So, a little light bulb within you head has lit up and you are struck with the notion that you invented something. You are not sure 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 extremely 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 offer a few words of wisdom. While working on your idea you will encounter individuals who will criticize your work and try to discourage you from forging ahead. Some of the Inventhelp Vibe will be deserved and should be taken into account. When you see that the valid point is raised that you simply never thought of before – the better off you might be. It offers you 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 figure out how to separate those two, you will end up better of. My advice to you personally –
– Don’t be scared to question professionals, since the majority of experts are one-track minded and oblivious to other things
– Don’t be afraid to challenge other people’s ideas, stand by your principles and be firm
– Don’t hesitate to learn that your own idea is faulty. Pause, make corrections, re-analyze and move ahead
When you find yourself ready to promote your idea, you should deal with large corporations. Keep in mind that the bigger the company is, the better bureaucratic it really is. Many big companies lose focus and frequently hire employees that are either not qualified for the job, or just not thinking about what they are doing. If you locate these people that want to help you feel insignificant (and your idea unimportant and impractical) don’t get discouraged from this – then you will likely be more satisfied dealing with smaller company that is certainly more focused and willing to take risks!
Step 1 – Stay 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 exactly it is that you simply invented – precisely define your idea, its purpose, limitations and target market. If you cannot precisely define your idea, then this means that you need to have a step back, re-analyze your thinking and simplify things. The most typical error that people make at this point is over-complicating their idea. A quick example will clarify this point:
Case Study 1
John K. posseses 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 things helps make the Inventors Helpline larger and heavier. In order to help 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 additional features that 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.
Inside the final analysis, John K. needs to have stopped right before creating any changes to his original Automatic Knife Mechanism and asked himself the subsequent – am I happier with all the original mechanism or with pedestrian mechanism that has additional features? Are definitely 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 can come into play later, once you clearly described and shaped your invention.
Step 2 Exploratory Stages – See whether your idea is exclusive
Once you’ve documented your idea, you can start thinking about the following – how unique is my idea? In order to respond to these questions, you will have to do some legwork and hit your neighborhood library and internet. Until you allocated a large amount of your budget to Patent Lawyers, who will do the research to suit your needs, you will be more satisfied doing initial research on your own. Why? Because you may discover on your exploratory searches that the design will not be unique and save 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 reality that someone came to the similar conclusions as you, just a bit bit earlier is great – there is a competition! Levels of competition are good, competition is healthy! Carefully examine competing product, even take it apart, if required. Figure out what differentiates your idea from competitor’s, its limitations and just 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 aware of competition as well as their limitations.
Step Three – Product Safety Considerations
Whether you decided to generate a baby product or some form of household appliance, an exclusive care ought to be taken in describing potential hazards associated with the use of your product. As an example, in the event you invented a brand new toy created for small children, try to generate a list of parts that can potentially harm your little customers. Stay in mind that many people, unfortunately, disregard exploitation manuals. Determine what can or may go wrong with the operation of your product and find out ways concerning how to improve product safety. The questions that you simply may think about are the following –
1. Am I using proper materials?
2. Maybe the part which has the most hazards ought to be redesigned?
Try to create a complete listing of parts that can be potentially hazardous and correct 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 require you to describe all Safety features of your own idea, and also you might save a while by doing preparations ahead of time.
Step 4 – Demographics and Determining that will Use Your Product
Ones you do have a clear picture of the product and you also worked out all nuances of product design, attempt to determine that will use your product, when and where. Attempt to ask yourself the subsequent questions –
1. Exactly what is the age bracket of audience?
2. Is my product intended for Men, Women, or Both?
3. Where and once can it be used?
Correctly answering these questions will allow you to properly promote your product and stay up to date with your competition. Furthermore, knowing techniques to all these questions can help you in putting finishing touches on your own product. How? If your product is ideal for children, then it needs to be bright and colorful. Furthermore, if your product is ideal for cold climate, you should 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! If your product is made to work with specific soil or crops, then you certainly should target geographical region rich with desired characteristics. As one can see, this task requires a thorough research, planning and leg work; the benefits, on the other hand, will likely be payoff rewarding!
Step 5 – Produce Full or Small Scale Type of Your Products Or Services
It is very important to create a working model from your idea. Why? By having a real-life style of your idea (or a scaled-down version from it), will help you –
1. Identify its limitations and offers you an opportunity to re-think some facets of your initial design making necessary corrections
2. Boost your final design
In addition to the above mentioned items, the ultimate model will allow you to psychologically. There is no better feeling then so that you can physically see and touch the roll-out of your personal mind! Because you are touching the true-life model of your final design provides you with 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 method is to try to draw on some paper the last version of your own product, how you look at it at this point in time. Your drawings should show your final idea/product under different angles, in a 2-D and three-D. The photo might not really pretty because not most of us have the necessary drawing skills. However, this drawing task will help you immensely solidify your design and pin-point items that you continue to have to work on. In addition, I strongly suggest that you simply generate your initial product prototype from clay or any other material that is readily available. Why? Because this prototype along with initial drawing can help you explain your idea to technical person who, subsequently, will transform your design into highly technical engineering drawing.
Once you prepared your model, try to determine what materials should go in into construction of real-life product. Will your product be build of plaster or metal? If metal, then what kind of metal – could it be aluminum, copper or some type of alloy? As soon as you determined the essential materials, estimate production cost because the price that you’ll charge to your product will depend on the production cost of every person unit. You don’t have to be 100% correct at this time along with your material selections, but it’s excellent to know what materials goes into manufacture of your product allowing you to have a ball-park figure on the final price of your products or services.
Step 6 – Estimate Cost and Gross Profit
As soon as you determined who can use your product and where (or your product’s market), it really is time and energy to think “big” – try 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 such a way which it would hold both the bottles, spoons and bottle caps. Mary A. created numerous drawings of her product and through the help of her husband managed to make a full-scale version of Inventhelp Prototype made from clay. Before involving an engineer, Mary A. estimated that her product will likely be made entirely out of plastic. The estimated production price of 1 bottle holder is $3.00 (we presume the manufacturing plant is located in China and shipping costs are already factored in in to the estimated production cost). Mary A. did comparative shopping and determined that other sorts of Baby Holders can sell around $15 dollars. Additionally, 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 $6 pays as being a commission towards the store for each and every $15 purchase. Mary A. immediately worked out that her total profit will be $6 per each bottle holder ($15 – $6 – $3). Presume that a person 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 volume of 330 X 3 X 6 = $5940.
Step 7 – Product Marketing
Correct marketing plan is completely necessary to the achievements of your idea. Partnering with marketing company that you can trust and rely upon will probably pay big dividends inside the long run and must not be overlooked. What in the event you know about marketing companies? The majority of these companies are divided into two groups (I will 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. As well as been expensive, many companies that belong to this group are charged with fraud and inventor should carefully consider who they really are dealing with. Within the best case scenario, you can potentially lose your money and valuable time; in worst-case scenario, in addition to losing money another person may reap the benefits of your invention (unless, obviously, that you were lucky enough to patent it!!)
2. Group B: These firms give inventor complete freedom in marketing their idea. Inventors choose what you should say and focus on emphasize areas which they believe are most pertinent with their invention. I might like to point out IdeaJets website (www.ideajets.com):
IdeaJets is really a marketplace where people with ideas and corporations who look for sharp minds meet. Along with helping you discover a right partner who can assist you to 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 plus some Final Thoughts:
As one can see, it takes a lot of patience, preparation and perseverance for inventor to achieve success. The main thing is to not get discouraged by the presence of competition and potential rejections. Because I mentioned in my article, competition is good and healthy. Should your competitor is enjoying a amazing success with the product much like what you’ve developed, then because of this the item that you are currently concentrating on has great potential. Carefully examine competitor’s product and determine its weaknesses or vulnerabilities. This, of course, presumes which you finalized your initial design, resolved all of the kinks and produced a full-scale (or scaled-down) version of your product. Once 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 or service. Wear paper and document all of your findings simply because you may forget some details afterwards and recognize that the data you painfully require 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 are going to make an effort to work or partner with will require you to produce Business Strategy documentation. Not having you might force you to produce Business Plan documentation almost overnight and this is simply not a simple task. My suggestion for you – start working on the Strategic Business Plan from the very beginning and stay away from from having sleepless nights! And a final word of wisdom – don’t hesitate to get over-confident, because confidence and belief in one’s own powers are a fantastic recipe to success!