So, a little light bulb inside 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 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 guarantee you that in the end you will be happy that you took my advice.
Before we proceed using the discussion, I would personally like to offer a few words of wisdom. While working on your idea you will come across individuals who will criticize your work and then try to discourage from forging ahead. A number of the Inventhelp Success Stories will likely be deserved and should be taken into account. When you see that a valid point is raised that you never imagined of before – the greater off you happen to be. It offers you opportunity to pause and view your idea from another perspective (or angle). However, you may also encounter a so-called destructive criticism that is not based on any facts.
When you learn how to separate these two, you will end up better of. My advice for you –
– Don’t be afraid to question professionals, since most experts are certainly one-track minded and oblivious to many other things
– Don’t be scared to challenge other people’s ideas, uphold your principles and be firm
– Don’t hesitate to find out that your particular own idea is faulty. Pause, make corrections, re-analyze and move ahead
When you are ready to promote your idea, you will need to deal with large corporations. Keep in mind that the larger the company is, the more bureaucratic it is actually. Many big companies lose focus and often hire employees who are either not qualified for the task, or just not interested in what they are doing. If you come across these folks who are trying to make you feel insignificant (along with your idea unimportant and impractical) don’t get discouraged from this – then chances are you will be better off dealing with smaller company that is more focused and willing to take risks!
Step 1 – Remain Focused and Clearly Document Your Idea
This task has huge benefits, because –
1. You will clearly define your idea/invention
2. While documenting your idea, you may find ways concerning how to expand your invention
Always try to use paper what exactly it is that you invented – precisely define your idea, its purpose, limitations and target market. If you cannot precisely define your idea, then because of this you ought to require a step back, re-analyze your thinking and simplify things. The most frequent error that folks make at this point is over-complicating their idea. A quick 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 take advantage of the addition of extra items – a scissor and a screw driver. However, incorporating these items definitely makes the Inventhelp Success Stories larger and heavier. In order to make knife lighter, John K. goes back towards the drawing board – he compromises his original, Automatic Push/Pull mechanism design in attempt to accommodate unnecessary extra features which 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 lacks in originality.
Within the final analysis, John K. needs to have stopped right before creating any changes to his original Automatic Knife Mechanism and asked himself the subsequent – am I happier with the original mechanism or with pedestrian mechanism that has extra features? Are the extra features even necessary?
The above mentioned example clearly illustrates the subsequent – focus on your original idea and ignore additional, superfluous features that might muddle your vision. Extra features will come into play later, when you clearly described and shaped your invention.
Step 2 Exploratory Stages – Determine whether your idea is exclusive
Once you’ve documented your idea, you should start thinking about the following – how unique is my idea? In order to answer these questions, you will have to perform some legwork and hit the local library and internet. Unless you allocated a lot of your budget to Patent Lawyers, who can carry out the research for you personally, you may be happier doing initial research by yourself. Why? Simply because you may discover during your exploratory searches that the design will not be unique and save from paying Big Lawyer fees. A note of caution – don’t get discouraged should you determine that this idea comparable to yours already exists and already patented. The truth that someone came to the similar conclusions as you, just just a little bit earlier is great – you have a competition! 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 just how successful was another individual (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 and their limitations.
Step Three – Product Safety Considerations
Whether you decided to make a baby product or some type of household appliance, an exclusive care needs to be taken in describing potential hazards associated by using your product. For instance, if you invented a new toy created for small kids, try to come up with a list of parts that can potentially harm your little customers. Keep in mind that numerous people, unfortunately, disregard exploitation manuals. Know what can or may fail with the operation of the product and determine ways regarding how to improve product safety. The questions that you simply may consider would be the following –
1. Am I using proper materials?
2. Maybe the part which has probably the most hazards ought to be redesigned?
Try to generate a thorough set of parts that can be potentially hazardous and correct your design before you begin marketing your product or service. You may consider 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 save yourself a bit of time by doing preparations in advance.
Step 4 – Demographics and Determining that will Use Your Product
Ones you have a clear picture of your product and you worked out all nuances of product design, make an effort to determine who will make use of your product, where and when. Make an effort to think about the subsequent questions –
1. What is the age bracket of target audience?
2. Is my product created for Men, Women, or Both?
3. Where so when can it be used?
Correctly answering these questions will allow you to properly promote your product and remain abreast of the competition. Additionally, knowing solutions to the above mentioned questions can help you in putting finishing touches on the product. How? If your product is made for children, then it ought to be bright and colorful. Furthermore, should your product is made for cold climate, you should avoid marketing it in locations where it’s hot all year long.
It is quite likely that your particular product is tailored for certain industry (for instance, agricultural); then think of people 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 definitely should target geographical region rich with desired characteristics. As one can see, this step needs a thorough research, planning and leg work; the rewards, on the other hand, will likely be payoff rewarding!
Step 5 – Produce Full or Small Scale Type of Your Products Or Services
It is rather important to make a working model from your idea. Why? With a real-life type 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 elements of your initial design making necessary corrections
2. Enhance your final design
In addition to the above mentioned items, the final model will help you psychologically. There is not any 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 model of your final design will give you positive psychological boost comparable to no other you’ve experienced during design process, motivating you even more to be successful!
The easiest method to approach this step is to attempt to draw on some paper the last version of the product, the way you see it around this point soon enough. Your drawings should show one last idea/product under different angles, in a 2-D and three-D. The image might not be pretty because not a lot 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. Additionally, I strongly suggest that you simply generate your initial product prototype from clay or other material which is readily accessible. Why? Because this prototype in addition to initial drawing will help you explain your idea to technical person 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 product be build of plaster or metal? If metal, then what kind of metal – will it be aluminum, copper or some form of alloy? When you determined the essential materials, estimate production cost since the price that you’ll charge for your product will be based on the production cost of every person unit. You don’t need to be 100% correct at this stage with your material selections, but it’s great to know what materials will go into production 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
When you determined who can use your product and where (or perhaps your product’s market), it really 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, created a plastic bottle holder for babies and small toddlers. Her bottle holder was created in a manner which it would hold both the bottles, spoons and bottle caps. Mary A. created numerous drawings of her product and with the help of her husband managed to generate a full-scale version of Inventhelp Product Development 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 cost of 1 bottle holder is $3.00 (we presume that the manufacturing plant is found in China and shipping costs are already factored in in to the estimated production cost). Mary A. did comparative shopping and determined that other kinds 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); additionally, each stores demands a 40% commissions per each purchase – which means that $6 pays being a commission to the store for each $15 purchase. Mary A. immediately figured out that her total profit is going to be $6 per each bottle holder ($15 – $6 – $3). Presume that a person 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 marketing plan is totally necessary to the success of your idea. Partnering with marketing company which you can trust and rely upon pays big dividends in the long run and should not be overlooked. What should you know about marketing companies? Many of these companies are divided into two groups (I will call them groups A and B) –
1. Group A: These businesses claim they may have specific knowledge and inside connections in a broad range of industries. As well as been expensive, most companies that are part of this group are accused of fraud and inventor should carefully consider who they really are dealing with. In the best case scenario, you could potentially lose all of your money and valuable time; in worst-case scenario, in addition to losing money someone else may reap the benefits of your invention (unless, of course, that you were lucky 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 they believe are most pertinent with their invention. I would personally like to point out IdeaJets website (www.ideajets.com):
IdeaJets is actually a marketplace where people who have ideas and companies who search for sharp minds meet. In addition to helping you find a right partner who can assist you to realize your ideas 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 enhance their chances to be successful. As of right now, IdeaJets is completely free!
Conclusion and some Final Thoughts:
As one can see, it requires a lot of patience, preparation and perseverance for inventor to be successful. The biggest thing is always to not get discouraged by the existence of competition and potential rejections. When I mentioned in my article, competition is good and healthy. In case your competitor is enjoying a amazing success using the product comparable to what you’ve developed, then because of this the item that you are concentrating on has great potential. Carefully examine competitor’s product and find out its weaknesses or vulnerabilities. This, of course, presumes that you simply finalized your initial design, worked out each of the kinks and produced an entire-scale (or scaled-down) version of your 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 product. Placed on paper and document your findings since you may forget some details down the road and understand that the information you painfully require is gone. In general, try to incorporate all your findings xqvfcq to cost, market and demographic analysis into Business Strategy and store it in a safe place! Most companies you are going to make an effort to work or partner with will require you to produce Business Plan documentation. Without having you might force you to definitely produce Business Plan documentation almost overnight and this may not be a simple task. My suggestion for you – start working on the Strategic Business Plan from your very beginning and stay away from from having sleepless nights! And a final word of wisdom – don’t be scared to get over-confident, because confidence and belief in one’s own powers are a good recipe to success!