So, a little light bulb within 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 seeking. 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 the discussion, I would like to provide a few words of wisdom. While caring for your idea you will come across those who will criticize your work and attempt to discourage from forging ahead. Some of the Inventhelp Technology is going to be deserved and really should be considered. If you notice that the valid point is raised that you never imagined of before – the greater off you might be. It gives you possibility 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 upon any facts.
Whenever you discover ways to separate both of these, 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 with other things
– Don’t hesitate to challenge other people’s ideas, stand by your principles and be firm
– Don’t hesitate to discover that the own idea is faulty. Pause, make corrections, re-analyze and move ahead
When you are ready to advertise your idea, you should handle large corporations. Stay in mind that the bigger the company is, the more bureaucratic it is. Many big companies lose focus and quite often hire employees that are either not qualified to do the job, or just not thinking about whatever 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 with this – chances are you will be better off working with smaller company which is more focused and prepared to take risks!
Step 1 – Stay Focused and Clearly Document Your Idea
This task has huge benefits, because –
1. You may clearly define your idea/invention
2. While documenting your idea, you may find ways regarding how to expand your invention
Always try to use paper what exactly it is that you invented – precisely define your idea, its purpose, limitations and target market. If you cannot precisely define your idea, then which means that you ought to have 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 quick 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 as well as a screw driver. However, the addition of these items makes the Inventhelp Caveman 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 attempt 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.
In the final analysis, John K. should have stopped right before making any changes to his original Automatic Knife Mechanism and asked himself these – am I better off using the original mechanism or with pedestrian mechanism which has 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. Additional features will come into play later, when you clearly described and shaped your invention.
Step Two Exploratory Stages – Determine whether your idea is different
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 need to do some legwork and hit your neighborhood library and internet. Except if you allocated a large amount of your financial budget to Patent Lawyers, who can perform the research for you personally, you will end up happier doing initial research alone. Why? Because you may discover on your exploratory searches that your design will not be unique and stay away from from paying Big Lawyer fees. A note of caution – don’t get discouraged if you determine the idea comparable to yours already exists and already patented. The truth that someone got to the similar conclusions as you, just just a little bit earlier is great – you do have a competition! Levels of competition are good, level of competition is healthy! Carefully examine competing product, even take it apart, if required. Know what differentiates your idea from competitor’s, its limitations and just how successful was another individual (or perhaps a company) with marketing it. While you can see, you can actually study from mistakes of others, avoid their mistakes and forge ahead fully aware 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 unique care needs to be consumed in describing potential hazards associated by using your product or service. For instance, should you invented a whole new toy designed for small children, try to generate 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 fail with the operation of the product and find out ways concerning how to improve product safety. The questions that you simply may think about would be the following –
1. Am I using proper materials?
2. Maybe the part which contains by far the most hazards ought to be redesigned?
Try to create a comprehensive listing of parts that can be potentially hazardous and fix your design before you begin marketing your products or services. 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 the idea, and you also might save yourself a while by doing preparations in advance.
Step 4 – Demographics and Determining who can Use Your Product
Ones you have a clear picture of the product and you figured out all nuances of product design, make an effort to determine who can make use of product, where and when. Try to consider the following questions –
1. Exactly what is the age bracket of target audience?
2. Is my product created for Men, Women, or Both?
3. Where and when can it be utilized?
Correctly answering these questions will help you properly advertise your product and remain up to date with your competition. Furthermore, knowing solutions to the above mentioned questions can help you in putting finishing touches on your product. How? In case your product is ideal for children, then it needs to be bright and colorful. Furthermore, if your product is ideal for cold climate, you need to avoid marketing it in areas where it’s hot all year long.
It is very likely that the item is tailored for certain industry (as an example, agricultural); then think of those who will manage to benefit the best from your invention! In case your product is made to work with specific soil or crops, then you definitely should target geographical region rich with desired characteristics. As one can see, this method requires 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 Model of Your Products Or Services
It is extremely important to make a working model from your idea. Why? By having a real-life type 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 aspects of your initial design and make necessary corrections
2. Boost your final design
As well as the above mentioned items, the final model will help you psychologically. There is no better feeling then to be able to physically see and touch the creation of your very own mind! Because you are touching the true-life model 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 be successful!
The easiest method to approach this method is to attempt to draw on some paper the last version of your product, the way you see it at this particular point in time. Your drawings should show one last idea/product under different angles, in a 2-D and three-D. The image might not really 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 which you still have to work on. Furthermore, I strongly recommend that you generate your initial product prototype from clay or any other material that is certainly easily available. Why? As this prototype together with initial drawing will allow you to explain your idea to technical individual that, in turn, will transform your design into highly technical engineering drawing.
As soon as you prepared your model, try to find out 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 price of each individual unit. You don’t need to be 100% correct at this point with your material selections, but it’s excellent to know what materials should go into creation of your products or services so that you have a ball-park figure on the final expense of your product.
Step 6 – Estimate Cost and Gross Profit
When you determined that will make use of your product and where (or perhaps your product’s market), it is time for you to think “big” – attempt 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 created in a way which it would hold the bottles, spoons and bottle caps. Mary A. created numerous drawings of her product and through the help of her husband managed to generate a full-scale version of Invention Companies made from clay. Before involving an engineer, Mary A. estimated that her product will likely be made entirely out of plastic. The estimated production expense of 1 bottle holder is $3.00 (we presume that this manufacturing plant is situated in China and shipping pricing is already factored in into the estimated production cost). Mary A. did comparative shopping and determined that other types of Baby Holders are selling around $15 dollars. Additionally, Mary found out that three local baby stores each serve 1000 shoppers per day (including online purchases); in addition, each stores demands a 40% commissions per each purchase – meaning that $6 is paid as a commission for the store for every $15 purchase. Mary A. immediately worked out that her total profit will 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 quantity of 330 X 3 X 6 = $5940.
Step 7 – Product Marketing
Correct online marketing strategy is completely necessary to the success of your idea. Partnering with marketing company that you can trust and depend on will pay big dividends inside the long run and should not be overlooked. What in case you know about marketing companies? The majority of these companies are divided into two groups (I am going to call them groups A and B) –
1. Group A: These companies claim they may have specific knowledge and inside connections in a broad range of industries. In addition to been expensive, most companies that are part of 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 your money and time; in worst-case scenario, along with losing money another person may take advantage of your invention (unless, obviously, you were lucky enough to patent it!!)
2. Group B: These companies give inventor complete freedom in marketing their idea. Inventors choose what to say and concentrate on emphasize areas that they believe are most pertinent for their invention. I might like to point out IdeaJets website (www.ideajets.com):
IdeaJets is a marketplace where individuals with ideas and corporations who look for sharp minds meet. In addition to helping you discover a right partner who can assist you to realize your thoughts and dreams, IdeaJets also brings inventors in contact 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 these to further improve their chances to succeed. Since right now, IdeaJets is completely free!
Conclusion and a few Final Thoughts:
As you can see, it will take lots of patience, preparation and perseverance on behalf of inventor to succeed. The biggest thing would be to not get discouraged by the presence of competition and potential rejections. Because I mentioned inside my article, levels of competition are good and healthy. Should your competitor is having a positive results with all the product comparable to what you’ve developed, then this means that the product that you are currently working on has great potential. Carefully examine competitor’s product and find out its weaknesses or vulnerabilities. This, needless to say, presumes which you finalized your initial design, worked out all the kinks and produced a full-scale (or scaled-down) version of your own product. When 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 product. Placed on paper and document your findings simply because you may forget some details down the road and recognize that the information you painfully need is gone. In general, try to incorporate all of your findings xqvfcq to cost, market and demographic analysis into Business Plan and store it in a safe place! Many businesses you will attempt to work or partner with will require you to produce Business Strategy documentation. Not having one will force you to produce Business Plan documentation almost overnight and this is simply not always easy. My suggestion to you – begin working on the Business Plan from your very beginning and stay away from from having sleepless nights! As well as a final word of wisdom – don’t be afraid to get over-confident, because confidence and belief in one’s own powers are a great recipe to success!