Do you have a great idea for a new product that you think a lot of people would buy and use? That is great! However, as you know, you need more than an idea to launch it on the market and start earning money. In the following text, we are going to give you some advice on what you should when you think of a new product.
The very first step in this long journey is to document everything. It is of crucial importance to be able to prove that you were the first one that came up with that idea.
You should have an inventor’s journal that should consist of all details regarding the certain project. You can use any type of notebook; just make sure that it is secured, i.e., that the pages cannot easily be removed. Don’t forget to mark the date of each entry, and you should also have a witness that can confirm the validity of the journal and your work.
Furthermore, you have to check if there are any similar inventions that have already been patented. Just because there isn’t a product in the marketing right now, it doesn’t mean that somebody is not working on it. If you want to learn how to investigate this and be 100% sure, you can read more about it online. If you don’t do this, and it turns out that someone has already started developing an idea that is similar to yours, they can lay claim to all the money you earn.
Another important step you have to complete before making a prototype is to ensure that there is a market for your item. There is no point in investing in one if you cannot sell it and get those funds back. You should present the idea to your close family, friends, and colleagues, ask them to give you their honest opinion and decide whether or not they would buy it. In addition, you can conduct free online surveys to include more people.
Once you have proven that your idea is great and that the product will sell well, it is time to build a prototype. Firstly, you have to sketch it, then build a 3-D model and in the end, build a full-working model. Not only do you need a model to present to potential investors, but also it is the only way to try it out, and notice any flaws and correct them. What’s more, maybe you even think of some new features you can add that would make it more appealing to the customers.
Now that everything is completed it is time to file a patent. You can start the application process on your own, but you should not file it without a patent lawyer. It is the only way to ensure that you and your invention are protected from any kind of manipulation and abuse.
Finally, you have to create a business plan. It is the only way to clearly observe what you need to do and how you should do it in order to launch the product on the market and earn some money. Also, you will need something to show to the investors.
To sum up, as you can see, turning your idea into a profit-making product, requires a lot of time and patience. Because of this, it is important to follow and complete each step on the journey from an idea to the final item.