Feasibility Studies are an exceptionally good tool in ensuring your project gets off to the best start in the right direction. In Part 1 of Is my idea feasible?, we explained how to get the best from a Feasibility Study and how they can help you visualise the end goal.
We now look at the importance of being aware of statutory requirements. These standards will govern elements like size, shape, materials, construction, emissions and immunities, and end of life considerations of the product, so having an understanding of them ahead of time is a huge advantage. A brief summary based on a cursory investigation should be included. Depending on the product this may include information relating to the following:
“CE, General Product Safety Regulations, European Commission Directives, Underwriters Laboratories (US), Trading Standards, Food Standards Agency, Food and Drug Administration (US), Federal Communications Commission (US), Consumer Product Safety Commission (US), standards relating to children, standards relating to electrical devices etc.”
It is also helpful to be aware of manufacturing constraints for the known components and to get the manufacturers advice during the quotation process to ensure that the design is optimised for performance and unit cost. Other constraints include:
- Geographical location and logistics
- Investment cost and amortisation
- Mechanical requirements of parts
- Method of assembly
- Quality assurance
Finally it is really important to determine a realistic budget for the development and manufacturing processes. It is advisable to compile a cost breakdown for tooling, parts manufacture, and assembly from manufacturers. This is normally done by submitting requests for quotation along with part and assembly specifications.
Conducting a feasibility study can sound daunting but needn’t be. Here at Hillside Design we can prepare specifications for manufacturers to quote against, and depending on requirements can provide this as a pack for you to issue, or alternatively we can perform a costing exercise for you and prepare a final cost breakdown.
If you’ve got an idea you want to take to market, we can help you with your feasibility study. Get in touch to discuss your project and begin the journey.