So, a little light bulb inside you head has lit up and you are struck with the notion that you invented something. You are not sure 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 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 assure you that in the end you will be happy that you took my advice.
Before we proceed with all the discussion, I might like to provide a few words of wisdom. While caring for your idea you will come across individuals who will criticize your work and then try to discourage from forging ahead. A number of the Patent Help Companies is going to be deserved and must be considered. If you see which a valid point is raised which you never imagined of before – the better 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 that is not according to any facts.
Once you figure out how to separate both of these, you may be better of. My advice to you personally –
– Don’t hesitate to question professionals, because most experts are one-track minded and oblivious with other things
– Don’t be scared to challenge other people’s ideas, uphold your principles and be firm
– Don’t be scared to discover that your particular own idea is faulty. Pause, make corrections, re-analyze and move ahead
If you are ready to promote your idea, you will need to handle large corporations. Stay in mind that the bigger the company is, the greater bureaucratic it is. Many big companies lose focus and often hire employees who definitely are either not qualified for the job, or just not considering whatever they are doing. If you discover these people that are trying to make you feel insignificant (as well as your idea unimportant and impractical) don’t get discouraged from this – then chances are you is going to be better off coping with smaller company which is more focused and ready to take risks!
Step 1 – Stay Focused and Clearly Document Your Idea
This step 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 put on paper what exactly it is that you 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 take a step back, re-analyze your thinking and simplify things. The most frequent error that individuals make at this stage is finished-complicating their idea. A quick example will clarify this point:
Case Study 1
John K. comes with 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 along with a screw driver. However, the addition of these things makes the Patent A Product larger and heavier. In order to help make knife lighter, John K. goes back towards the drawing board – he compromises his original, Automatic Push/Pull mechanism design in try to accommodate unnecessary additional features that have nothing related to his unique design. Through taking away features from his original design, John K. makes his final design very pedestrian plus 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 subsequent – am I happier using the original mechanism or with pedestrian mechanism which has additional features? Are 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 can come into play later, as soon as you clearly described and shaped your invention.
Step Two Exploratory Stages – Determine if your idea is different
Once you’ve documented your idea, you should start considering the following – how unique is my idea? In order to respond to these questions, you will need to do some legwork and hit your local library and internet. Except if you allocated a lot of your budget to Patent Lawyers, who will perform the research for you personally, you may be happier doing initial research alone. Why? Since you may discover throughout your exploratory searches that the design is not really unique and stay away from from paying Big Lawyer fees. A note of caution – don’t get discouraged should you determine that the idea comparable to yours already exists and already patented. The reality that someone came to the similar conclusions when you, just a bit bit earlier is good – there is a competition! Level of competition is good, levels of competition are healthy! Carefully examine competing product, even bring it apart, if necessary. Determine what differentiates your idea from competitor’s, its limitations and how successful was someone else (or a company) with marketing it. When you can see, you can actually learn from mistakes of others, avoid their mistakes and forge ahead fully conscious of competition along with their limitations.
Step Three – Product Safety Considerations
Whether you decided to make a baby product or some type of household appliance, a special care should be taken in describing potential hazards associated with the aid of your product. As an example, in the event you invented a new toy created for young 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 go awry with the operation of your own product and find out ways regarding how to improve product safety. The questions that you simply may ask yourself would be the following –
1. Am I using proper materials?
2. Maybe the part which contains by far the most hazards should be redesigned?
Try to create a thorough list of parts that can be potentially hazardous and fix 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 require that you describe all Safety features of the idea, and you also might save a bit of time by doing preparations ahead of time.
Step 4 – Demographics and Determining that will Use 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 that will make use of product, where and when. Try to think about the subsequent questions –
1. What exactly is the age bracket of target 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 remain abreast of your competition. Additionally, knowing answers to all these questions will help you in putting finishing touches on the product. How? In case your product is ideal for children, then it needs to be bright and colorful. Additionally, if your product is ideal for cold climate, you need to avoid marketing it in locations where it’s hot all year long.
It is quite likely that your item is tailored for certain industry (for instance, agricultural); then think of people who will manage to benefit the most from your invention! Should your product is made to work with specific soil or crops, then you should target geographical region rich with desired characteristics. As one can see, this task requires a thorough research, planning and leg work; the benefits, on the other hand, will likely be payoff rewarding!
Step 5 – Produce Full or Small Scale Model of Your Product Or Service
It is very important to produce a working model from your idea. Why? By having a real-life type of your idea (or a scaled-down version from it), will help you –
1. Identify its limitations and gives you a chance to re-think some elements of your initial design to make necessary corrections
2. Improve your final design
As well as the previously listed items, the last model will help you psychologically. There is not any better feeling then in order to physically see and touch the roll-out of your own mind! The fact that you are touching the true-life model of one last design will give you 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 method is to try to draw on some paper the last version of the product, how you look at it at this point in time. Your drawings should show one last idea/product under different angles, in a 2-D and 3-D. The photo might not pretty because not a lot of us have the necessary drawing skills. However, this drawing task will allow you to immensely solidify your design and pin-point items that you still must work on. Furthermore, I strongly recommend that you simply generate your initial product prototype from clay or other material that is certainly readily available. Why? Since this prototype in addition to initial drawing can help you explain your idea to technical person who, subsequently, 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? When you determined the essential materials, estimate production cost because the price that you’ll charge for the product will be based on the production price of every individual unit. You don’t must be 100% correct at this stage together with your material selections, but it’s great to know what materials should go into manufacture of your product or service so that you have a ball-park figure on the final expense of your product or service.
Step 6 – Estimate Cost and Gross Profit
Once you determined who can make use of 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 really 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 that 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 produce a full-scale version of Invent Help 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 that the manufacturing plant is situated in China and shipping pricing is 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. 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 that $6 is paid 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 volume of 330 X 3 X 6 = $5940.
Step 7 – Product Marketing
Correct marketing strategy is completely essential to the prosperity of your idea. Partnering with marketing company that you simply can trust and rely upon pays big dividends inside the long run and must not be overlooked. What should you know about marketing companies? Many of these companies are divided into two groups (I will contact them 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, many companies that are part of this group are charged with fraud and inventor should carefully consider who they are coping with. Within the best case scenario, you might potentially lose your money and time; in worst-case scenario, as well as losing money someone else may benefit from your invention (unless, obviously, 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 which they believe are most pertinent to their invention. I would personally like to point out IdeaJets website (www.ideajets.com):
IdeaJets is a marketplace where individuals with ideas and companies who look for sharp minds meet. As well as helping you discover a right partner who can assist 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 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 be successful. At the time of right now, IdeaJets is entirely free!
Conclusion plus some Final Thoughts:
As you can see, it requires plenty 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. As I mentioned in my article, competition is good and healthy. In case your competitor is enjoying a amazing success with all the product comparable to what you’ve developed, then because of this the product that you will be concentrating on has great potential. Carefully examine competitor’s product and figure out its weaknesses or vulnerabilities. This, of course, presumes that you simply finalized your initial design, resolved all 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 you in designing marketing plan specifically tailored towards your product or service. Put on paper and document all your findings because you may forget some details afterwards and understand that the data you painfully should get is gone. In general, make an effort 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 may try to work or partner with will require you to produce Strategic Business Plan documentation. Without having you might force you to definitely produce Business Plan documentation almost overnight and this may not be an easy task. My suggestion to you – begin working on the Business Plan from your beginning and stay away from from having sleepless nights! And a final word of wisdom – don’t be scared to become over-confident, because confidence and belief in one’s own powers are a good recipe to success!