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 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 with the discussion, I would like to offer a few words of wisdom. While dealing with your idea you will encounter individuals who will criticize your work and try to discourage you from forging ahead. A number of the Product Ideas will be deserved and should be taken into consideration. If you see that a valid point is raised which you never imagined of before – the greater off you are. It provides you with opportunity 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 these two, you will end up 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 be scared to challenge other people’s ideas, stand by your principles and be firm
– Don’t be scared to learn that the own idea is faulty. Pause, make corrections, re-analyze and move ahead
When you are able to promote your idea, you will need to deal with large corporations. Stay in mind that the bigger the company is, the better bureaucratic it is. Many big companies lose focus and quite often hire employees who definitely are either not qualified to do the job, or just not interested in whatever they are going to do. If you locate these people that are trying to help you feel insignificant (and your idea unimportant and impractical) don’t get discouraged by this – chances are you will likely be better off coping with smaller company that is certainly more focused and prepared to take risks!
Step One – Remain Focused and Clearly Document Your Idea
This step 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 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 because of this you ought to have a step back, re-analyze your thinking and simplify things. The most frequent error that folks make at this stage is finished-complicating their idea. A simple example will clarify this point:
Case Study 1
John K. comes with an idea concerning 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 products makes the Invent Help Patent Information 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 concerning 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. should have stopped right before creating any changes to his original Automatic Knife Mechanism and asked himself the following – am I more satisfied with the original mechanism or with pedestrian mechanism that has extra features? Are definitely the additional features even necessary?
The aforementioned example clearly illustrates these – concentrate on your original idea and ignore additional, superfluous features that might muddle your vision. Additional features should come into play later, once you clearly described and shaped your invention.
Step 2 Exploratory Stages – Determine if your idea is different
Once you’ve documented your idea, you should begin taking into consideration the following – how unique is my idea? In order to reply to these questions, you will need to perform some legwork and hit your local library and internet. Unless you allocated a large amount of your financial budget to Patent Lawyers, who will do the research for you personally, you will end up better off doing initial research by yourself. Why? Simply because you may discover during your exploratory searches that your design is not unique and save yourself from paying Big Lawyer fees. A note of caution – don’t get discouraged if you determine that this idea similar to yours already exists and already patented. The truth that someone came to the similar conclusions when you, just a little bit earlier is great – you have a competition! Competition is good, level of competition is healthy! Carefully examine competing product, even bring it apart, if necessary. Figure out what differentiates your idea from competitor’s, its limitations and how successful was someone else (or even a company) with marketing it. As you can see, you can actually study 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 opted to make a baby product or some type of household appliance, an exclusive care ought to be taken in describing potential hazards associated with the aid of your products or services. For instance, should you invented a brand new toy created for young children, 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 with the operation of your own product and find out ways concerning how to improve product safety. The questions that you simply may think about are definitely 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 create a thorough listing of parts that can be potentially hazardous and fix your design before you begin marketing your product. You may consider this step as unnecessary, but let me warn you – most marketing companies will need you to describe all Security features of the idea, and also you might stay away from some time by doing preparations ahead of time.
Step 4 – Demographics and Determining who can Use Your Product
Ones you have a clear picture of your product and you also figured out all nuances of product design, make an effort to determine who can use your product, where and when. Attempt to ask yourself these questions –
1. What is the age bracket of target audience?
2. Is my product intended for Men, Women, or Both?
3. Where and when can it be applied?
Correctly answering these questions will help you properly promote your product and remain up to date with your competition. Furthermore, knowing techniques to the aforementioned questions will help you in putting finishing touches on the product. How? If your product is designed for children, then it needs to be bright and colorful. Furthermore, in case your product is designed for cold climate, you ought to 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 example, agricultural); then think of people who will manage to benefit the most from your invention! If your product is designed to work with specific soil or crops, then you definitely should target geographical region rich with desired characteristics. As one can see, this step requires a thorough research, planning and leg work; the advantages, on the other hand, is going to be payoff rewarding!
Step 5 – Produce Full or Small Scale Model of Your Products Or Services
It is rather important to make a working model away from your idea. Why? Having a real-life style of your idea (or perhaps a scaled-down version of this), will help you to –
1. Identify its limitations and provides you an opportunity to re-think some elements of your initial design to make necessary corrections
2. Enhance your final design
As well as the previously listed items, the final model will allow you to psychologically. There is absolutely no better feeling then so that you can physically see and touch the roll-out of your very own mind! The fact that you are touching the actual-life model of your final design provides you with positive psychological boost comparable to hardly any other you’ve experienced during design process, motivating you even more to achieve success!
The simplest way to approach this task is to try to draw on a piece of paper the last version of your own product, the way you see it at this particular point over time. Your drawings should show one last idea/product under different angles, in a 2-D and 3-D. The picture might not pretty because not many of us possess the necessary drawing skills. However, this drawing task will allow you to immensely solidify your design and pin-point items which you still have to work on. Additionally, I strongly recommend which you generate your initial product prototype from clay or some other material that is certainly easily available. Why? As this prototype in addition to initial drawing will help you explain your idea to technical individual who, consequently, will transform your design into highly technical engineering drawing.
When you prepared your model, try to find out what 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 – could it be aluminum, copper or some form of alloy? Once you determined the required materials, estimate production cost since the price that you’ll charge for the product depends on the production price of every person unit. You don’t have to be 100% correct at this point with your material selections, but it’s very good to know what materials will go into creation of your products or services allowing you to have a ball-park figure on the final price of your product.
Step 6 – Estimate Cost and Gross Profit
Once you determined who can make use of product and where (or maybe your product’s market), it really is time and energy to think “big” – attempt to work out cost/benefit analysis of your own product. Below is really 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 which 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 Product Patent made of clay. Before involving an engineer, Mary A. estimated that her product will be made entirely out of plastic. The estimated production price of 1 bottle holder is $3.00 (we presume that this manufacturing plant is situated in China and shipping expenses are already factored in into the estimated production cost). Mary A. did comparative shopping and determined that other kinds of Baby Holders can sell around $15 dollars. Furthermore, Mary found out that three local baby stores each serve 1000 shoppers per day (including online purchases); additionally, each stores requires a 40% commissions per each purchase – meaning that $6 pays being a commission for the store for every $15 purchase. Mary A. immediately figured out that her total profit will 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 amount of 330 X 3 X 6 = $5940.
Step 7 – Product Marketing
Correct online marketing strategy is absolutely necessary to the success of your idea. Partnering with marketing company that you simply can trust and depend on will probably pay big dividends inside 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 am going to give them a call groups A and B) –
1. Group A: These firms claim that they have specific knowledge and inside connections in a broad range of industries. In addition to been expensive, a lot of companies that fit in with this group are charged with fraud and inventor should carefully consider who they really are dealing with. In the best case scenario, you might potentially lose your money and time; in worst-case scenario, in addition to losing money someone else may reap the benefits of your invention (unless, needless to say, you were fortunate enough to patent it!!)
2. Group B: These firms give inventor complete freedom in marketing their idea. Inventors choose what to say and focus on emphasize areas which they believe are most pertinent with their invention. I might like to point out IdeaJets website (www.ideajets.com):
IdeaJets is actually a marketplace where people who have ideas and corporations who search for sharp minds meet. As well as helping you find a right partner who can enable you to realize your thoughts and dreams, IdeaJets also brings inventors in contact 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 enhance their chances to achieve success. Since right now, IdeaJets is entirely free!
Conclusion plus some Final Thoughts:
As one can see, it will take lots of patience, preparation and perseverance on behalf of inventor to be successful. The biggest thing is to not get discouraged by the actual existence of competition and potential rejections. Because I mentioned in my article, levels of competition are good and healthy. Should your competitor is going for a great success using the product comparable to what you’ve developed, then because of this the item that you are currently working on has great potential. Carefully examine competitor’s product and figure out its weaknesses or vulnerabilities. This, obviously, presumes which you finalized your initial design, resolved all 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 you in designing marketing strategy specifically tailored towards your product or service. Wear paper and document all your findings simply because you may forget some details down the road and recognize that the info you painfully should get is gone. In general, attempt to incorporate 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 try to work or partner with will need you to produce Business Plan documentation. Without having one will force one to produce Strategic Business Plan documentation almost overnight and this is simply not an easy task. My suggestion to you – begin working on the Business Strategy from your very beginning and save from having sleepless nights! Along with a final word of wisdom – don’t be afraid to get over-confident, because confidence and belief in one’s own powers are a fantastic recipe to success!