So, a little light bulb inside you head has lit up and you are struck with the notion 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 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 the discussion, I would like to provide a few words of wisdom. While working on your idea you will encounter those who will criticize your work and attempt to discourage you against forging ahead. Some of the New Invention Ideas will be deserved and should be taken into account. When you see which a valid point is raised that you simply never imagined of before – the higher off you might be. It offers you possibility to stop and view your idea from another perspective (or angle). However, you may also encounter a so-called destructive criticism which is not according to any facts.
When you learn how to separate both of these, you will be better of. My advice to you –
– Don’t be afraid to question professionals, because most experts are one-track minded and oblivious with other things
– Don’t be afraid to challenge other people’s ideas, uphold your principles and stay 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 larger the company is, the more bureaucratic it is. Many big companies lose focus and frequently hire employees that are either not qualified for the task, or just not thinking about the things they are going to do. If you come across these people that want to help you feel insignificant (as well as your idea unimportant and impractical) don’t get discouraged from this – then you is going to be better off working with smaller company that is certainly more focused and ready to take risks!
Step 1 – Stay Focused and Clearly Document Your Idea
This method 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 wear paper what it is that you simply invented – precisely define your idea, its purpose, limitations and target audience. If you fail to precisely define your idea, then because of this you should require a step back, re-analyze your thinking and simplify things. The most common error that folks make at this point is finished-complicating their idea. A quick 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 take advantage of the addition of extra items – a scissor and a screw driver. However, incorporating these items makes the Inventhelp Commercials 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 extra features who have nothing to do with his unique design. Through 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. must 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 which includes extra features? Would be the extra features even necessary?
The above example clearly illustrates the subsequent – give attention to your original idea and ignore additional, superfluous features that might muddle your vision. Additional features should 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 should start considering the following – how unique is my idea? In order to reply to these questions, you will have to do some legwork and hit your neighborhood library and internet. Until you allocated a lot of your financial budget to Patent Lawyers, who can perform the research for you personally, you will end up more satisfied doing initial research by yourself. Why? Because you may discover on your exploratory searches that your design is not unique and stay away from from paying Big Lawyer fees. A note of caution – don’t get discouraged in the event you determine that the idea comparable to yours already exists and already patented. The fact that someone came to the similar conclusions while you, just just a little bit earlier is good – there is a competition! Levels of competition are good, level of 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 aware of competition along with their limitations.
Step Three – Product Safety Considerations
Whether you opted to produce a baby product or some kind of household appliance, a special care ought to be consumed describing potential hazards associated with the use of your product or service. For instance, in the event you invented a whole new toy designed for small kids, try to generate a list of parts that can potentially harm your little customers. Stay in mind that many people, unfortunately, disregard exploitation manuals. Figure out what can or may go wrong with the operation of your product and determine ways on how to improve product safety. The questions which you may think about are definitely the following –
1. Am I using proper materials?
2. Maybe the part which has probably the most hazards should be redesigned?
Try to generate a thorough set 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 need you to describe all Safety features of your own idea, and you might stay away from a bit of time by doing preparations in advance.
Step 4 – Demographics and Determining who can Make Use Of Product
Ones you have a clear picture of your product and also you resolved all nuances of product design, try to determine who will use your product, when and where. Try to think about the following questions –
1. What exactly is the age bracket of target audience?
2. Is my product intended for Men, Women, or Both?
3. Where and when can it be applied?
Correctly answering these questions will allow you to properly advertise your product and stay up to date with competition. Additionally, knowing techniques to the above mentioned questions can help you in putting finishing touches on the product. How? Should your product is designed for children, then it should be bright and colorful. In addition, should your product is made for cold climate, you should avoid marketing it in locations where it’s hot all year long.
It is very likely that the item is tailored for certain industry (for example, agricultural); then think of people who will benefit the best from your invention! Should your product was created to work with specific soil or crops, then you certainly should target geographical region rich with desired characteristics. As you can see, this step demands a thorough research, planning and leg work; the advantages, on the other hand, will likely be payoff rewarding!
Step 5 – Produce Full or Small Scale Style of Your Product
It is rather important to produce a working model away from your idea. Why? With a real-life style of your idea (or even a scaled-down version of this), will help you to –
1. Identify its limitations and gives you the opportunity to re-think some facets of your initial design to make necessary corrections
2. Enhance your final design
Along with the previously discussed items, the last model will allow you to psychologically. There is no better feeling then in order to physically see and touch the roll-out of your very own mind! The fact that you are touching the actual-life style of one last design provides you with positive psychological boost comparable to hardly any other you’ve experienced during design process, motivating you even more to be successful!
The simplest way to approach this task is to try to draw on some paper the last version of the product, how you see it at this particular point over time. Your drawings should show one last idea/product under different angles, in a 2-D and 3-D. The image might not pretty because not most of us have the necessary drawing skills. However, this drawing task can help you immensely solidify your design and pin-point things that you still have to work on. In addition, I strongly suggest which you generate your initial product prototype from clay or some other material which is readily available. Why? Since this prototype along with initial drawing can help you explain your idea to technical individual that, subsequently, 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 – 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 to your product will be based on the production expense of each individual unit. You don’t must be 100% correct at this stage together 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 price of your product.
Step 6 – Estimate Cost and Gross Profit
As soon as you determined that will use your product and where (or your product’s market), it is time and energy to think “big” – make an effort to work out cost/benefit analysis of your product. Below is actually a case study –
Mary A., a homemaker with three little children, created a plastic bottle holder for babies and small toddlers. Her bottle holder was created in a way 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 produce a full-scale version of Patent Companies made from clay. Before involving an engineer, Mary A. estimated that her product is going to be made entirely from plastic. The estimated production cost of 1 bottle holder is $3.00 (we presume that this 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 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 demands a 40% commissions per each purchase – which means that $6 is paid being a commission towards the store for each $15 purchase. Mary A. immediately worked out that her total profit is going to 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 quantity of 330 X 3 X 6 = $5940.
Step 7 – Product Marketing
Correct online marketing strategy is completely essential to the success of your idea. Partnering with marketing company that you simply can trust and rely upon will pay big dividends in the long run and must not be overlooked. What in the event you know about marketing companies? Many of these companies are split into two groups (I am going to give them a call groups A and B) –
1. Group A: These firms 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 are coping with. Inside the best case scenario, you might potentially lose all your money and valuable time; in worst-case scenario, along with losing money another person may benefit from your invention (unless, of course, 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 focus on emphasize areas which they believe are most pertinent for their invention. I might like to point out IdeaJets website (www.ideajets.com):
IdeaJets is a marketplace where people who have ideas and companies who look for sharp minds meet. Along with helping you discover a right partner who can assist you to realize your opinions and dreams, IdeaJets also brings inventors in touch 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 even in Forums. Hopefully, by sharing ideas and opinions, users might view their inventions or ideas in a new light, refine and re-define those to further increase their chances to be successful. At the time of right now, IdeaJets is entirely free!
Conclusion and a few Final Thoughts:
As you can see, it requires plenty of patience, preparation and perseverance for inventor to achieve success. The main thing is always to not get discouraged by the presence of competition and potential rejections. When I mentioned in my article, competition is good and healthy. If your competitor is having a amazing success with the product much like what you’ve developed, then this means that the merchandise that you are currently working on has great potential. Carefully examine competitor’s product and figure out its weaknesses or vulnerabilities. This, obviously, presumes that you simply finalized your initial design, figured out all of the kinks and produced a complete-scale (or scaled-down) version of the product. Once you know enough about competitor’s product, carefully study your market and demographics – this will help you in designing marketing plan specifically tailored towards your product. Placed on paper and document your findings because you may forget some details down the road and understand that the data you painfully require is gone. In general, make an effort to incorporate all of your findings xqvfcq to cost, market and demographic analysis into Strategic Business Plan and store it in a safe place! Many businesses you may try to work or partner with will need you to produce Business Strategy documentation. Lacking you might force you to definitely produce Strategic Business Plan documentation almost overnight and this may not be always easy. My suggestion to you – begin working on the Strategic Business Plan from your beginning and save yourself from having sleepless nights! As well as a final word of wisdom – don’t be scared to become over-confident, because confidence and belief in one’s own powers are a great recipe to success!