- Step 1: Document It. Simply having an “idea” is worthless — you need to have proof of when you came up with the invention ideas. …
- Step 2: Research It. …
- Step 3: Make a Prototype. …
- Step 4: File a Patent. …
- Step 5: Market Your Invention.
We often hear how innovation is what makes America great. It fuels the economy and wins the admiration of others. Stories about successful people are frequently celebrated, but those who fail are left to ponder, “My idea is brilliant,” on their own. How can we assist more product entrepreneurs avoid common pitfalls and achieve success more quickly? It all starts with the mindset. A successful inventor must approach their work from the beginning as a businessperson rather than concentrating solely on the development of the new device.
Validate Your Market. Despite being one of the most crucial steps in the product development process, this one is frequently skipped. As artists, we frequently become fixated on our concepts to the point where we put blinders and earmuffs on. Instead, picture yourself working for a major corporation like Kimberly Clark and being tasked with advising your boss on which potential products will bring in the most money for the business. Asking and, most importantly, listening are the two best ways to find out what your potential customers want. Gather this essential information by conducting surveys (SurveyMonkey. com) and conducting informal focus groups.
A patent can be a helpful tool, but it is not always necessary, and it can also be a waste of valuable resources. Consider taking advantage of a Provisional Patent Application (PPA) first. It is a stopgap measure that will give you 12 months before you must formally file for a utility patent.
Although there are many steps to take, you can take your idea and run because there are so many new resources available. “My final advice to those readers who aspire to see their products on the shelves of the nation’s top retailers: Be courageous and go for it,” wrote Julie Martin-Allen, Senior Director of Showcase Events for Sam’s Club in the foreword of my new book.
How To Turn Your Idea Into A Million Dollar Product
How to turn an idea into a product
If you have a product idea that you believe will be popular, you need a solid marketing strategy to bring it to market. The following steps will show you how to develop an invention from the first idea to a viable business:
1. Perform market research
For your invention to be successfully launched, it is essential to comprehend the market it serves. Once you are clear on the product you intend to develop and its intended use, you can start looking for alternatives that might compete with it. Although little to no competition is preferred, there may still be room for your product if the market is large enough or if you offer a superior alternative to the competition already in place.
Understanding the market’s size is also beneficial because it determines how much competition you can tolerate while still being profitable. You can find out if there is a market for the kind of product you are producing by conducting social media searches or examining search volume traffic on keywords related to your invention.
2. Check for patents
A patent is a declaration of legal ownership over a good, feature, or service that gives the holder the sole right to manufacture or distribute the patented good or feature. By looking up prior patents, you can make sure that your concept is original and does not violate any already-issued patents. You might need to change your idea if you believe that any patents already in existence conflict with the one(s) for your intended product.
3. Plan it out
A foundation of careful planning is required to create a successful new product. You can start developing and refining your idea by creating sketches of physical products or an outline and breakdown for intangible creations like an app or a service business.
4. Build your prototype
Making a prototype of your product allows you to test it and see if it works as well as you had hoped. You can determine what in your prototype is working well and what requires improvement by using it. It might even suggest uses or opportunities for your product that you hadn’t considered before you saw your idea come to fruition.
Prototypes come in a variety of forms. For physical products, you could first make a working prototype. In order to improve the design before creating a fully functional prototype, you could also decide to make scaled models or prototypes for individual parts of the finished product.
5. Consider seeking a patent
You can shield your concept with a patent of your own, just as a patent from an existing company might prevent your invention from being sold if it is too similar. Even though you might not need a patent when developing your product at first, as you get closer to production, you might benefit from the increased protection.
A provisional patent application is one way to avoid the expense of a patent application before you are certain you have a marketable product. A provisional patent application can protect you for a year for as little as $70, whereas a full patent application can cost several thousand dollars. This lets you protect your idea while you develop it and decide whether a full application is worthwhile.
6. Seek out partners
Finding new partners to work with is one of the best ways to make your product into a self-sustaining business. Finding a business partner to help you can help you share the responsibilities and complete more work on your product if you discover that it requires more work than you can fit into your schedule.
You might also think about finding an investment partner if a lack of funding is one of your top concerns when expanding your business. An investor may act as a silent partner, giving you the money you need and relying on you to manage it responsibly, or they may play a more active role, assisting you in day-to-day operations or acting as an advisor to guide you as you develop your business.
Spend some time honing your pitch before meeting with a prospective new partner. Your chances of persuading your potential partner of the value of your idea increase as your pitch becomes more polished and you become more at ease delivering it.
7. Create a business plan and marketing plan
Planning is essential for successfully developing your concept into a product you can sell. Plans can be made in many different areas, but a business plan and a marketing plan are the two most crucial ones for a developing business.
The goals and procedures of your entire company are summarized in your business plan. A business plan details both the goals you have for your venture and the strategies you will use to achieve them. A thorough business plan can facilitate collaboration by offering a clear roadmap when bringing in new personnel.
You can start informing potential customers that your product is available once it is ready for sale. A marketing plan outlines the various marketing strategies you intend to use as well as the objectives you hope to accomplish with them. You can help position your product for success by developing and implementing an efficient marketing strategy.
Why should you turn your idea into a product?
A clear indication that there is a need for your product is if you have found a gap in the market that isn’t being filled by an existing product. By coming up with the initial solution to this issue, you can develop a product that has no direct rivals and that people will want to use.
Other effective new products aim to enhance how currently available ones currently approach a problem. Making a product that is more practical or simple to use gives customers a better choice the next time they shop.
Being a successful entrepreneur offers a great career opportunity and numerous advantages. Working for yourself can help you feel proud that you produced something successful and give you the freedom of being your own boss, in addition to providing you with a new source of income. As a result, you can design the policies and culture of your new business to suit your preferences.
Tips to successfully invent a product
The following advice can help you increase your chances of successfully commercializing an invention if you believe it has potential: