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 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 guarantee 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 caring for your idea you will encounter those who will criticize your work and try to discourage you from forging ahead. Some of the Inventhelp Commercial is going to be deserved and should be considered. When you see that a valid point is raised that you never imagined of before – the greater off you might be. It offers you opportunity to stop 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.
When you figure out how to separate those two, you will end up better of. My advice for you –
– Don’t be scared to question professionals, since most experts are one-track minded and oblivious to many other things
– Don’t be scared to challenge other people’s ideas, uphold your principles and stay firm
– Don’t hesitate to find out that your own idea is faulty. Pause, make corrections, re-analyze and move ahead
If you are prepared to promote your idea, you will need to deal with large corporations. Keep in mind that the larger the company is, the greater bureaucratic it is actually. Many big companies lose focus and often hire employees who are either not qualified for the task, or just not thinking about the things they are performing. If you come across these people that are attempting to make you feel insignificant (and your idea unimportant and impractical) don’t get discouraged by this – then you will likely be better off coping with smaller company that is certainly more focused and ready to take risks!
Step One – 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 concerning 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 this means that you ought to have a step back, re-analyze your thinking and simplify things. The most typical error that folks make at this stage is over-complicating their idea. A fast example will clarify this point:
Case Study 1
John K. has 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 benefit from the addition of extra items – a scissor along with a screw driver. However, adding these products definitely makes the Invent Help Technology larger and heavier. In order to create knife lighter, John K. goes back towards the drawing board – he compromises his original, Automatic Push/Pull mechanism design in attempt to accommodate unnecessary extra 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 plus it lacks in originality.
Within 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 happier using the original mechanism or with pedestrian mechanism which includes additional features? Are definitely the additional features even necessary?
The above mentioned example clearly illustrates the following – concentrate on your original idea and ignore additional, superfluous features that might muddle your vision. Additional features should come into play later, as soon as you clearly described and shaped your invention.
Step Two Exploratory Stages – Determine whether your idea is unique
Once you’ve documented your idea, you should begin taking into consideration the following – how unique is my idea? In order to reply to these questions, you will have to do some legwork and hit your local library and internet. Unless you allocated a lot of your financial budget to Patent Lawyers, who can carry out the research to suit your needs, you may be better off doing initial research alone. Why? Since you may discover on your exploratory searches that your design is not unique and save from paying Big Lawyer fees. A note of caution – don’t get discouraged should you determine that this idea comparable to yours already exists and already patented. The fact that someone came to the similar conclusions when you, just a bit bit earlier is nice – there is a competition! Competition is good, competition is healthy! Carefully examine competing product, even carry it apart, if necessary. Know what differentiates your idea from competitor’s, its limitations and how successful was someone else (or even a company) with marketing it. While you can see, you can actually learn from mistakes of others, avoid their mistakes and forge ahead fully conscious of competition along with their limitations.
Step 3 – Product Safety Considerations
Whether you decided to make a baby product or some type of household appliance, a special care should be consumed in describing potential hazards associated by using your product or service. As an example, in the event you invented a new toy intended for young children, try to come up with 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 your product and figure out ways on how to improve product safety. The questions which you may ask yourself are definitely the following –
1. Am I using proper materials?
2. Maybe the part which has the most hazards ought to be redesigned?
Try to generate a comprehensive set of parts that can be potentially hazardous and repair your design before you begin marketing your products or services. You may consider this step as unnecessary, but let me warn you – most marketing companies will require you to describe all Safety measures of your idea, and you might stay away from a while by doing preparations beforehand.
Step 4 – Demographics and Determining who can Make Use Of Product
Ones there is a clear picture of your own product and also you resolved all nuances of product design, try to determine who will make use of product, where and when. Try to ask yourself the subsequent questions –
1. What is the age bracket of target audience?
2. Is my product designed for Men, Women, or Both?
3. Where and once can it be applied?
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 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. In addition, in case your product is made for cold climate, you ought to avoid marketing it in places that it’s hot all year long.
It is very likely that your item 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 is designed to work with specific soil or crops, then you definitely should target geographical region rich with desired characteristics. As one can see, this method needs a thorough research, planning and leg work; the advantages, on the other hand, will be payoff rewarding!
Step 5 – Produce Full or Small Scale Style of Your Product Or Service
It is rather important to create a working model away from your idea. Why? Having a real-life style of your idea (or even a scaled-down version of it), will help you –
1. Identify its limitations and provides you a chance to re-think some aspects of your initial design and make necessary corrections
2. Enhance your final design
Along with the above mentioned items, the final model can help you psychologically. There is absolutely 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 type of one last design will give you positive psychological boost similar to hardly any other you’ve experienced during design process, motivating you even more to achieve success!
The easiest method to approach this step is to try and draw on a piece of paper the ultimate version of your own product, how you will look at it around this point over time. Your drawings should show your final idea/product under different angles, in a 2-D and 3-D. The photo might not pretty because not many of us possess the necessary drawing skills. However, this drawing task will allow you to immensely solidify your design and pin-point items which you continue to need to work on. Additionally, I strongly recommend that you generate your initial product prototype from clay or some other material which is easily available. Why? Since this prototype in addition to initial drawing will help you 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 determine what 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 type of alloy? As soon as 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 each individual unit. You don’t need to be 100% correct at this stage together with your material selections, but it’s excellent to know what materials goes into production of your product or service so that you have a ball-park figure on the final cost of your product or service.
Step 6 – Estimate Cost and Gross Profit
When you determined who can use your product and where (or maybe your product’s market), it is 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 such a way 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 produce a full-scale version of Inventhelp made of 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 located in China and shipping expenses are already factored in in to the estimated production cost). Mary A. did comparative shopping and determined that other kinds of Baby Holders are selling around $15 dollars. Furthermore, Mary found out that three local baby stores each serve 1000 shoppers per day (including online purchases); in addition, each stores needs a 40% commissions per each purchase – which means $6 pays as being a commission towards the store for every $15 purchase. Mary A. immediately worked out that her total profit will likely 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 totally essential to the achievements of your idea. Partnering with marketing company that you can trust and rely upon will probably pay big dividends within the long run and really should not be overlooked. What should you know about marketing companies? The majority of these companies are divided into two groups (I will contact them groups A and B) –
1. Group A: These businesses 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 working with. Inside the best case scenario, you can potentially lose your money and time; in worst-case scenario, in addition to losing money somebody else may take advantage of your invention (unless, of course, that you were lucky enough to patent it!!)
2. Group B: These firms give inventor complete freedom in marketing their idea. Inventors choose what to say and concentrate on emphasize areas that they believe are most pertinent to their invention. I might like to point out IdeaJets website (www.ideajets.com):
IdeaJets is a marketplace where people with ideas and corporations who search for sharp minds meet. Along with helping you get a right partner who can enable you to realize your opinions and dreams, IdeaJets also brings inventors in touch with other ambitious men and women to cultivate and promote the culture of inventiveness and success. You can meet your fellow inventors using IdeaJets messaging system or 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 increase their chances to achieve success. As of right now, IdeaJets is totally free!
Conclusion plus some Final Thoughts:
As you can see, it will take a lot of patience, preparation and perseverance on the part of inventor to be successful. The biggest thing is always to not get discouraged by the actual existence of competition and potential rejections. As I mentioned in my article, competition is good and healthy. In case your competitor is having a amazing success with all the product much like what you’ve developed, then which means that the product that you are working on has great potential. Carefully examine competitor’s product and determine its weaknesses or vulnerabilities. This, needless to say, presumes that you finalized your initial design, resolved each of the kinks and produced a complete-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 in designing online marketing strategy specifically tailored towards your products or services. Placed on paper and document all of your findings simply because you may forget some details later on and understand that the info you painfully should get is gone. In general, try to incorporate your findings xqvfcq to cost, market and demographic analysis into Business Plan and store it in a safe place! Most companies you are going to attempt to work or partner with will require you to produce Business Plan documentation. Not having you might force you to definitely produce Strategic Business Plan documentation almost overnight and this may not be a simple task. My suggestion to you – start working on the Strategic Business Plan through the beginning and save from having sleepless nights! And a final word of wisdom – don’t be afraid to become over-confident, because confidence and belief in one’s own powers are a fantastic recipe to success!