So, a little light bulb within you head has lit up and you are struck with the concept 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 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 might like to provide a few words of wisdom. While working on your idea you will encounter individuals who will criticize your work and then try to discourage from forging ahead. A few of the Inventhelp Inventor Service will be deserved and really should be taken into consideration. If you notice which a valid point is raised that you never imagined of before – the higher 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 not based on any facts.
Whenever you learn how to separate both of these, you may be better of. My advice for you –
– Don’t hesitate to question professionals, since most 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 become firm
– Don’t hesitate to find out that the own idea is faulty. Pause, make corrections, re-analyze and move ahead
When you are ready to promote your idea, you will need to cope with large corporations. Stay in mind that the bigger the company is, the greater bureaucratic it is actually. Many big companies lose focus and often hire employees who definitely are either not qualified for the task, or just not interested in what they are doing. If you come across these people that are trying to help you feel insignificant (along with your idea unimportant and impractical) don’t get discouraged from this – chances are you will be happier working with smaller company which is more focused and prepared 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 concerning how to expand your invention
Always try to put on paper what it is which 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 require 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. posseses an idea concerning how to improve Automatic Knife Mechanism. While laboring hard on his invention, John K. produces technical drawings and decides that his future product will gain benefit from the addition of extra items – a scissor and a screw driver. However, incorporating these products definitely makes the Invent Help Inventors larger and heavier. In order to help 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 additional features which have nothing concerning his unique design. If you take away features from his original design, John K. makes his final design very pedestrian and it lacks in originality.
Inside 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 better off using the original mechanism or with pedestrian mechanism that has extra features? Are the extra features even necessary?
The above mentioned example clearly illustrates the subsequent – focus on your original idea and ignore additional, superfluous features that might muddle your vision. Extra features should come into play later, once you clearly described and shaped your invention.
Step 2 Exploratory Stages – Determine if your idea is unique
Once you’ve documented your idea, you should start thinking about the following – how unique is my idea? In order to reply to these questions, you will have to do some legwork and hit the local library and internet. Until you allocated a substantial amount of your budget to Patent Lawyers, who will do the research for you, you will be happier doing initial research on your own. Why? Because you may discover throughout your exploratory searches that your design will not be unique and save yourself from paying Big Lawyer fees. A note of caution – don’t get discouraged if you determine that this idea much like yours already exists and already patented. The fact that someone got to the similar conclusions when you, just a bit bit earlier is good – you do have a competition! Level of competition is good, competition is healthy! Carefully examine competing product, even take it apart, if needed. Know what differentiates your idea from competitor’s, its limitations and how successful was another individual (or perhaps a company) with marketing it. When you can see, you can actually gain knowledge from mistakes of others, avoid their mistakes and forge ahead fully conscious of competition and their limitations.
Step Three – Product Safety Considerations
Whether you opted to produce a baby product or some kind of household appliance, a unique care should be taken in describing potential hazards associated by using your products or services. For instance, should you invented a brand new toy designed for small kids, try to create a list of parts that can potentially harm your little customers. Keep in mind that lots of people, unfortunately, disregard exploitation manuals. Know what can or may go wrong with all the operation of your own product and find out ways concerning how to improve product safety. The questions that you may consider would be the following –
1. Am I using proper materials?
2. Maybe the part which has by far the most hazards should be redesigned?
Try to come up with a thorough set of parts that can be potentially hazardous and repair your design before you start out marketing your product or service. You may consider this step as unnecessary, but let me warn you – most marketing companies will require that you describe all Security features of the idea, and you also might stay away from a bit of time by doing preparations in advance.
Step 4 – Demographics and Determining that will Use Your Product
Ones you have a clear picture of your product and also you worked out all nuances of product design, try to determine who can make use of product, when and where. Attempt to ask yourself the following questions –
1. What exactly is the age bracket of target audience?
2. Is my product created for Men, Women, or Both?
3. Where and once can it be used?
Correctly answering these questions will allow you to properly advertise your product and remain abreast of the competition. In addition, knowing answers to the above mentioned questions can help you in putting finishing touches on your own product. How? If your product is made for children, then it should be bright and colorful. In addition, in case your product is made for cold climate, you need to avoid marketing it in places that it’s hot all year long.
It is extremely likely that your particular product is tailored for certain industry (for example, agricultural); then think of people who may benefit the most from your invention! Should 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 task needs a thorough research, planning and leg work; the benefits, on the other hand, will be payoff rewarding!
Step 5 – Produce Full or Small Scale Model of Your Product Or Service
It is very important to produce a working model away from your idea. Why? Having a real-life style of your idea (or perhaps a scaled-down version of this), will help you –
1. Identify its limitations and provides you the opportunity to re-think some facets of your initial design to make necessary corrections
2. Enhance your final design
In addition to the above mentioned items, the ultimate model can help you psychologically. There is absolutely no better feeling then so that you can physically see and touch the roll-out of your very own mind! Because you are touching the true-life model of your final design provides you with positive psychological boost similar to no other you’ve experienced during design process, motivating you even more to succeed!
The best way to approach this method is to try to draw on a bit of paper the last version of your product, how you view it at this 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 really pretty because not many of us have the necessary drawing skills. However, this drawing task will help you immensely solidify your design and pin-point items that you will still have to work on. Furthermore, I strongly suggest that you generate your initial product prototype from clay or other material that is certainly easily available. Why? As this prototype in addition to initial drawing can help you explain your idea to technical person who, subsequently, 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 be build of plaster or metal? If metal, then what kind of metal – is it aluminum, copper or some form of alloy? As soon as you determined the essential materials, estimate production cost as the price that you’ll charge to your product will depend on the production expense of every person unit. You don’t have to be 100% correct at this stage along with your material selections, but it’s very good to know what materials will go into creation of your products or services so that you have a ball-park figure on the final cost of your product.
Step 6 – Estimate Cost and Gross Profit
As soon as you determined who will make use of 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 your own product. Below is actually 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 such a way it would hold both 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 Invention Idea made of clay. Before involving an engineer, Mary A. estimated that her product will be made entirely away from plastic. The estimated production cost of 1 bottle holder is $3.00 (we presume that this manufacturing plant is found in China and shipping costs are already factored in to the estimated production cost). Mary A. did comparative shopping and determined that other types of Baby Holders are selling around $15 dollars. In addition, 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 – meaning that $6 pays being a commission towards the store for every $15 purchase. Mary A. immediately figured out that her total profit will be $6 per each bottle holder ($15 – $6 – $3). Presume that certain third of all the 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 online marketing strategy is absolutely important to the success of your idea. Partnering with marketing company that you simply can trust and depend on will pay big dividends in the long run and should not be overlooked. What should you know about marketing companies? The majority of these companies are divided into two groups (I am going to contact them groups A and B) –
1. Group A: These companies claim they have specific knowledge and inside connections in a broad range of industries. As well as been expensive, most companies that fit in with this group are charged with fraud and inventor should carefully consider who they are dealing with. Within the best case scenario, you might potentially lose all of your money and valuable time; in worst-case scenario, as well as losing money another person may reap the benefits of your invention (unless, needless to say, that you were fortunate enough to patent it!!)
2. Group B: These firms give inventor complete freedom in marketing their idea. Inventors choose things to say and concentrate on emphasize areas which they think 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. In addition to helping you discover a right partner who can enable you to realize your opinions 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 them to further enhance their chances to achieve success. Since right now, IdeaJets is totally free!
Conclusion and some Final Thoughts:
As you can see, it requires a lot of patience, preparation and perseverance on the part of inventor to succeed. The biggest thing is to not get discouraged by the presence of competition and potential rejections. When I mentioned inside my article, level of competition is good and healthy. Should your competitor is having a amazing success with the product much like what you’ve developed, then because of this the merchandise that you are currently focusing on has great potential. Carefully examine competitor’s product and figure out its weaknesses or vulnerabilities. This, of course, presumes that you simply finalized your initial design, resolved each of 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 in designing marketing strategy specifically tailored towards your product or service. Wear paper and document all of your findings since you may forget some details later on and recognize that the information you painfully require is gone. In general, make an effort to incorporate all your findings xqvfcq to cost, market and demographic analysis into Business Plan and store it in a safe place! A lot of companies you may make an effort to work or partner with will require you to produce Business Plan documentation. Lacking one will force one to produce Business Plan documentation almost overnight and this is simply not an easy task. My suggestion for you – start working on the Business Plan from the beginning and stay away from from having sleepless nights! Along with a final word of wisdom – don’t hesitate to get over-confident, because confidence and belief in one’s own powers are a great recipe to success!