So, a little light bulb within you head has lit up and you are struck with the concept 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 looking for. 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 caring for your idea you will encounter people who will criticize your work and attempt to discourage from forging ahead. A number of the Inventhelp Patent Referral Services will be deserved and really should be taken into consideration. If you notice that a valid point is raised that you simply never imagined of before – the greater off you happen to be. It offers you chance to stop and view your idea from another perspective (or angle). However, you may also encounter a so-called destructive criticism which is not based upon any facts.
When you figure out how to separate those two, you may be better of. My advice to you personally –
– Don’t be scared to question professionals, since the majority of experts is one-track minded and oblivious to other things
– Don’t be scared to challenge other people’s ideas, uphold your principles and be firm
– Don’t be afraid to learn that the own idea is faulty. Pause, make corrections, re-analyze and move ahead
When you find yourself able to advertise your idea, you will need to cope with large corporations. Keep in mind that the bigger the company is, the greater bureaucratic it is. Many big companies lose focus and often hire employees who are either not qualified for the job, or just not thinking about whatever they are going to do. If you discover these folks who are trying to make you feel insignificant (along with your idea unimportant and impractical) don’t get discouraged by this – chances are you will likely be better off working with smaller company which is more focused and ready to take risks!
Step One – Remain Focused and Clearly Document Your Idea
This method has huge benefits, because –
1. You will clearly define your idea/invention
2. While documenting your idea, you may find ways regarding 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 audience. If you cannot precisely define your idea, then which means that you need to have a step back, re-analyze your thinking and simplify things. The most typical error that folks make at this time is over-complicating their idea. A fast example will clarify this point:
Case Study 1
John K. has an idea regarding 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 products helps make the Product Ideas 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 try 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 plus it lacks in originality.
In 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 with the original mechanism or with pedestrian mechanism which includes extra features? Would be the extra features even necessary?
The aforementioned example clearly illustrates the following – focus on your original idea and ignore additional, superfluous features that might muddle your vision. Additional features will come into play later, when you clearly described and shaped your invention.
Step Two Exploratory Stages – Determine whether your idea is unique
Once you’ve documented your idea, you can 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 your neighborhood library and internet. Until you allocated a substantial amount of your finances to Patent Lawyers, that will perform the research for you, you may be happier doing initial research by yourself. Why? Simply because you may discover throughout your exploratory searches that the design will not be unique and save yourself from paying Big Lawyer fees. A note of caution – don’t get discouraged should you determine that this idea similar to yours already exists and already patented. The reality that someone came to the similar conclusions while you, just just a little bit earlier is nice – you have a competition! Competition is good, level of competition is healthy! Carefully examine competing product, even carry it apart, if required. Figure out 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 learn from mistakes of others, avoid their mistakes and forge ahead fully aware of competition as well as their limitations.
Step Three – Product Safety Considerations
Whether you decided to generate a baby product or some kind of household appliance, an exclusive care should be taken in describing potential hazards associated with the use of your products or services. For instance, should you invented a whole new toy created for small kids, try to generate the 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 go awry using the operation of your product and figure out ways on how to improve product safety. The questions which you may ask yourself would be the following –
1. Am I using proper materials?
2. Maybe the part that contains by far the most hazards needs to be redesigned?
Try to generate a thorough list 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 that you describe all Security features of the idea, and you might save a while by doing preparations in advance.
Step 4 – Demographics and Determining who can Make Use Of Your Product
Ones you do have a clear picture of your own product and also you resolved all nuances of product design, make an effort to determine who can use your product, when and where. Attempt 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 utilized?
Correctly answering these questions will allow you to properly advertise your product and remain abreast of your competition. Additionally, knowing answers to the aforementioned questions will 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. Additionally, should your product is ideal for cold climate, you should avoid marketing it in locations where it’s hot all year long.
It is quite likely that your product is tailored for certain industry (as an example, agricultural); then think of those who will manage to benefit the most from your invention! In case your product was created to work with specific soil or crops, then you should target geographical region rich with desired characteristics. As one can see, this task needs a thorough research, planning and leg work; the rewards, on the other hand, is going to be payoff rewarding!
Step 5 – Produce Full or Small Scale Type of Your Product
It is extremely important to create a working model from your idea. Why? Having a real-life type of your idea (or even a scaled-down version from it), will help you to –
1. Identify its limitations and offers 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 listed items, the final model will help you psychologically. There is absolutely no better feeling then in order to physically see and touch the creation of your very own mind! Because you are touching the actual-life model of one last design will provide you with positive psychological boost similar to not one other you’ve experienced during design process, motivating you even more to succeed!
The simplest way to approach this method is to try and draw on a bit of paper the last version of the product, how you will see it at this point soon enough. Your drawings should show your final idea/product under different angles, in a 2-D and 3-D. The photo might not really pretty because not many of us hold the necessary drawing skills. However, this drawing task can help you immensely solidify your design and pin-point items which you continue to need to work on. Furthermore, I strongly suggest that you generate your initial product prototype from clay or other material that is certainly readily available. Why? As this prototype together with initial drawing will allow you to explain your idea to technical individual who, subsequently, will transform your design into highly technical engineering drawing.
When you prepared your model, try to determine which materials goes 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 kind of alloy? As soon as you determined the necessary materials, estimate production cost since the price that you’ll charge to your product will be based on the production expense of every person unit. You don’t need to be 100% correct at this point together with your material selections, but it’s very good to know what materials should go into creation of your product so that you have a ball-park figure on the final price 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 is 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 made in a way it would hold both the bottles, spoons and bottle caps. Mary A. created numerous drawings of her product and with the aid of her husband managed to make a full-scale version of Inventors Helpline manufactured from clay. Before involving an engineer, Mary A. estimated that her product is going to 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 expenses are already factored in to the estimated production cost). Mary A. did comparative shopping and determined that other sorts of Baby Holders can sell around $15 dollars. Additionally, 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 pays being a commission towards the store for each $15 purchase. Mary A. immediately determined that her total profit is going to be $6 per each bottle holder ($15 – $6 – $3). Presume that a person third of 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 necessary to the achievements of your idea. Partnering with marketing company that you can trust and rely upon pays big dividends inside the long run and should not be overlooked. What in case you know about marketing companies? Most of these companies are split 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. Along with been expensive, most companies that are part of this group are accused of fraud and inventor should carefully consider who they are working with. In the best case scenario, you can potentially lose your money and valuable time; in worst-case scenario, in addition to losing money someone else may reap the benefits of your invention (unless, obviously, you had been fortunate enough to patent it!!)
2. Group B: These companies give inventor complete freedom in marketing their idea. Inventors choose things to say while focusing on emphasize areas they believe are most pertinent to their invention. I would personally like to point out IdeaJets website (www.ideajets.com):
IdeaJets is actually a marketplace where people with ideas and firms who look for sharp minds meet. Along with helping you get a right partner who can assist 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 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 enhance their chances to achieve success. As of right now, IdeaJets is completely free!
Conclusion and some Final Thoughts:
As you can see, it requires lots of patience, preparation and perseverance on behalf of inventor to succeed. The biggest thing is to not get discouraged by the existence of competition and potential rejections. When I mentioned in my article, level of competition is good and healthy. If your competitor is having a positive results with all the product much like what you’ve developed, then this means that the product that you are currently focusing on has great potential. Carefully examine competitor’s product and find out its weaknesses or vulnerabilities. This, obviously, presumes which you finalized your initial design, worked 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 strategy specifically tailored towards your products or services. Wear paper and document your findings because you may forget some details down the road and recognize that the data you painfully need is gone. In general, try 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 are going to attempt to work or partner with will need you to produce Business Plan documentation. Not having you might force you to definitely produce Business Plan documentation almost overnight and this is simply not an easy task. My suggestion for you – begin working on the Strategic Business Plan through the beginning and save from having sleepless nights! As well as a final word of wisdom – don’t hesitate to become over-confident, because confidence and belief in one’s own powers are a good recipe to success!