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 really 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 all the discussion, I would like to provide a few words of wisdom. While working on your idea you will come across those who will criticize your work and try to discourage you against forging ahead. A number of the Invention Prototype will be deserved and really should be considered. If you see that a valid point is raised that you never thought of before – the higher off you are. 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 those two, you may be better of. My advice to you personally –
– Don’t hesitate to question professionals, since the majority of experts are one-track minded and oblivious to other things
– Don’t be scared to challenge other people’s ideas, stand by your principles and become firm
– Don’t be scared to learn that the own idea is faulty. Pause, make corrections, re-analyze and move ahead
If you are able to advertise your idea, you will have to handle large corporations. Keep in mind that the bigger the company is, the better bureaucratic it is. Many big companies lose focus and often hire employees who definitely are either not qualified to do the job, or just not considering the things they are doing. If you locate these people that want to cause you to feel insignificant (along with your idea unimportant and impractical) don’t get discouraged from this – then you is going to be better off dealing with smaller company which is more focused and willing to take risks!
Step One – Stay Focused and Clearly Document Your Idea
This step 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 exactly it is that you simply invented – precisely define your idea, its purpose, limitations and target market. If you fail to precisely define your idea, then which means that you need to require a step back, re-analyze your thinking and simplify things. The most typical error that individuals make at this time has ended-complicating their idea. A simple 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 gain benefit from the addition of extra items – a scissor along with a screw driver. However, incorporating these products makes the Invention 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 try to accommodate unnecessary extra features which 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.
Inside the final analysis, John K. must have stopped right before creating 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 additional features? Are definitely the additional features even necessary?
The aforementioned example clearly illustrates these – focus on 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 Two Exploratory Stages – Determine if your idea is exclusive
Once you’ve documented your idea, you should begin thinking about the following – how unique is my idea? In order to answer these questions, you should carry out some legwork and hit your local library and internet. Unless you allocated a lot of your financial budget to Patent Lawyers, who can perform the research for you, you will be better off doing initial research alone. Why? Simply because you may discover during your exploratory searches that the design is not 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 comparable to yours already exists and already patented. The reality that someone got to the similar conclusions as you, just a bit bit earlier is nice – you do have a competition! Level of competition is good, level of competition is healthy! Carefully examine competing product, even bring it apart, if needed. Know what differentiates your idea from competitor’s, its limitations and how successful was another individual (or a company) with marketing it. As you can see, you can actually study 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 opted to produce a baby product or some kind of household appliance, a unique care needs to be consumed describing potential hazards associated with the aid of your product. As an example, if you invented a whole new toy intended for small kids, try to generate a list of parts that can potentially harm your little customers. Stay in mind that numerous people, unfortunately, disregard exploitation manuals. Know what can or may fail using the operation of your product and determine ways on how to improve product safety. The questions that you may ask yourself are the following –
1. Am I using proper materials?
2. Maybe the part that contains probably the most hazards needs to be redesigned?
Try to generate a comprehensive listing of parts that can be potentially hazardous and fix your design before you start out marketing your products or services. You may consider this step as unnecessary, but let me warn you – most marketing companies will need you to describe all Security features of your own idea, and you also might stay away from a bit of time by doing preparations ahead of time.
Step 4 – Demographics and Determining that will Make Use Of Your Product
Ones you have a clear picture of the product and you resolved all nuances of product design, make an effort to determine who can make use of product, when and where. Make an effort to ask yourself the following questions –
1. What is the age bracket of target market?
2. Is my product designed 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 stay abreast of your competition. In addition, knowing techniques to the above mentioned questions will help you in putting finishing touches on your own product. How? If your product is designed for children, then it ought to be bright and colorful. Furthermore, in case your product is made for cold climate, you need to avoid marketing it in locations 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 those that may benefit the most from your invention! In case your product is made to work with specific soil or crops, then you certainly should target geographical region rich with desired characteristics. As you can see, this task requires a thorough research, planning and leg work; the benefits, on the other hand, will be payoff rewarding!
Step 5 – Produce Full or Small Scale Type of Your Product Or Service
It is very important to make a working model from your idea. Why? Having a real-life model of your idea (or even a scaled-down version of this), will help you to –
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
As well as the above mentioned items, the last model will allow you to psychologically. There is absolutely no better feeling then so that you can physically see and touch the creation of your very own mind! The fact that you are touching the actual-life type of your final design will provide you with positive psychological boost similar to hardly any other you’ve experienced during design process, motivating you even more to achieve success!
The best way to approach this step is to attempt to draw on a piece of paper the last version of the product, the way you look at it at this point in time. Your drawings should show one last idea/product under different angles, in a 2-D and 3-D. The photo might not really 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 things that you will still have to work on. Additionally, I strongly suggest which you generate your initial product prototype from clay or any other material which is readily accessible. Why? Because this prototype along with initial drawing will allow you to explain your idea to technical individual that, consequently, 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 products or services be build of plaster or metal? If metal, then what kind of metal – could it be aluminum, copper or some type of alloy? Once you determined the essential materials, estimate production cost since the price that you’ll charge for your product depends on the production price of each individual unit. You don’t need to be 100% correct at this time together with your material selections, but it’s excellent to know what materials should go into production of your products or services allowing you to have a ball-park figure on the final expense of your product.
Step 6 – Estimate Cost and Gross Profit
Once 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 your 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 a manner it would hold both 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 Inventhelp Inventions Store manufactured from clay. Before involving an engineer, Mary A. estimated that her product will be made entirely out of plastic. The estimated production price of 1 bottle holder is $3.00 (we presume that the manufacturing plant is situated in China and shipping pricing is 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. Furthermore, Mary found out that three local baby stores each serve 1000 shoppers per day (including online purchases); furthermore, each stores requires a 40% commissions per each purchase – which means $6 is paid as a commission to the store for each $15 purchase. Mary A. immediately determined that her total profit will likely be $6 per each bottle holder ($15 – $6 – $3). Presume that one 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 volume of 330 X 3 X 6 = $5940.
Step 7 – Product Marketing
Correct marketing strategy is totally important to the success of your idea. Partnering with marketing company which you can trust and depend on will probably pay big dividends inside the long run and really should not be overlooked. What should you know about marketing companies? Most of these companies are divided into two groups (I will contact them groups A and B) –
1. Group A: These companies claim that they have specific knowledge and inside connections in a broad range of industries. As well as been expensive, a lot of companies that belong to this group are charged with fraud and inventor should carefully consider who they really are dealing with. Inside the best case scenario, you could potentially lose all your money and valuable time; in worst-case scenario, as well as losing money someone else may take advantage of your invention (unless, obviously, that you were fortunate enough to patent it!!)
2. Group B: These businesses give inventor complete freedom in marketing their idea. Inventors choose things to say and concentrate on emphasize areas which they think 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. As well as helping you get a right partner who can enable you to realize your ideas and dreams, IdeaJets also brings inventors in contact 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 increase their chances to achieve success. As of right now, IdeaJets is totally free!
Conclusion plus some Final Thoughts:
As one can see, it takes plenty of patience, preparation and perseverance for inventor to be successful. The biggest thing is to not get discouraged by the presence of competition and potential rejections. As I mentioned inside my article, competition is good and healthy. In case your competitor is having a amazing success with all the product similar to what you’ve developed, then which means that the product that you are currently working 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, figured out all of the kinks and produced an entire-scale (or scaled-down) version of your own product. As soon as you know enough about competitor’s product, carefully study your market and demographics – this will help in designing marketing plan specifically tailored towards your product or service. Put on paper and document your findings because you may forget some details down the road and understand that the info you painfully need is gone. In general, make an effort to incorporate your findings xqvfcq to cost, market and demographic analysis into Business Strategy and store it in a safe place! Many businesses you are going to attempt to work or partner with will require that you produce Business Plan documentation. Lacking you will force you to definitely produce Business Plan documentation almost overnight and this is simply not a simple task. My suggestion to you – start working on the Business Plan from your start and save yourself from having sleepless nights! Along with a final word of wisdom – don’t hesitate to become over-confident, because confidence and belief in one’s own powers are a fantastic recipe to success!