So, a little light bulb inside 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 hoping to find. 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 the discussion, I would personally like to provide a few words of wisdom. While working on your idea you will encounter those who will criticize your work and try to discourage you from forging ahead. A number of the Inventhelp Innovation is going to be deserved and should be considered. When you see that the valid point is raised that you simply never thought of before – the higher off you are. It provides you with opportunity 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 based on any facts.
Once you figure out how to separate those two, you will be better of. My advice to 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, stand by your principles and stay firm
– Don’t be afraid to discover that your own idea is faulty. Pause, make corrections, re-analyze and move ahead
If you are able to advertise your idea, you should handle large corporations. Stay in mind that the bigger the company is, the greater bureaucratic it is. Many big companies lose focus and often hire employees who definitely are either not qualified for the task, or just not interested in whatever they are going to do. If you discover these folks who are trying to make you feel insignificant (along with your idea unimportant and impractical) don’t get discouraged with this – then you is going to be more satisfied working with smaller company which is more focused and willing to take risks!
Step 1 – Remain Focused and Clearly Document Your Idea
This step has huge benefits, because –
1. You are going to clearly define your idea/invention
2. While documenting your idea, you may find ways on how to expand your invention
Always try to put on paper what it is that you simply invented – precisely define your idea, its purpose, limitations and target audience. If you fail to precisely define your idea, then this means that you ought to take a step back, re-analyze your thinking and simplify things. The most common error that individuals make at this point has ended-complicating their idea. A quick example will clarify this point:
Case Study 1
John K. comes with an idea on 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 as well as a screw driver. However, the addition of these products makes the Inventions 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 attempt to accommodate unnecessary extra features which have nothing to do with his unique design. Through taking away features from his original design, John K. makes his final design very pedestrian and it lacks in originality.
Within the final analysis, John K. should have stopped right before making any changes to his original Automatic Knife Mechanism and asked himself the subsequent – am I happier using the original mechanism or with pedestrian mechanism which includes extra features? Would be the additional features even necessary?
The above mentioned example clearly illustrates these – focus on your original idea and ignore additional, superfluous features that might muddle your vision. Extra features will come into play later, once you clearly described and shaped your invention.
Step Two Exploratory Stages – Determine if your idea is exclusive
Once you’ve documented your idea, you should begin considering the following – how unique is my idea? In order to answer these questions, you should perform some legwork and hit your local library and internet. Except if you allocated a lot of your financial budget to Patent Lawyers, who will perform the research for you personally, you may be more satisfied doing initial research by yourself. Why? Simply because you may discover during your exploratory searches that the design is not really unique and stay away from from paying Big Lawyer fees. A note of caution – don’t get discouraged should you determine the idea similar to yours already exists and already patented. The truth that someone arrived at the similar conclusions when you, just a bit bit earlier is great – there is a competition! Levels of competition are good, levels of competition are healthy! Carefully examine competing product, even take it apart, if needed. Figure out what differentiates your idea from competitor’s, its limitations and how successful was someone else (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 and their limitations.
Step Three – Product Safety Considerations
Whether you opted to produce a baby product or some kind of household appliance, an exclusive care needs to be consumed describing potential hazards associated with the use of your product or service. For instance, if you invented a whole new toy intended for small kids, try to create this list of parts that can potentially harm your little customers. Keep in mind that many people, unfortunately, disregard exploitation manuals. Determine what can or may go awry using the operation of your product and find out ways on how to improve product safety. The questions that you may ask yourself would be the following –
1. Am I using proper materials?
2. Maybe the part that contains by far the most hazards ought to be redesigned?
Try to create a thorough listing of parts that can be potentially hazardous and repair your design before you start out marketing your product. You may consider this step as unnecessary, but let me warn you – most marketing companies will need you to describe all Safety measures of your idea, and also you might stay away from some time by doing preparations in advance.
Step 4 – Demographics and Determining who can Make Use Of Your Product
Ones you have a clear picture of your own product and you also worked out all nuances of product design, attempt to determine that will use your product, when and where. Make an effort to think about the subsequent questions –
1. Exactly what is the age bracket of audience?
2. Is my product designed for Men, Women, or Both?
3. Where and when can it be utilized?
Correctly answering these questions can help you properly promote your product and remain abreast of competition. Additionally, knowing solutions to the above mentioned questions can help you in putting finishing touches on your own product. How? Should your product is made for children, then it needs to be bright and colorful. In addition, if your product is ideal for cold climate, you should avoid marketing it in places that it’s hot all year long.
It is very likely that the product is tailored for certain industry (for example, agricultural); then think of those who will benefit the best from your invention! Should your product was created to work with specific soil or crops, then you certainly 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, is going to be payoff rewarding!
Step 5 – Produce Full or Small Scale Model of Your Product Or Service
It is extremely important to produce a working model off of your idea. Why? By having a real-life model of your idea (or perhaps a scaled-down version of it), will assist you to –
1. Identify its limitations and gives you an opportunity to re-think some facets of your initial design and make necessary corrections
2. Improve your final design
In addition to the above mentioned items, the final model will allow you to psychologically. There is absolutely no 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 actual-life model 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 the product, the way you look at it around this point soon enough. Your drawings should show one last idea/product under different angles, in a 2-D and 3-D. The photo might not be 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 must work on. Furthermore, I strongly suggest which you generate your initial product prototype from clay or other material which is readily accessible. Why? Because this prototype along with initial drawing will help you 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 should 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 – is it aluminum, copper or some type of alloy? When you determined the required materials, estimate production cost because the price that you’ll charge for the product will be based on the production cost of each individual unit. You don’t need to be 100% correct at this point with your material selections, but it’s great to know what materials should go into manufacture of your products or services so that you have a ball-park figure on the final price of your product.
Step 6 – Estimate Cost and Gross Profit
Once you determined that will make use of product and where (or your product’s market), it is time and energy to think “big” – make an effort to work out cost/benefit analysis of the product. Below is really 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 designed in a manner which it would hold both 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 How To Sell My Invention Idea To A Company 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 that this 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 can sell around $15 dollars. Furthermore, Mary found out that three local baby stores each serve 1000 shoppers per day (including online purchases); additionally, each stores requires a 40% commissions per each purchase – which means that $6 pays as a commission to the store for every $15 purchase. Mary A. immediately determined 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 volume of 330 X 3 X 6 = $5940.
Step 7 – Product Marketing
Correct online marketing strategy is absolutely necessary to the achievements of your idea. Partnering with marketing company that you can trust and rely upon will pay big dividends within 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 am going to call them groups A and B) –
1. Group A: These firms claim they have specific knowledge and inside connections in a broad range of industries. Along with been expensive, most companies that are part of this group are charged with fraud and inventor should carefully consider who they really are coping with. Within the best case scenario, you could potentially lose all your money and valuable time; in worst-case scenario, along with losing money somebody else may take advantage of your invention (unless, needless to say, you were fortunate enough to patent it!!)
2. Group B: These companies give inventor complete freedom in marketing their idea. Inventors choose what you should say and concentrate on emphasize areas that they think are most pertinent for their invention. I might like to point out IdeaJets website (www.ideajets.com):
IdeaJets is actually a marketplace where individuals with ideas and companies who search for sharp minds meet. In addition to helping you find a right partner who can enable you to realize your thoughts and dreams, IdeaJets also brings inventors in touch with other ambitious individuals to cultivate and promote the culture of inventiveness and success. You can meet your fellow inventors using IdeaJets messaging system or 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 improve their chances to be successful. 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 most important thing would be to not get discouraged by the presence of competition and potential rejections. When I mentioned in my article, levels of competition are good and healthy. In case your competitor is going for a great success with the product similar to what you’ve developed, then this means that the product that you are focusing on has great potential. Carefully examine competitor’s product and determine its weaknesses or vulnerabilities. This, of course, presumes that you finalized your initial design, resolved all the kinks and produced an entire-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 you in designing marketing strategy specifically tailored towards your products or services. Wear paper and document all your findings because you may forget some details afterwards and realize that the information you painfully need is gone. In general, attempt to incorporate your findings xqvfcq to cost, market and demographic analysis into Business Plan and store it in a safe place! Many businesses you are going to make an effort to work or partner with will require that you produce Strategic Business Plan documentation. Without having one will force one to produce Business Plan documentation almost overnight and this is simply not an easy task. My suggestion to you – begin working on the Business Plan from the start and save from having sleepless nights! And a final word of wisdom – don’t be afraid to become over-confident, because confidence and belief in one’s own powers are a great recipe to success!