So, a little light bulb inside you head has lit up and you are struck with the idea 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 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 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 caring for your idea you will encounter individuals who will criticize your work and then try to discourage you against forging ahead. Some of the Inventhelp Inventions Store will be deserved and should be taken into account. If you notice that the valid point is raised that you never imagined of before – the greater 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.
Whenever you learn how to separate these two, you may be better of. My advice to you personally –
– 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 stay firm
– Don’t be afraid to find out that the own idea is faulty. Pause, make corrections, re-analyze and move ahead
If you are prepared to promote your idea, you will need to cope with large corporations. Keep in mind that the bigger the company is, the better bureaucratic it is actually. Many big companies lose focus and quite often hire employees who definitely are either not qualified to do the job, or just not considering the things they are doing. If you come across these people that are trying to make you feel insignificant (along with your idea unimportant and impractical) don’t get discouraged from this – chances are you will likely be better off dealing with smaller company which is more focused and willing to take risks!
Step 1 – 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 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 audience. If you cannot precisely define your idea, then because of this you need to have a step back, re-analyze your thinking and simplify things. The most typical error that individuals make at this point has ended-complicating their idea. A quick example will clarify this point:
Case Study 1
John K. posseses 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, incorporating these things makes the Inventhelp Prototype Service larger and heavier. In order to make knife lighter, John K. goes back towards the drawing board – he compromises his original, Automatic Push/Pull mechanism design in try to accommodate unnecessary extra 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 using the original mechanism or with pedestrian mechanism which includes additional features? Would be the additional features even necessary?
The above example clearly illustrates the following – focus on your original idea and ignore additional, superfluous features that might muddle your vision. Additional features should come into play later, once you clearly described and shaped your invention.
Step Two Exploratory Stages – Determine if 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 reply to these questions, you will have to carry out some legwork and hit the local library and internet. Until you allocated a substantial amount of your financial budget to Patent Lawyers, who will carry out the research for you personally, you will be more satisfied doing initial research by yourself. Why? Since you may discover on your exploratory searches that your particular design will not be unique and save yourself 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 truth that someone came to the similar conclusions while you, just just a little bit earlier is good – you have a competition! Level of competition is good, levels of competition are healthy! Carefully examine competing product, even bring it apart, if needed. Determine what differentiates your idea from competitor’s, its limitations and just how successful was another individual (or even a company) with marketing it. When you can see, you can actually learn from mistakes of others, avoid their mistakes and forge ahead fully conscious of competition and their limitations.
Step 3 – Product Safety Considerations
Whether you opted to generate a baby product or some form of household appliance, a special care needs to be taken in describing potential hazards associated with the use of your product. For instance, in the event you invented a new toy intended for small kids, try to come up with this list of parts that can potentially harm your little customers. Stay in mind that lots of people, unfortunately, disregard exploitation manuals. Know what can or may go awry with all the operation of your product and figure out ways concerning how to improve product safety. The questions which you may think about are definitely the following –
1. Am I using proper materials?
2. Maybe the part which contains by far the most hazards should be redesigned?
Try to create a complete list 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 Safety features of your own idea, and you also might save some time by doing preparations in advance.
Step 4 – Demographics and Determining who can Use Your Product
Ones you do have a clear picture of your product and you also figured out all nuances of product design, try to determine who will make use of product, where and when. Try to ask yourself the following questions –
1. What is the age bracket of audience?
2. Is my product intended 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 your competition. In addition, knowing answers to all these questions will help you in putting finishing touches on your own product. How? In case your product is made for children, then it needs to be bright and colorful. Furthermore, in case your product is ideal for cold climate, you should avoid marketing it in areas where it’s hot all year long.
It is extremely likely that your product is tailored for certain industry (for example, agricultural); then think of people who will manage to benefit the most from your invention! Should your product was created to work with specific soil or crops, then you definitely should target geographical region rich with desired characteristics. As you can see, this step demands a thorough research, planning and leg work; the benefits, on the other hand, is going to be payoff rewarding!
Step 5 – Produce Full or Small Scale Type of Your Product
It is extremely important to produce a working model off of your idea. Why? With a real-life style of your idea (or even a scaled-down version from it), will help you to –
1. Identify its limitations and provides you a chance to re-think some facets of your initial design making necessary corrections
2. Improve your final design
In addition to the previously discussed items, the ultimate model can help you psychologically. There is not any better feeling then in order to physically see and touch the creation of your personal mind! Because you are touching the actual-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 achieve success!
The easiest method to approach this task is to try to draw on a bit of paper the ultimate version of your product, how you look at it at this particular point soon enough. Your drawings should show your final idea/product under different angles, in a 2-D and three-D. The photo might not pretty because not most of us hold the necessary drawing skills. However, this drawing task will help you immensely solidify your design and pin-point items that you will still need to work on. Additionally, I strongly suggest that you simply 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, subsequently, will transform your design into highly technical engineering drawing.
Once you prepared your model, try to determine which materials should 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 – is it aluminum, copper or some form of alloy? Once you determined the essential materials, estimate production cost because the price that you’ll charge for your product will depend on the production cost of every person unit. You don’t need to be 100% correct at this time along with your material selections, but it’s great to know what materials goes into production of your product so that you have a ball-park figure on the final price of your products or services.
Step 6 – Estimate Cost and Gross Profit
When you determined who will use your product and where (or maybe your product’s market), it is actually time 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, designed a plastic bottle holder for babies and small toddlers. Her bottle holder was designed in a manner 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 Inventhelp Patent Services manufactured from clay. Before involving an engineer, Mary A. estimated that her product will be made entirely from plastic. The estimated production cost of 1 bottle holder is $3.00 (we presume that the manufacturing plant is found in China and shipping pricing is already factored in to the estimated production cost). Mary A. did comparative shopping and determined that other sorts 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 demands a 40% commissions per each purchase – which means that $6 is paid being a commission for 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 certain third of all 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 completely essential to the success of your idea. Partnering with marketing company that you can trust and depend on pays big dividends within the long run and really should not be overlooked. What in case you know about marketing companies? The majority of these companies are separated into two groups (I am going to contact them groups A and B) –
1. Group A: These firms claim they may have specific knowledge and inside connections in a broad range of industries. Along with been expensive, a lot of companies that fit in with this group are accused of fraud and inventor should carefully consider who they are dealing with. Inside the best case scenario, you might potentially lose your money and valuable time; in worst-case scenario, along with losing money somebody else may benefit from your invention (unless, obviously, you had been fortunate enough to patent it!!)
2. Group B: These companies give inventor complete freedom in marketing their idea. Inventors choose things to say while focusing on emphasize areas that they think are most pertinent to their invention. I would personally like to point out IdeaJets website (www.ideajets.com):
IdeaJets is 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 enable you to realize your opinions and dreams, IdeaJets also brings inventors in touch with other ambitious people 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 them to further improve their chances to achieve success. Since right now, IdeaJets is totally free!
Conclusion plus some Final Thoughts:
As one can see, it will take plenty of patience, preparation and perseverance on the part of inventor to achieve success. The main thing is always to not get discouraged by the existence of competition and potential rejections. Because I mentioned within my article, level of competition is good and healthy. If your competitor is going for a positive results with the product comparable to what you’ve developed, then this means that the product that you will be working 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, worked out all of the kinks and produced a full-scale (or scaled-down) version of your own product. Once 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 your findings since you may forget some details later on and understand that the info you painfully need is gone. In general, try to incorporate your findings xqvfcq to cost, market and demographic analysis into Business Strategy and store it in a safe place! Most companies you may attempt to work or partner with will need you to produce Business Plan documentation. Not having you will force you to produce Business Strategy documentation almost overnight and this may not be an easy task. My suggestion to you – begin working on the Strategic Business Plan through the very beginning and save from having sleepless nights! As well as 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!