So, a little light bulb within 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 using the discussion, I might like to offer a few words of wisdom. While working on your idea you will encounter individuals who will criticize your work and then try to discourage you from forging ahead. A few of the Inventhelp Headquarters will be deserved and must be taken into account. If you see which a valid point is raised that you never thought of before – the better off you might be. It gives you chance to pause and view your idea from another perspective (or angle). However, you may also encounter a so-called destructive criticism that is certainly not according to 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, because most experts is one-track minded and oblivious to many other things
– Don’t be scared to challenge other people’s ideas, stand by your principles and stay firm
– Don’t be afraid to discover that the own idea is faulty. Pause, make corrections, re-analyze and move ahead
If you are prepared to advertise your idea, you will have to handle large corporations. Stay in mind that the larger the company is, the better bureaucratic it is. Many big companies lose focus and quite often hire employees who are either not qualified to do the job, or just not interested in the things they are doing. If you discover these folks who want to help you feel insignificant (along with your idea unimportant and impractical) don’t get discouraged by this – chances are you will likely be better off dealing with smaller company which is more focused and prepared to take risks!
Step One – Remain Focused and Clearly Document Your Idea
This task has huge benefits, because –
1. You are going to clearly define your idea/invention
2. While documenting your idea, you may find ways concerning how to expand your invention
Always try to put on paper what exactly it is that you invented – precisely define your idea, its purpose, limitations and audience. If you fail to precisely define your idea, then because of this you ought to require a step back, re-analyze your thinking and simplify things. The most frequent error that people make at this stage is finished-complicating their idea. A fast example will clarify this point:
Case Study 1
John K. has 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 benefit from the addition of extra items – a scissor and a screw driver. However, the addition of these things makes the New Invention Ideas larger and heavier. In order to create knife lighter, John K. goes back for the drawing board – he compromises his original, Automatic Push/Pull mechanism design in attempt to accommodate unnecessary additional features that have nothing related to his unique design. If you take away features from his original design, John K. makes his final design very pedestrian and it also lacks in originality.
In the final analysis, John K. should have stopped right before creating any changes to his original Automatic Knife Mechanism and asked himself the following – am I happier with all the original mechanism or with pedestrian mechanism which includes extra features? Are definitely the additional features even necessary?
The aforementioned example clearly illustrates these – concentrate on your original idea and ignore additional, superfluous features that might muddle your vision. Extra features should come into play later, once you clearly described and shaped your invention.
Step 2 Exploratory Stages – See whether your idea is unique
Once you’ve documented your idea, you should begin thinking about the following – how unique is my idea? In order to answer these questions, you will need to perform some legwork and hit your neighborhood library and internet. Except if you allocated a lot of your budget to Patent Lawyers, who can perform the research to suit your needs, you will end up happier doing initial research alone. Why? Since you may discover during your exploratory searches that your particular design will not be unique and save from paying Big Lawyer fees. A note of caution – don’t get discouraged in the event you determine that this idea much like yours already exists and already patented. The fact that someone arrived at the similar conclusions while you, just a bit bit earlier is nice – you have a competition! Competition is good, level of competition is healthy! Carefully examine competing product, even bring it apart, if required. Determine what differentiates your idea from competitor’s, its limitations and how successful was another individual (or even a company) with marketing it. When you can see, you can actually study 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 make a baby product or some form of household appliance, an exclusive care ought to be taken in describing potential hazards associated with the aid of your products or services. For instance, in the event you invented a whole new toy intended for young children, try to come up with the list of parts that can potentially harm your little customers. Keep in mind that numerous people, unfortunately, disregard exploitation manuals. Determine what can or may fail with all the operation of your own product and find out ways on how to improve product safety. The questions that you may think about are the following –
1. Am I using proper materials?
2. Maybe the part that contains the most hazards should be redesigned?
Try to create a comprehensive list of parts that can be potentially hazardous and fix your design before you begin marketing your products or services. You may consider this step as unnecessary, but let me warn you – most marketing companies will need you to describe all Safety measures of the idea, and also you might stay away from a while by doing preparations in advance.
Step 4 – Demographics and Determining who can Make Use Of Product
Ones you do have a clear picture of the product and you also worked out all nuances of product design, make an effort to determine who can use your product, where and when. Make an effort to ask yourself the following questions –
1. What exactly is the age bracket of target audience?
2. Is my product designed for Men, Women, or Both?
3. Where and once can it be utilized?
Correctly answering these questions will allow you to properly advertise your product and remain abreast of competition. Furthermore, knowing solutions to the aforementioned questions will help you in putting finishing touches on your own product. How? In case your product is ideal for children, then it should be bright and colorful. Furthermore, in case your product is designed for cold climate, you need to avoid marketing it in areas where it’s hot all year long.
It is extremely likely that your item is tailored for certain industry (for instance, agricultural); then think of people who may benefit the best from your invention! Should your product is designed to work with specific soil or crops, then you certainly should target geographical region rich with desired characteristics. As one can see, this method needs a thorough research, planning and leg work; the rewards, on the other hand, will likely be payoff rewarding!
Step 5 – Produce Full or Small Scale Type of Your Product
It is very important to create a working model away from your idea. Why? By having a real-life type of your idea (or a scaled-down version from it), will help you to –
1. Identify its limitations and provides you an opportunity to re-think some elements of your initial design making necessary corrections
2. Boost your final design
As well as the previously discussed items, the final model will help you psychologically. There is absolutely no better feeling then so that you can physically see and touch the development of your own mind! Because you are touching the actual-life style of one last design will provide you with positive psychological boost comparable to not one other you’ve experienced during design process, motivating you even more to achieve success!
The easiest method to approach this step is to try and draw on a piece of paper the ultimate version of your product, how you see it at this particular point over time. Your drawings should show one last idea/product under different angles, in a 2-D and 3-D. The picture might not be pretty because not a lot of us possess the necessary drawing skills. However, this drawing task will allow you to immensely solidify your design and pin-point items that you continue to need to work on. In addition, I strongly recommend that you generate your initial product prototype from clay or other material that is readily available. Why? As this prototype in addition to initial drawing will allow you to explain your idea to technical individual that, in turn, will transform your design into highly technical engineering drawing.
When you prepared your model, try to find out what materials will go in into construction of real-life product. Will your products or services 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 required materials, estimate production cost as the price that you’ll charge to your product will depend on the production expense of every person unit. You don’t have to be 100% correct at this point together with your material selections, but it’s very good to know what materials goes into creation of your product or service allowing you to have a ball-park figure on the final expense of your products or services.
Step 6 – Estimate Cost and Gross Profit
As soon as you determined that will make use of product and where (or perhaps your product’s market), it really is time and energy to think “big” – try to work out cost/benefit analysis of your own product. Below is a case study –
Mary A., a homemaker with three little children, created a plastic bottle holder for babies and small toddlers. Her bottle holder was made 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 produce a full-scale version of Patent My Idea manufactured from clay. Before involving an engineer, Mary A. estimated that her product will be made entirely out of plastic. The estimated production price of 1 bottle holder is $3.00 (we presume that the manufacturing plant is situated in China and shipping expenses are already factored in to 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 requires a 40% commissions per each purchase – which means $6 pays as being a commission for 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 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 online marketing strategy is completely necessary to the achievements of your idea. Partnering with marketing company that you simply can trust and depend on will pay big dividends inside the long run and really should not be overlooked. What should you know about marketing companies? Most of these companies are split into two groups (I will 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. In addition to been expensive, most companies that belong to this group are accused of fraud and inventor should carefully consider who they really are dealing with. Inside the best case scenario, you might potentially lose your money and time; in worst-case scenario, as well as losing money somebody else may benefit from your invention (unless, obviously, you had been fortunate enough to patent it!!)
2. Group B: These firms give inventor complete freedom in marketing their idea. Inventors choose things to say and concentrate on emphasize areas they think are most pertinent for their invention. I would personally like to point out IdeaJets website (www.ideajets.com):
IdeaJets is actually a marketplace where people who have ideas and firms who search for sharp minds meet. As well as helping you find a right partner who can help you realize your thoughts and dreams, IdeaJets also brings inventors in contact 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 these to further enhance their chances to succeed. At the time of right now, IdeaJets is totally free!
Conclusion and a few Final Thoughts:
As one can see, it requires lots of patience, preparation and perseverance on behalf of inventor to be successful. The biggest thing is to not get discouraged by the actual existence of competition and potential rejections. As I mentioned inside my article, levels of competition are good and healthy. In case your competitor is having a amazing success using the product similar to what you’ve developed, then which means that the merchandise that you are focusing on has great potential. Carefully examine competitor’s product and find out its weaknesses or vulnerabilities. This, needless to say, presumes that you simply finalized your initial design, resolved each of the kinks and produced a complete-scale (or scaled-down) version of the product. As soon as you know enough about competitor’s product, carefully study your market and demographics – this will help in designing marketing strategy specifically tailored towards your products or services. Placed on paper and document all of your findings because you may forget some details later on and understand that the data you painfully need is gone. In general, try to incorporate all your findings xqvfcq to cost, market and demographic analysis into Business Strategy and store it in a safe place! Many businesses you may try to work or partner with will need you to produce Business Plan documentation. Not having you might force one to produce Business Plan documentation almost overnight and this is simply not always easy. My suggestion to you – begin working on the Strategic Business Plan from the start and stay away from from having sleepless nights! And a final word of wisdom – don’t be scared to get over-confident, because confidence and belief in one’s own powers are a great recipe to success!