So, a little light bulb inside you head has lit up and you are struck with the notion that you invented something. You are unsure 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 guarantee 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 dealing with your idea you will encounter those who will criticize your work and then try to discourage from forging ahead. A number of the Market An Invention Idea will be deserved and really should be taken into consideration. If you see which a valid point is raised which you never imagined of before – the greater off you happen to be. It provides you with opportunity to stop and view your idea from another perspective (or angle). However, you may also encounter a so-called destructive criticism that is not based upon any facts.
Once you discover ways to separate these two, you will end up better of. My advice for you –
– Don’t hesitate to question professionals, since the majority of experts are certainly one-track minded and oblivious with other things
– Don’t be afraid to challenge other people’s ideas, uphold your principles and stay firm
– Don’t be afraid to find out that your particular own idea is faulty. Pause, make corrections, re-analyze and move ahead
When you are prepared to market your idea, you will need to handle large corporations. Keep in mind that the bigger the company is, the greater bureaucratic it is. Many big companies lose focus and quite often hire employees that are either not qualified for the task, or just not interested in what they are doing. If you come across these folks who want to cause you to feel insignificant (as well as your idea unimportant and impractical) don’t get discouraged with this – then you is going to be more satisfied working with smaller company that is certainly more focused and ready to take risks!
Step 1 – Stay Focused and Clearly Document Your Idea
This step has huge benefits, because –
1. You will clearly define your idea/invention
2. While documenting your idea, you may find ways on how to expand your invention
Always try to wear paper what it is which you invented – precisely define your idea, its purpose, limitations and audience. If you fail to 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 individuals make at this point is finished-complicating their idea. A simple example will clarify this point:
Case Study 1
John K. has an idea concerning how to improve Automatic Knife Mechanism. While laboring hard on his invention, John K. produces technical drawings and decides that his future product will gain benefit from the addition of extra items – a scissor as well as a screw driver. However, the addition of these products makes the Inventhelp Ideas larger and heavier. In order to make knife lighter, John K. goes back for the drawing board – he compromises his original, Automatic Push/Pull mechanism design in make an effort to accommodate unnecessary additional features who have nothing concerning his unique design. By taking away features from his original design, John K. makes his final design very pedestrian and it also lacks in originality.
Inside the final analysis, John K. should have stopped right before creating any changes to his original Automatic Knife Mechanism and asked himself the subsequent – am I more satisfied using the original mechanism or with pedestrian mechanism that has extra features? Would be the additional features even necessary?
The above mentioned example clearly illustrates the following – concentrate on your original idea and ignore additional, superfluous features that might muddle your vision. Extra features can come into play later, once 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 start taking into consideration the following – how unique is my idea? In order to respond to these questions, you will need to do some legwork and hit the local library and internet. Until you allocated a lot of your budget to Patent Lawyers, who will carry out the research for you, you will be better off doing initial research alone. Why? Simply because you may discover throughout your exploratory searches that the design will not be unique and save from paying Big Lawyer fees. A note of caution – don’t get discouraged should you determine that the idea comparable to yours already exists and already patented. The reality that someone arrived at the similar conclusions as you, just a bit bit earlier is great – there is a competition! Competition is good, level of competition is healthy! Carefully examine competing product, even carry it apart, if necessary. Figure out what differentiates your idea from competitor’s, its limitations and how successful was another person (or a company) with marketing it. While 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 3 – Product Safety Considerations
Whether you decided to generate a baby product or some type of household appliance, a special care ought to be taken in describing potential hazards associated with the aid of your products or services. As an example, in the event you invented a whole new toy created for small children, try to come up with a list of parts that can potentially harm your little customers. Stay in mind that numerous people, unfortunately, disregard exploitation manuals. Figure out what can or may go awry with all the operation of the product and find out ways on how to improve product safety. The questions which you may ask yourself are the following –
1. Am I using proper materials?
2. Maybe the part that contains the most hazards ought to be redesigned?
Try to generate a thorough set of parts that can be potentially hazardous and fix your design before you begin marketing your product. You may consider this step as unnecessary, but let me warn you – most marketing companies will require that you describe all Security features of the idea, and you also might save yourself a while by doing preparations ahead of time.
Step 4 – Demographics and Determining who can Make Use Of Product
Ones you have a clear picture of your product and also you figured out all nuances of product design, try to determine who can make use of product, when and where. Attempt to think about the following questions –
1. What exactly is the age bracket of target market?
2. Is my product created for Men, Women, or Both?
3. Where and when can it be used?
Correctly answering these questions will allow you to properly advertise your product and stay abreast of the competition. In addition, knowing answers to all these questions will allow you to in putting finishing touches on the product. How? If your product is designed for children, then it should be bright and colorful. Furthermore, if your product is designed for cold climate, you ought to avoid marketing it in locations where it’s hot all year long.
It is extremely likely that your particular product is tailored for certain industry (for instance, agricultural); then think of those who may benefit the best from your invention! If your product is made to work with specific soil or crops, then you definitely should target geographical region rich with desired characteristics. As you can see, this task needs a thorough research, planning and leg work; the advantages, on the other hand, is going to be payoff rewarding!
Step 5 – Produce Full or Small Scale Model of Your Products Or Services
It is very important to create a working model off of your idea. Why? Having a real-life model of your idea (or even a scaled-down version from it), will help you –
1. Identify its limitations and offers you an opportunity to re-think some elements of your initial design to make necessary corrections
2. Enhance your final design
In addition to the previously listed items, the final model will help you psychologically. There is not any better feeling then to be able to physically see and touch the roll-out of your personal mind! The fact that you are touching the real-life style of your final design provides you with positive psychological boost comparable to hardly any other you’ve experienced during design process, motivating you even more to succeed!
The simplest way to approach this step is to try to draw on some paper the final version of your product, how you will see it around this point over time. Your drawings should show one last idea/product under different angles, in a 2-D and 3-D. The photo might not really pretty because not many of us have the necessary drawing skills. However, this drawing task will help you immensely solidify your design and pin-point items which you will still need to work on. Furthermore, I strongly recommend which you generate your initial product prototype from clay or any other material which is easily available. Why? Since this prototype together with initial drawing will help you explain your idea to technical individual that, consequently, will transform your design into highly technical engineering drawing.
When you prepared your model, try to determine what materials will go 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? When you determined the essential materials, estimate production cost as the price that you’ll charge to your product will be based on the production expense of every person unit. You don’t need to be 100% correct at this stage along with your material selections, but it’s great to know what materials goes into production of your products or services so that you have a ball-park figure on the final price of your product or service.
Step 6 – Estimate Cost and Gross Profit
As soon as you determined who will make use of product and where (or your product’s market), it really is time to think “big” – try to work out cost/benefit analysis of your product. Below is actually 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 designed in such a way which it would hold both bottles, spoons and bottle caps. Mary A. created numerous drawings of her product and with the aid of her husband managed to generate a full-scale version of Inventhelp Tech made of clay. Before involving an engineer, Mary A. estimated that her product is going to be made entirely out of plastic. The estimated production cost of 1 bottle holder is $3.00 (we presume that the manufacturing plant is found in China and shipping expenses are already factored in into the estimated production cost). Mary A. did comparative shopping and determined that other kinds of Baby Holders are selling around $15 dollars. In addition, Mary found out that three local baby stores each serve 1000 shoppers per day (including online purchases); in addition, each stores needs a 40% commissions per each purchase – which means $6 is paid as a commission for the store for every $15 purchase. Mary A. immediately determined that her total profit will be $6 per each bottle holder ($15 – $6 – $3). Presume that a person 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 amount of 330 X 3 X 6 = $5940.
Step 7 – Product Marketing
Correct marketing strategy is totally important to the success of your idea. Partnering with marketing company that you simply can trust and depend on will probably pay big dividends within the long run and should not be overlooked. What in the event you know about marketing companies? The majority of these companies are split into two groups (I am going to give them a call groups A and B) –
1. Group A: These firms claim they may have specific knowledge and inside connections in a broad range of industries. As well as been expensive, most companies that belong to this group are accused of fraud and inventor should carefully consider who they are coping with. Within the best case scenario, you can potentially lose all of your money and time; in worst-case scenario, as well as losing money another person may take advantage of your invention (unless, obviously, you were fortunate enough to patent it!!)
2. Group B: These businesses give inventor complete freedom in marketing their idea. Inventors choose what you should say while focusing on emphasize areas that they believe are most pertinent with their invention. I might like to point out IdeaJets website (www.ideajets.com):
IdeaJets is actually a marketplace where people with ideas and firms who search for sharp minds meet. As well as helping you discover a right partner who can enable you to realize your opinions 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 perhaps in Forums. Hopefully, by sharing ideas and opinions, users might view their inventions or ideas in a new light, refine and re-define those to further enhance their chances to achieve success. As of right now, IdeaJets is totally free!
Conclusion and a few Final Thoughts:
As one can see, it takes plenty of patience, preparation and perseverance on the part of inventor to be successful. The main thing is to not get discouraged by the presence of competition and potential rejections. Because I mentioned inside my article, competition is good and healthy. In case your competitor is having a amazing success with the product comparable to what you’ve developed, then which means that the item that you will be working on has great potential. Carefully examine competitor’s product and figure out its weaknesses or vulnerabilities. This, of course, presumes that you simply finalized your initial design, worked out each of the kinks and produced a complete-scale (or scaled-down) version of your product. Once you know enough about competitor’s product, carefully study your market and demographics – this will help in designing marketing plan specifically tailored towards your product. Put on paper and document your findings because you may forget some details down the road 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! Many businesses you are going to attempt to work or partner with will require that you produce Business Strategy documentation. Not having one will force you to produce Business Strategy documentation almost overnight and this is simply not a simple task. My suggestion to you personally – start working on the Business Strategy through the start and stay away from from having sleepless nights! As well as a final word of wisdom – don’t be scared to become over-confident, because confidence and belief in one’s own powers are a great recipe to success!