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 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 like to offer a few words of wisdom. While working on your idea you will encounter those who will criticize your work and try to discourage you against forging ahead. A number of the Inventhelp Invention Ideas will likely be deserved and should be taken into account. If you notice which a valid point is raised which you never imagined of before – the greater 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 these two, you will be better of. My advice to you personally –
– Don’t be scared to question professionals, because most experts are certainly one-track minded and oblivious to many other things
– Don’t hesitate to challenge other people’s ideas, stand by your principles and be firm
– Don’t hesitate to learn that the own idea is faulty. Pause, make corrections, re-analyze and move ahead
When you find yourself able to promote your idea, you will have to handle large corporations. Stay in mind that the bigger the company is, the greater bureaucratic it really is. Many big companies lose focus and frequently hire employees that are either not qualified for the task, or just not thinking about whatever they are going to do. If you come across these folks who want to cause you to feel insignificant (as well as your idea unimportant and impractical) don’t get discouraged from this – chances are you will likely be happier dealing with smaller company that is more focused and prepared to take risks!
Step 1 – Remain 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 put on paper what it is that you invented – precisely define your idea, its purpose, limitations and target audience. If you cannot precisely define your idea, then this means that you need to require a step back, re-analyze your thinking and simplify things. The most typical error that people make at this time is over-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, adding these items definitely makes the Patent Your Idea larger and heavier. In order to help make knife lighter, John K. goes back to the drawing board – he compromises his original, Automatic Push/Pull mechanism design in attempt to accommodate unnecessary extra 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.
In the final analysis, John K. must have stopped right before making any changes to his original Automatic Knife Mechanism and asked himself the following – am I more satisfied with the original mechanism or with pedestrian mechanism which has extra features? Would be the additional features even necessary?
The aforementioned example clearly illustrates the following – give attention to your original idea and ignore additional, superfluous features that might muddle your vision. Extra features will come into play later, once you clearly described and shaped your invention.
Step Two Exploratory Stages – Determine if your idea is different
Once you’ve documented your idea, you can start taking into consideration the following – how unique is my idea? In order to reply to these questions, you should perform some legwork and hit your neighborhood library and internet. Except if you allocated a lot of your budget to Patent Lawyers, who can do the research for you personally, you will end up more satisfied doing initial research alone. Why? Simply because you may discover on your exploratory searches that your particular design is not unique and save from paying Big Lawyer fees. A note of caution – don’t get discouraged in the event you determine that this idea much like yours already exists and already patented. The truth that someone got to the similar conclusions when you, just a bit bit earlier is nice – there is a competition! Level of competition is good, competition is healthy! Carefully examine competing product, even bring it apart, if required. Determine what differentiates your idea from competitor’s, its limitations and how successful was another person (or even a company) with marketing it. When you can see, you can actually study from mistakes of others, avoid their mistakes and forge ahead fully aware of competition as well as their limitations.
Step 3 – Product Safety Considerations
Whether you opted to produce a baby product or some form of household appliance, a special care should be consumed in describing potential hazards associated with the use of your product. As an example, in the event you invented a whole new toy created for small children, try to create this list of parts that can potentially harm your little customers. Stay in mind that lots of people, unfortunately, disregard exploitation manuals. Determine what can or may fail using the operation of the product and determine ways concerning how to improve product safety. The questions which you may think about would be the following –
1. Am I using proper materials?
2. Maybe the part which contains the most hazards needs to be redesigned?
Try to come up with a comprehensive list of parts that can be potentially hazardous and fix your design before you begin marketing your product or service. You may think of this step as unnecessary, but let me warn you – most marketing companies will require that you describe all Security features of the idea, and also you might save yourself a while by doing preparations ahead of time.
Step 4 – Demographics and Determining who can Use Your Product
Ones there is a clear picture of your own product and you also figured out all nuances of product design, attempt to determine who will use your product, where and when. Make an effort to think about the following questions –
1. What is the age bracket of audience?
2. Is my product created for Men, Women, or Both?
3. Where and once can it be applied?
Correctly answering these questions will allow you to properly market your product and stay abreast of competition. Furthermore, knowing answers to the aforementioned questions will help you in putting finishing touches on the product. How? Should your product is made for children, then it should be bright and colorful. In addition, should your product is ideal for cold climate, you should avoid marketing it in areas where it’s hot all year long.
It is extremely likely that the product is tailored for certain industry (for instance, agricultural); then think of those who will manage to benefit the best from your invention! If your product is designed to work with specific soil or crops, then you certainly should target geographical region rich with desired characteristics. As you can see, this step needs a thorough research, planning and leg work; the advantages, on the other hand, is going to be payoff rewarding!
Step 5 – Produce Full or Small Scale Style of Your Products Or Services
It is extremely 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 from it), will help you –
1. Identify its limitations and offers you an opportunity to re-think some aspects of your initial design making necessary corrections
2. Boost your final design
As well as the previously discussed items, the final model can help you psychologically. There is no better feeling then in order to physically see and touch the development of your own mind! Because you are touching the actual-life style of your final design will give you positive psychological boost comparable to not one other you’ve experienced during design process, motivating you even more to achieve success!
The simplest way to approach this task is to attempt to draw on some paper the last version of the product, how you will see it at this point in time. Your drawings should show one last idea/product under different angles, in a 2-D and three-D. The image might not pretty because not most of us hold the necessary drawing skills. However, this drawing task will help you immensely solidify your design and pin-point things that you will still have to work on. In addition, I strongly suggest which you generate your initial product prototype from clay or any other material that is certainly readily available. Why? Since this prototype in addition to initial drawing can help you explain your idea to technical individual who, consequently, will transform your design into highly technical engineering drawing.
Once you prepared your model, try to determine what materials will 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 form of alloy? As soon as you determined the required materials, estimate production cost as the price that you’ll charge for your product will be based on the production price of every individual unit. You don’t have to be 100% correct at this point together with your material selections, but it’s very good to know what materials should go into manufacture of your products or services allowing you to have a ball-park figure on the final expense of your product or service.
Step 6 – Estimate Cost and Gross Profit
As soon as you determined who can make use of your product and where (or perhaps your product’s market), it really is time to think “big” – make an effort to work out cost/benefit analysis of your own product. Below is 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 designed in such a way that 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 Invention Stories made of clay. Before involving an engineer, Mary A. estimated that her product will likely be made entirely from plastic. The estimated production price of 1 bottle holder is $3.00 (we presume the manufacturing plant is situated in China and shipping expenses are already factored in to the estimated production cost). Mary A. did comparative shopping and determined that other sorts of Baby Holders are selling 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 that $6 is paid as being a commission for the store for each and every $15 purchase. Mary A. immediately determined that her total profit is going to be $6 per each bottle holder ($15 – $6 – $3). Presume that certain 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 amount of 330 X 3 X 6 = $5940.
Step 7 – Product Marketing
Correct marketing strategy is totally important to the prosperity of your idea. Partnering with marketing company that you can trust and depend on pays big dividends in 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 am going to give them a call groups A and B) –
1. Group A: These firms claim they may have specific knowledge and inside connections in a broad range of industries. In addition to been expensive, most companies that belong to this group are accused of fraud and inventor should carefully consider who they really are coping with. In the best case scenario, you might potentially lose your money and time; in worst-case scenario, in addition to losing money someone else may reap the benefits of your invention (unless, of course, you had been fortunate enough to patent it!!)
2. Group B: These companies give inventor complete freedom in marketing their idea. Inventors choose what you should say and concentrate on emphasize areas they believe are most pertinent with their invention. I might like to point out IdeaJets website (www.ideajets.com):
IdeaJets is a marketplace where people with ideas and firms who search for sharp minds meet. As well as helping you discover a right partner who can help you realize your opinions and dreams, IdeaJets also brings inventors in contact 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 even 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 improve their chances to achieve success. At the time of right now, IdeaJets is completely free!
Conclusion and some Final Thoughts:
As one can see, it takes lots of patience, preparation and perseverance on behalf of inventor to achieve success. The biggest thing is always to not get discouraged by the actual existence of competition and potential rejections. Because I mentioned in my article, competition is good and healthy. In case your competitor is enjoying a amazing success using the product similar to what you’ve developed, then which means that the merchandise that you are focusing on has great potential. Carefully examine competitor’s product and find out its weaknesses or vulnerabilities. This, obviously, presumes that you simply finalized your initial design, figured out 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 should help you in designing marketing plan specifically tailored towards your product or service. Placed on paper and document your findings simply because you may forget some details down the road and realize that the info you painfully should get is gone. In general, make an effort to incorporate all of your findings xqvfcq to cost, market and demographic analysis into Business Plan and store it in a safe place! Most companies you will try to work or partner with will require that you produce Strategic Business Plan documentation. Not having you will force you to definitely produce Business Plan documentation almost overnight and this may not be an easy task. My suggestion to you personally – begin working on the Business Strategy from the beginning and save yourself from having sleepless nights! Along with 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!