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 looking for. What you do next and how you approach your next steps is very 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 all the discussion, I would personally like to provide a few words of wisdom. While dealing with your idea you will come across people who will criticize your work and try to discourage from forging ahead. A few of the Invention Prototype is going to be deserved and really should be considered. If you notice that the valid point is raised which you never imagined of before – the better off you are. It gives you opportunity to pause 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 figure out how to separate both of these, you will be better of. My advice for you –
– Don’t be scared to question professionals, since most experts are certainly one-track minded and oblivious to many other things
– Don’t be afraid to challenge other people’s ideas, uphold your principles and be firm
– Don’t be scared to discover that the own idea is faulty. Pause, make corrections, re-analyze and move ahead
When you find yourself prepared to advertise your idea, you will need to cope with large corporations. Keep in mind that the larger the company is, the more 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 the things they are going to do. If you locate these folks who are attempting to cause you to feel insignificant (as well as your idea unimportant and impractical) don’t get discouraged by this – chances are you will be happier coping with smaller company which is more focused and prepared to take risks!
Step 1 – Stay Focused and Clearly Document Your Idea
This task 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 invented – precisely define your idea, its purpose, limitations and target market. If you fail to precisely define your idea, then this means that you need to require a step back, re-analyze your thinking and simplify things. The most common error that folks make at this stage has ended-complicating their idea. A fast example will clarify this point:
Case Study 1
John K. posseses 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 gain benefit from the addition of extra items – a scissor and a screw driver. However, incorporating these products makes the Invention Website larger and heavier. In order to 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 that have nothing concerning his unique design. By taking away features from his original design, John K. makes his final design very pedestrian and it lacks in originality.
Within the final analysis, John K. needs to have stopped right before making any changes to his original Automatic Knife Mechanism and asked himself the following – am I better off with the original mechanism or with pedestrian mechanism which includes additional features? Would be the extra features even necessary?
The aforementioned example clearly illustrates these – 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 different
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 perform some legwork and hit the local library and internet. Except if you allocated a substantial amount of your financial budget to Patent Lawyers, that will perform the research to suit your needs, you will be better off doing initial research alone. Why? Since you may discover on your exploratory searches that your particular design is not unique and save yourself from paying Big Lawyer fees. A note of caution – don’t get discouraged if you determine the idea comparable to yours already exists and already patented. The reality that someone got to the similar conclusions when you, just a little bit earlier is great – there is a competition! Levels of competition are good, level of competition is healthy! Carefully examine competing product, even bring it apart, if needed. Figure out what differentiates your idea from competitor’s, its limitations and just how successful was another person (or a company) with marketing it. While you can see, you can actually gain knowledge from mistakes of others, avoid their mistakes and forge ahead fully conscious of competition and their limitations.
Step 3 – Product Safety Considerations
Whether you decided to generate a baby product or some kind of household appliance, a special care needs to be consumed describing potential hazards associated with the aid of your product. As an example, if you invented a brand new toy intended for small kids, try to create this 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 the product and figure out ways on how to improve product safety. The questions that you simply may consider are the following –
1. Am I using proper materials?
2. Maybe the part which contains the most hazards needs to be redesigned?
Try to generate a comprehensive list of parts that can be potentially hazardous and fix your design before you start out marketing your product. You may think of this step as unnecessary, but let me warn you – most marketing companies will require that you describe all Safety features of your idea, and also you might save yourself a bit of time by doing preparations in advance.
Step 4 – Demographics and Determining who will Use Your Product
Ones you have a clear picture of your own product and you worked out all nuances of product design, attempt to determine who can make use of your product, where and when. Make an effort to think about these questions –
1. What is the age bracket of audience?
2. Is my product intended for Men, Women, or Both?
3. Where and when can it be utilized?
Correctly answering these questions will help you properly promote your product and remain abreast of competition. Furthermore, knowing techniques to all these questions will help you in putting finishing touches on your own product. How? If your product is ideal for children, then it should be bright and colorful. In addition, if your product is designed for cold climate, you should avoid marketing it in places that it’s hot all year long.
It is very likely that the item is tailored for certain industry (as an example, agricultural); then think of those that will manage to benefit the most 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 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 Style of Your Product
It is extremely important to make a working model off of your idea. Why? With a real-life style of your idea (or perhaps a scaled-down version of it), will assist you to –
1. Identify its limitations and offers you a chance to re-think some facets of your initial design to make necessary corrections
2. Enhance your final design
In addition to the above mentioned items, the ultimate model will help you psychologically. There is not any better feeling then to be able to physically see and touch the creation of your own mind! Because you are touching the real-life style of one last design will give you positive psychological boost equal to hardly any other you’ve experienced during design process, motivating you even more to achieve success!
The best way to approach this task is to attempt to draw on some paper the last version of your own product, how you will see it around this point over time. Your drawings should show one last idea/product under different angles, in a 2-D and three-D. The picture might not really pretty because not many of us possess the necessary drawing skills. However, this drawing task will help you immensely solidify your design and pin-point things that you continue to must work on. Furthermore, I strongly suggest that you generate your initial product prototype from clay or other material that is readily accessible. Why? Since this prototype along with initial drawing will help you explain your idea to technical individual that, subsequently, will transform your design into highly technical engineering drawing.
When you prepared your model, try to determine which materials should go in into construction of real-life product. Will your product or service be build of plaster or metal? If metal, then what kind of metal – is it aluminum, copper or some type of alloy? Once you determined the required materials, estimate production cost as the price that you’ll charge for the product will be based on the production expense of every person 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 goes into production of your product allowing you to have a ball-park figure on the final cost of your product.
Step 6 – Estimate Cost and Gross Profit
When you determined who will use your product and where (or maybe your product’s market), it is time for you 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, designed 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 with the aid of her husband managed to produce a full-scale version of Invention Ideas manufactured from clay. Before involving an engineer, Mary A. estimated that her product will be made entirely from plastic. The estimated production price of 1 bottle holder is $3.00 (we presume that this manufacturing plant is found in China and shipping expenses are already factored in into 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); in addition, each stores requires a 40% commissions per each purchase – which means that $6 is paid being a commission towards the store for each and every $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 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 prosperity of your idea. Partnering with marketing company which you can trust and rely upon will pay big dividends within the long run and really should not be overlooked. What should 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. As well as been expensive, a lot of companies that are part of this group are charged with fraud and inventor should carefully consider who they really are dealing with. Within the best case scenario, you could potentially lose your money and valuable time; in worst-case scenario, as well as losing money another person may benefit from your invention (unless, of course, that you were lucky enough to patent it!!)
2. Group B: These companies give inventor complete freedom in marketing their idea. Inventors choose what to say while focusing on emphasize areas they think are most pertinent to their invention. I would like to point out IdeaJets website (www.ideajets.com):
IdeaJets is really a marketplace where people with ideas and companies who hunt for sharp minds meet. In addition to helping you discover a right partner who can enable you to realize your opinions 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 in Forums. Hopefully, by sharing ideas and opinions, users might view their inventions or ideas in a new light, refine and re-define these to further increase their chances to achieve success. Since right now, IdeaJets is totally free!
Conclusion and some Final Thoughts:
As you can see, it takes plenty of patience, preparation and perseverance on behalf of inventor to achieve success. The biggest thing would be to not get discouraged by the existence of competition and potential rejections. Because I mentioned within my article, level of competition is good and healthy. In case your competitor is having a amazing success with all the product comparable to what you’ve developed, then because of this the item that you are focusing on has great potential. Carefully examine competitor’s product and figure out its weaknesses or vulnerabilities. This, obviously, 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 should help you in designing marketing plan specifically tailored towards your product. Put on paper and document all of your findings because you may forget some details later on and recognize that the info you painfully require 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 will attempt to work or partner with will require that you produce Business Strategy documentation. Not having you might force you to definitely produce Business Plan documentation almost overnight and this is simply not always easy. My suggestion to you personally – begin working on the Business Strategy from your very beginning and stay away from 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!