Do you want to make your own product and make money from it? You don’t want to stay poor and you hate your nine-to-fie job. Then you are fortunately at right place. In this few minutes read I’m going to talk about making your own product and make money from it.
I’ll explain to you how to transform the thoughts in your mind into an invention idea. It only requires five steps from your idea to be a product that can be marketed. So, despite wasting your precious time let’s get started.
Research Your Idea
The first and the foremost step is to research your idea. This step is divided into two parts. Patent your product and do a market research.
First is initial patent search. It doesn’t mean that your invention idea won’t be out there in the market. Research thoroughly because it is very important from legal and business point of view, because, if you find any design or art work related to your idea you cannot patent it.
Second is the market research regards to your business plan and this you search the market for your competitor and find answers to the following question. What an I building? Whom my invention will serve? What are my promises to my customers and myself? What is my strategy, aims, and action points to complete this?
Documenting Your Idea
It is completely worthless if you just have an idea, you have no proof that when you came up with that idea. Document everything about your invention idea. Grab a notebook and write down the details of your inventions idea. You should be detail oriented about your invention because it’s going to make you a rich and successful person in the world. Grab a notebook and write down what it is? How do you create the product? And how you will market it.
This is the most important step that is required before you patent your idea and saving it from being stolen.
Make the Prototype
Building a prototype of your design is very important because you patent your product there will always be flaws in your original design. You may find room to add some new features to it. But, if you get patent before making a prototype, you might be risk that your idea will may be rejected to be registered.
After you done all the required steps it’s time to file a patent for your idea. There are two main patents one is Utility Patent and the other is Design Patent. You can fill the form and write a patent for yourself. But I will suggest you and It is wise decision that don’t file it before having it verified from professional patent attorney who is also registered with US Patent and Trademark Office. If you are in different country, you can check out different attorneys in your area.
Marketing and Brand awareness
Present world is more digitalized and people more genius then before. There might be thousands of products out there that may be according to people needs. Let’s take an example of smartphone. There are a lot of vendors out there that manufacture smartphones with a lot of features in them.
There are almost 70 companies out there that make phones but few of them are popular such as Apple, Samsung, and Huawei. These are market leaders as there marketing strategies are strong as their products. They all make strong products too but spent millions of dollars on marketing their products in shape of ads on Electronic as well as on print media. When your invented something that is great and loved by its users, then here is the time to market your invention idea to achieve commercial success.
Your Product Idea is Your Business Idea
Treat your invention idea as your future business because it is going to be transformed into a product that will be sold to the people. Open your mind, analyze, understand the market, production costs, selling price, profits, its potential, and competition before you market your product.
Whether you will manufacture it on your own or will you license it to sale to someone other company. If you license your product you will receive about 5% as a royalty. But the advantage here is that you will be free from the financial problem and it is the best in the case if you think that I have an invention idea but no money.