Have an idea for a product or service you think the world needs to see? If so, you could stand to make a killing from it. Think about the people who made Shamwow, Oxiclean, Swiffer, and Pillow Pets. They’re all sittin’ pretty now, thanks to a simple idea they came up with. There’s nothing stopping you from doing the same, other than a few teeny tiny laws and a couple thousand competitors. Nothing you can’t handle, right? Here is a quick guide to ensure your success if you ever want to turn your idea into an invention.
Research the Market
Before you can get overly excited about selling your invention, you need to do a little market research. You have to see if people actually need or want the product you wish to create, and you have to see if there is something else like it already in existence. Talk to a lawyer about your idea to make sure it doesn’t violate any patents, as that could get you in a serious legal bind later on. If everything goes well though, you should be able to put your idea into production.
Get a Patent
When you find out that your idea doesn’t infringe on any existing patents, you need to consider getting one of your own. This will protect your idea and ensure that other people can call it their own in the future. It will cost a decent amount of money to get this done, but that will be money well-spent if this product takes off. Don’t be afraid to invest in potential success.
Produce the Product
Once you have everything in place for production, you will want to create a small line of your products to sell to the public. There is no reason to product thousands of something before knowing if it will sell or not. You can either higher a group of people to produce the product for you, or you can pitch the idea to a popular manufacturer. You’ll make less profit if you let the manufacturer take over, but doing this will save you in upfront costs. What you do is up to you.
Sell Your Invention
With your products in hand, all you have to do is sell, sell, sell. Take your invention to trade shows, conferences, retail stores, or anywhere else you can think of. Pay to get a quality commercial about it, and use that to jump start your business. With the right marketing at the right time, you should have no trouble turning your creation into cash.
About the Author: Delta Yolan is a graphic designer who has worked with a range of inventors to make their products succeed. She’s designed everything from billboards to Nimlok display cases to draw positive attention that eventually turns to profit.