So, a little light bulb inside you head has lit up and you are struck with the idea 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 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 assure 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 dealing with your idea you will encounter individuals who will criticize your work and then try to discourage you from forging ahead. A number of the Inventhelp Invention Prototypes is going to be deserved and must be considered. If you see that the valid point is raised that you simply never thought of before – the higher off you might be. 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.
Whenever you figure out how to separate those two, you may be better of. My advice to you personally –
– Don’t hesitate to question professionals, since the majority of experts is one-track minded and oblivious to many other things
– Don’t hesitate to challenge other people’s ideas, stand by your principles and become firm
– Don’t be scared to learn that your own idea is faulty. Pause, make corrections, re-analyze and move ahead
When you are prepared to advertise your idea, you should cope with large corporations. Keep in mind that the bigger the company is, the more bureaucratic it really is. Many big companies lose focus and frequently hire employees who definitely are either not qualified to do the job, or just not thinking about what they are doing. If you come across these people that want to make you feel insignificant (as well as your idea unimportant and impractical) don’t get discouraged with this – then chances are you is going to be happier dealing with smaller company that is certainly more focused and ready to take risks!
Step One – 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 exactly it is that you simply invented – precisely define your idea, its purpose, limitations and target market. If you fail to precisely define your idea, then this means that you ought to have a step back, re-analyze your thinking and simplify things. The most typical error that individuals make at this point is over-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 benefit from the addition of extra items – a scissor as well as a screw driver. However, adding these things helps make the Invention Companies 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 make an effort to accommodate unnecessary extra 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 and it also lacks in originality.
In the final analysis, John K. needs to have stopped right before creating any changes to his original Automatic Knife Mechanism and asked himself these – am I more satisfied with the original mechanism or with pedestrian mechanism which has additional features? Would be the additional features even necessary?
The aforementioned example clearly illustrates the subsequent – 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 exclusive
Once you’ve documented your idea, you should begin taking into consideration the following – how unique is my idea? In order to respond to these questions, you should carry out some legwork and hit your neighborhood library and internet. Except if you allocated a lot of your finances to Patent Lawyers, who will carry out the research for you personally, you will end up happier doing initial research by yourself. Why? Because you may discover during your exploratory searches that the design is not 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 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 necessary. Determine what differentiates your idea from competitor’s, its limitations and just how successful was another individual (or a company) with marketing it. As you can see, you can actually gain knowledge from mistakes of others, avoid their mistakes and forge ahead fully mindful of competition as well as their limitations.
Step 3 – Product Safety Considerations
Whether you decided to produce a baby product or some form of household appliance, a special care should be consumed describing potential hazards associated with the aid of your product. As an example, in the event you invented a new toy created for small children, try to create a list of parts that can potentially harm your little customers. Keep in mind that lots of people, unfortunately, disregard exploitation manuals. Determine what can or may go wrong with the operation of your own product and determine ways regarding 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 which has by far the most hazards should be redesigned?
Try to create a complete listing of parts that can be potentially hazardous and repair your design before you start out 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 Safety measures of your own idea, and you also might save yourself some time by doing preparations ahead of time.
Step 4 – Demographics and Determining who will Make Use Of Product
Ones you have a clear picture of your product and you worked out all nuances of product design, attempt to determine who can use your product, where and when. Make an effort to consider the subsequent questions –
1. Exactly what is the age bracket of target market?
2. Is my product created for Men, Women, or Both?
3. Where and once can it be used?
Correctly answering these questions can help you properly promote your product and remain abreast of the competition. In addition, knowing techniques to the aforementioned questions will allow you to in putting finishing touches on your own product. How? In case your product is designed 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 (as an example, agricultural); then think of those that will benefit the best 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 you can see, this task needs 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 Style of Your Product
It is extremely important to create a working model off of your idea. Why? With a real-life style of your idea (or perhaps a scaled-down version from it), will help you to –
1. Identify its limitations and gives you an opportunity to re-think some facets of your initial design making necessary corrections
2. Improve your final design
As well as the above mentioned items, the final model will allow you to psychologically. There is no 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 provide you with positive psychological boost comparable to no 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 ultimate version of the product, how you will look at it around this point soon enough. Your drawings should show your final idea/product under different angles, in a 2-D and 3-D. The image might not really pretty because not a lot of us have the necessary drawing skills. However, this drawing task will help you immensely solidify your design and pin-point items that you continue to have to work on. Furthermore, I strongly recommend that you generate your initial product prototype from clay or any other material that is easily available. Why? Because this prototype together with initial drawing will help you explain your idea to technical individual who, in turn, will transform your design into highly technical engineering drawing.
As soon as you prepared your model, try to determine what materials goes 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 – will it be aluminum, copper or some kind of alloy? Once you determined the necessary materials, estimate production cost because the price that you’ll charge for your product will be based on the production price of every individual unit. You don’t need to be 100% correct at this stage together with your material selections, but it’s great 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 or service.
Step 6 – Estimate Cost and Gross Profit
As soon as you determined who can use your product and where (or maybe your product’s market), it is time to think “big” – attempt to work out cost/benefit analysis of the product. Below is 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 designed in a way that it would hold both bottles, spoons and bottle caps. Mary A. created numerous drawings of her product and through the help of her husband managed to produce a full-scale version of Inventhelp Innovation manufactured from clay. Before involving an engineer, Mary A. estimated that her product will likely be made entirely away from plastic. The estimated production price of 1 bottle holder is $3.00 (we presume the manufacturing plant is situated in China and shipping pricing is already factored 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); in addition, each stores needs a 40% commissions per each purchase – meaning that $6 pays being a commission for the store for each and every $15 purchase. Mary A. immediately figured out that her total profit will be $6 per each bottle holder ($15 – $6 – $3). Presume that one 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 strategy is absolutely necessary to the achievements of your idea. Partnering with marketing company that you can trust and rely upon will probably pay big dividends within the long run and should not be overlooked. What in the event you know about marketing companies? Many of these companies are separated into two groups (I will contact them groups A and B) –
1. Group A: These businesses claim that they 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 are working with. Inside the best case scenario, you might potentially lose all of your money and time; in worst-case scenario, as well as losing money somebody else may reap the benefits of your invention (unless, needless to say, that you were fortunate enough to patent it!!)
2. Group B: These firms give inventor complete freedom in marketing their idea. Inventors choose what you should say and concentrate on emphasize areas that they think are most pertinent to their invention. I might like to point out IdeaJets website (www.ideajets.com):
IdeaJets is really a marketplace where people who have ideas and companies who search for sharp minds meet. In addition to helping you discover 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 perhaps 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 improve their chances to succeed. Since right now, IdeaJets is completely free!
Conclusion and a few Final Thoughts:
As one can see, it takes a lot of patience, preparation and perseverance on behalf of inventor to be successful. The main thing is always to not get discouraged by the actual existence of competition and potential rejections. Because I mentioned within my article, level of competition is good and healthy. Should your competitor is going for a positive results with the product comparable to what you’ve developed, then because of this the product that you are currently focusing on has great potential. Carefully examine competitor’s product and find out its weaknesses or vulnerabilities. This, needless to say, presumes that you finalized your initial design, resolved all of the kinks and produced a full-scale (or scaled-down) version of the product. As soon as you know enough about competitor’s product, carefully study your market and demographics – this will help in designing online marketing strategy specifically tailored towards your product or service. Wear paper and document your findings since you may forget some details afterwards and recognize that the information you painfully require is gone. In general, attempt to incorporate all your findings xqvfcq to cost, market and demographic analysis into Business Plan and store it in a safe place! Most companies you may make an effort to work or partner with will require that you produce Business Plan documentation. Without having you will force you to produce Strategic Business Plan documentation almost overnight and this is not an easy task. My suggestion to you – start working on the Business Strategy through the beginning and save from having sleepless nights! Along with a final word of wisdom – don’t hesitate to be over-confident, because confidence and belief in one’s own powers are a fantastic recipe to success!