money.

You may wish to check out the viability of your product before meeting an innovation advisor. The NSW state government has developed a resource, called Ideas Online, where you can self-assess the idea, its protection, the business case and options for reaching the market place. You will be asked over 40 questions and it is valuable to be brutally honest when answering those questions. Enter Ideas Online.

The NSW Innovation Advisory Service is funded by the NSW state government to support innovators and small business commercialize their ideas, products and services. Services include preliminary patent search, technical assessment and market reviews through to licensing and capital raising. See www.ausinvent.com for more information. Dan Liszka is the Managing Director of Alchemy Equities, the firm which is contracted by the state government to deliver the NSW Innovation Advisory Service.