So, a little light bulb within you head has lit up and you are struck with the concept that you invented something. You are uncertain yet how practical your idea is at this time, but something tells you that this might be the. Big break you were looking for. What you do next and how you approach your next steps is very important and will either lead you on to glory or will doom your undertaking. The steps that I will outline a little later might seem unnecessary; however I want to assure you that in the end you will be happy that you took my advice.
Before we proceed with all the discussion, I would personally like to offer a few words of wisdom. While working on your idea you will encounter people who will criticize your work and then try to discourage from forging ahead. A number of the Inventhelp Product Licensing will be deserved and should be considered. If you see which a valid point is raised which you never imagined of before – the greater off you might be. It offers you possibility to stop and view your idea from another perspective (or angle). However, you may also encounter a so-called destructive criticism that is not according to any facts.
When you figure out how to separate these two, you will end up better of. My advice to you –
– Don’t be afraid to question professionals, because most experts are certainly one-track minded and oblivious to many other things
– Don’t hesitate to challenge other people’s ideas, uphold your principles and be firm
– Don’t be scared to learn that your particular own idea is faulty. Pause, make corrections, re-analyze and move ahead
If you are prepared to market your idea, you will need to deal with large corporations. Keep in mind that the bigger the company is, the better bureaucratic it is. Many big companies lose focus and quite often hire employees who are either not qualified for the task, or just not considering what they are doing. If you discover these folks who are trying to cause you to feel insignificant (along with your idea unimportant and impractical) don’t get discouraged by this – then you will likely be happier coping with smaller company which is more focused and prepared to take risks!
Step One – Stay Focused and Clearly Document Your Idea
This task has huge benefits, because –
1. You may clearly define your idea/invention
2. While documenting your idea, you may find ways regarding how to expand your invention
Always try to wear paper what exactly it is that you invented – precisely define your idea, its purpose, limitations and target audience. If you cannot precisely define your idea, then because of this you should take a step back, re-analyze your thinking and simplify things. The most typical error that people make at this stage is over-complicating their idea. A quick example will clarify this point:
Case Study 1
John K. comes with an idea regarding how to improve Automatic Knife Mechanism. While laboring hard on his invention, John K. produces technical drawings and decides that his future product will take advantage of the addition of extra items – a scissor along with a screw driver. However, the addition of these items definitely makes the Patent Idea larger and heavier. In order to help make knife lighter, John K. goes back for the drawing board – he compromises his original, Automatic Push/Pull mechanism design in try to accommodate unnecessary additional features which have nothing concerning his unique design. If you take away features from his original design, John K. makes his final design very pedestrian plus it lacks in originality.
In the final analysis, John K. should have stopped right before making any changes to his original Automatic Knife Mechanism and asked himself the following – am I better off using the original mechanism or with pedestrian mechanism that has extra features? Are the extra features even necessary?
The above mentioned example clearly illustrates these – concentrate on your original idea and ignore additional, superfluous features that might muddle your vision. Additional features can come into play later, as soon as you clearly described and shaped your invention.
Step 2 Exploratory Stages – Determine whether your idea is unique
Once you’ve documented your idea, you should begin taking into consideration the following – how unique is my idea? In order to answer these questions, you will need to perform some legwork and hit your local library and internet. Except if you allocated a large amount of your financial budget to Patent Lawyers, who can carry out the research for you, you may be better off doing initial research by yourself. Why? Simply because you may discover during your exploratory searches that your particular design is not unique and save yourself from paying Big Lawyer fees. A note of caution – don’t get discouraged should you determine the idea much like yours already exists and already patented. The fact that someone came to the similar conclusions as you, just a little bit earlier is nice – you have a competition! Levels of competition are good, level of competition is healthy! Carefully examine competing product, even carry it apart, if necessary. Determine what differentiates your idea from competitor’s, its limitations and how successful was another individual (or perhaps a company) with marketing it. When you can see, you can actually learn from mistakes of others, avoid their mistakes and forge ahead fully aware of competition as well as their limitations.
Step Three – Product Safety Considerations
Whether you decided to produce a baby product or some type of household appliance, an exclusive care needs to be taken in describing potential hazards associated by using your product. For instance, if you invented a brand new toy intended for young children, try to create the list of parts that can potentially harm your little customers. Keep in mind that lots of people, unfortunately, disregard exploitation manuals. Figure out what can or may go wrong using the operation of the product and determine ways concerning how to improve product safety. The questions that you simply may ask yourself are the following –
1. Am I using proper materials?
2. Maybe the part which has by far the most hazards ought to be redesigned?
Try to come up with a thorough set of parts that can be potentially hazardous and repair your design before you begin marketing your product or service. You may think of this step as unnecessary, but let me warn you – most marketing companies will need you to describe all Safety features of the idea, and also you might save yourself some time by doing preparations beforehand.
Step 4 – Demographics and Determining who can Make Use Of Product
Ones you have a clear picture of your product and you figured out all nuances of product design, try to determine that will use your product, when and where. Attempt to consider these questions –
1. What exactly is the age bracket of target market?
2. Is my product intended for Men, Women, or Both?
3. Where and when can it be applied?
Correctly answering these questions will help you properly market your product and stay up to date with competition. Furthermore, knowing answers to all these questions can help you in putting finishing touches on the product. How? Should your product is ideal for children, then it needs to be bright and colorful. Additionally, in case your product is ideal for cold climate, you need to avoid marketing it in locations where it’s hot all year long.
It is extremely likely that the item is tailored for certain industry (as an example, agricultural); then think of people who will manage to benefit the best from your invention! In case your product was created to work with specific soil or crops, then you should target geographical region rich with desired characteristics. As one can see, this method requires a thorough research, planning and leg work; the advantages, on the other hand, will be payoff rewarding!
Step 5 – Produce Full or Small Scale Type of Your Product
It is rather important to produce a working model off of your idea. Why? Having a real-life style of your idea (or a scaled-down version from it), will help you –
1. Identify its limitations and gives you the opportunity to re-think some aspects of your initial design and make necessary corrections
2. Improve your final design
Along with the previously discussed items, the final model can help you psychologically. There is absolutely no better feeling then so that you can physically see and touch the development of your own mind! The fact that you are touching the real-life model of one last design will give you positive psychological boost comparable to hardly any other you’ve experienced during design process, motivating you even more to succeed!
The best way to approach this task is to try and draw on a bit of paper the ultimate version of the product, how you view it at this point in time. Your drawings should show one last idea/product under different angles, in a 2-D and 3-D. The image might not really pretty because not most of us have the necessary drawing skills. However, this drawing task can help you immensely solidify your design and pin-point items which you continue to need to work on. Additionally, I strongly recommend that you generate your initial product prototype from clay or any other material which is easily available. Why? As this prototype together with initial drawing will allow you to explain your idea to technical person who, subsequently, will transform your design into highly technical engineering drawing.
Once you prepared your model, try to determine which materials goes in into construction of real-life product. Will your product or service be build of plaster or metal? If metal, then what kind of metal – could it be aluminum, copper or some type of alloy? Once you determined the necessary materials, estimate production cost since the price that you’ll charge for the product will depend on the production price of every person unit. You don’t have to be 100% correct at this stage with your material selections, but it’s great to know what materials goes into manufacture of your products or services so that you have a ball-park figure on the final cost of your products or services.
Step 6 – Estimate Cost and Gross Profit
When you determined who can make use of your product and where (or your product’s market), it is time for you to think “big” – attempt to work out cost/benefit analysis of your own product. Below is really a case study –
Mary A., a homemaker with three little children, designed a plastic bottle holder for babies and small toddlers. Her bottle holder was created in such a way it would hold the bottles, spoons and bottle caps. Mary A. created numerous drawings of her product and with the help of her husband managed to generate a full-scale version of Make A New Invention made from clay. Before involving an engineer, Mary A. estimated that her product will likely be made entirely away from plastic. The estimated production expense of 1 bottle holder is $3.00 (we presume the manufacturing plant is found in China and shipping costs are already factored in in to the estimated production cost). Mary A. did comparative shopping and determined that other sorts of Baby Holders can sell around $15 dollars. Additionally, Mary found out that three local baby stores each serve 1000 shoppers per day (including online purchases); additionally, each stores needs a 40% commissions per each purchase – which means $6 pays as being a commission towards the store for each and every $15 purchase. Mary A. immediately figured out that her total profit is going to be $6 per each bottle holder ($15 – $6 – $3). Presume that one third of shoppers in each store have either babies or toddlers who still need bottle holders (approximately 330 consumers per store), Mary A. can generate profit in the quantity of 330 X 3 X 6 = $5940.
Step 7 – Product Marketing
Correct online marketing strategy is completely essential to the achievements of your idea. Partnering with marketing company that you can trust and rely upon will pay big dividends inside the long run and must not be overlooked. What in case you know about marketing companies? Many of these companies are split into two groups (I will give them a call groups A and B) –
1. Group A: These businesses claim they may have specific knowledge and inside connections in a broad range of industries. In addition to been expensive, a lot of companies that are part of this group are charged with fraud and inventor should carefully consider who they really are dealing with. In the best case scenario, you can potentially lose your money and valuable time; in worst-case scenario, as well as losing money someone else may take advantage of your invention (unless, of course, that you were lucky enough to patent it!!)
2. Group B: These firms give inventor complete freedom in marketing their idea. Inventors choose what you should say while focusing on emphasize areas which they believe are most pertinent to their invention. I would personally like to point out IdeaJets website (www.ideajets.com):
IdeaJets is a marketplace where people with ideas and companies who hunt for sharp minds meet. Along with helping you get a right partner who can assist you to realize your ideas and dreams, IdeaJets also brings inventors in touch with other ambitious men and women to cultivate and promote the culture of inventiveness and success. You can meet your fellow inventors using IdeaJets messaging system or even in Forums. Hopefully, by sharing ideas and opinions, users might view their inventions or ideas in a new light, refine and re-define them to further enhance their chances to succeed. As of right now, IdeaJets is totally free!
Conclusion and a few Final Thoughts:
As one can see, it takes a lot of patience, preparation and perseverance for inventor to succeed. The biggest thing is always to not get discouraged by the presence of competition and potential rejections. Because I mentioned inside my article, level of competition is good and healthy. In case your competitor is enjoying a positive results with all the product similar to what you’ve developed, then which means that the item that you will be concentrating on has great potential. Carefully examine competitor’s product and find out its weaknesses or vulnerabilities. This, needless to say, presumes which you finalized your initial design, resolved all of the kinks and produced an entire-scale (or scaled-down) version of the product. When you know enough about competitor’s product, carefully study your market and demographics – this will help you in designing marketing strategy specifically tailored towards your product. Wear paper and document all your findings because you may forget some details later on and understand that the data you painfully should get is gone. In general, attempt to incorporate your findings xqvfcq to cost, market and demographic analysis into Business Strategy and store it in a safe place! A lot of companies you are going to make an effort to work or partner with will require that you produce Business Plan documentation. Without having you will force one to produce Business Plan documentation almost overnight and this is not always easy. My suggestion to you personally – begin working on the Business Strategy from your beginning and save from having sleepless nights! As well as a final word of wisdom – don’t hesitate to become over-confident, because confidence and belief in one’s own powers are a great recipe to success!