So, a little light bulb inside you head has lit up and you are struck with the notion 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 like to offer a few words of wisdom. While working on your idea you will encounter those who will criticize your work and then try to discourage you against forging ahead. A few of the Inventhelp Number will be deserved and really should be taken into consideration. If you see that the valid point is raised that you simply never thought of before – the higher off you are. It provides you with possibility to stop and view your idea from another perspective (or angle). However, you may also encounter a so-called destructive criticism which is not according to any facts.
When you discover ways to separate these two, you will be better of. My advice to you personally –
– Don’t be afraid to question professionals, since most experts are one-track minded and oblivious to other things
– Don’t be scared to challenge other people’s ideas, uphold your principles and be firm
– Don’t be scared to discover that your own idea is faulty. Pause, make corrections, re-analyze and move ahead
If you are able to market your idea, you will have to deal with large corporations. Keep in mind that the larger the company is, the more bureaucratic it really is. Many big companies lose focus and frequently hire employees that are either not qualified for the task, or just not interested in what they are going to do. If you locate these folks who want to help you feel insignificant (as well as your idea unimportant and impractical) don’t get discouraged from this – chances are you will be better off dealing with smaller company that is certainly more focused and ready 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 wear paper what it is that you invented – precisely define your idea, its purpose, limitations and target audience. If you fail to precisely define your idea, then because of this you need to take a step back, re-analyze your thinking and simplify things. The most typical error that folks make at this point is finished-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, adding these things helps make the Inventhelp Inventor larger and heavier. In order to create knife lighter, John K. goes back to the drawing board – he compromises his original, Automatic Push/Pull mechanism design in try to accommodate unnecessary additional features that have nothing to do with 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.
In the final analysis, John K. must have stopped right before making any changes to his original Automatic Knife Mechanism and asked himself the following – am I more satisfied using the original mechanism or with pedestrian mechanism that has extra features? Are the additional features even necessary?
The above mentioned example clearly illustrates these – give attention to your original idea and ignore additional, superfluous features that might muddle your vision. Extra features will come into play later, as soon as you clearly described and shaped your invention.
Step Two Exploratory Stages – See whether your idea is different
Once you’ve documented your idea, you should begin considering the following – how unique is my idea? In order to respond to these questions, you should do some legwork and hit the local library and internet. Unless you allocated a lot of your financial budget to Patent Lawyers, who can carry out the research for you personally, you will end up better off doing initial research on your own. Why? Since you may discover during your exploratory searches that your particular design is not unique and save from paying Big Lawyer fees. A note of caution – don’t get discouraged if you determine that this idea similar to yours already exists and already patented. The truth that someone got to the similar conclusions while you, just just a little bit earlier is nice – there is a competition! Level of competition is good, competition is healthy! Carefully examine competing product, even take it apart, if required. Know what differentiates your idea from competitor’s, its limitations and exactly how successful was someone else (or a company) with marketing it. As you can see, you can actually gain knowledge from mistakes of others, avoid their mistakes and forge ahead fully mindful of competition as well as their limitations.
Step 3 – Product Safety Considerations
Whether you decided to produce a baby product or some kind of household appliance, a unique care needs to be consumed describing potential hazards associated by using your products or services. For instance, in the event you invented a brand new toy created for small children, try to create the list of parts that can potentially harm your little customers. Keep in mind that many people, unfortunately, disregard exploitation manuals. Know what can or may go awry using the operation of your own product and determine ways on how to improve product safety. The questions that you simply may consider would be the following –
1. Am I using proper materials?
2. Maybe the part which has the most hazards should be redesigned?
Try to create a comprehensive listing of parts that can be potentially hazardous and repair your design before you start out marketing your product. You may think of this step as unnecessary, but let me warn you – most marketing companies will require that you describe all Safety measures of your own idea, and you might stay away from a while by doing preparations in advance.
Step 4 – Demographics and Determining who will Use Your Product
Ones there is 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. Try to consider the following questions –
1. Exactly what is the age bracket of 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 market your product and stay up to date with your competition. In addition, knowing solutions to all these questions will help you in putting finishing touches on your own product. How? Should your product is ideal for children, then it needs to be bright and colorful. Furthermore, if your product is made for cold climate, you ought to avoid marketing it in places that it’s hot all year long.
It is quite likely that your particular product is tailored for certain industry (for example, agricultural); then think of those who will benefit the most from your invention! In case your product was created to work with specific soil or crops, then you certainly 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, will likely be payoff rewarding!
Step 5 – Produce Full or Small Scale Type of Your Product
It is extremely important to make a working model from your idea. Why? By having a real-life model of your idea (or even a scaled-down version of this), will help you to –
1. Identify its limitations and provides you the opportunity to re-think some aspects of your initial design and make necessary corrections
2. Improve your final design
As well as the above mentioned items, the last model will allow you to psychologically. There is no better feeling then so that you can physically see and touch the creation of your own mind! The fact that you are touching the actual-life model of one last design will give you positive psychological boost comparable to no other you’ve experienced during design process, motivating you even more to be successful!
The easiest method to approach this step is to try and draw on some paper the last version of your product, how you will look at it around this point in time. Your drawings should show your final idea/product under different angles, in a 2-D and three-D. The picture might not be pretty because not many of us hold the necessary drawing skills. However, this drawing task will help you immensely solidify your design and pin-point things that you will still need to work on. Additionally, I strongly suggest which you generate your initial product prototype from clay or other material which is easily available. Why? Since this prototype together with initial drawing will allow you to explain your idea to technical individual that, consequently, will transform your design into highly technical engineering drawing.
As soon as 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 – could it be aluminum, copper or some form of alloy? When you determined the essential materials, estimate production cost since the price that you’ll charge for the product will depend on the production cost of every person unit. You don’t have to be 100% correct at this time together with your material selections, but it’s excellent to know what materials should go into production of your products or services allowing you to have a ball-park figure on the final expense of your product.
Step 6 – Estimate Cost and Gross Profit
As soon as you determined who will make use of your product and where (or your product’s market), it is actually time for you to think “big” – make an effort to work out cost/benefit analysis of the 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 a manner it would hold the 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 Invention Ideas made from clay. Before involving an engineer, Mary A. estimated that her product will be made entirely from plastic. The estimated production price of 1 bottle holder is $3.00 (we presume that this manufacturing plant is situated in China and shipping costs are already factored in in to the estimated production cost). Mary A. did comparative shopping and determined that other types 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); furthermore, each stores needs a 40% commissions per each purchase – which means that $6 pays as a commission for the store for each $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 prosperity of your idea. Partnering with marketing company that you simply can trust and depend on will pay big dividends in the long run and really should not be overlooked. What should 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. In addition to been expensive, a lot of companies that belong to 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 your money and time; in worst-case scenario, as well as losing money someone else may take advantage of your invention (unless, of course, you were lucky enough to patent it!!)
2. Group B: These businesses give inventor complete freedom in marketing their idea. Inventors choose what to say while focusing on emphasize areas that they believe are most pertinent with their invention. I would like to point out IdeaJets website (www.ideajets.com):
IdeaJets is actually a marketplace where people who have ideas and firms who look for sharp minds meet. As well as helping you discover a right partner who can help you realize your ideas 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 perhaps 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 improve their chances to achieve success. As of right now, IdeaJets is entirely free!
Conclusion and some Final Thoughts:
As one can see, it requires lots of patience, preparation and perseverance on the part of inventor to be successful. The most important thing would be to not get discouraged by the presence of competition and potential rejections. Because I mentioned in my article, levels of competition are good and healthy. Should your competitor is enjoying a positive results using the product comparable to what you’ve developed, then this means that the merchandise that you will be concentrating on has great potential. Carefully examine competitor’s product and determine its weaknesses or vulnerabilities. This, needless to say, presumes that you simply finalized your initial design, figured out all of the kinks and produced a complete-scale (or scaled-down) version of your 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 your findings because you may forget some details later on and understand that the info you painfully should get is gone. In general, make an effort to incorporate your findings xqvfcq to cost, market and demographic analysis into Business Strategy and store it in a safe place! Most companies you are going to try to work or partner with will require that you produce Business Strategy documentation. Without having you might force one to produce Strategic Business Plan documentation almost overnight and this may not be always easy. My suggestion for you – begin working on the Strategic Business Plan through the very beginning and stay away from from having sleepless nights! Along with a final word of wisdom – don’t be scared to get over-confident, because confidence and belief in one’s own powers are a good recipe to success!