Now can be the time for you to buckle down and get serious about your invention idea. You’ve read motivational quotes and blogs, you’ve identified that you have the traits of an inventor, and you’ve gone through countless brainstorming exercises. However, none of this means anything if you can’t take real steps in the invention process. The right attitude is important, but it’s nothing without being paired with action. Are you ready to make strides with your invention? Let’s get started!
To learn how to become an inventor, you must analyze and discover what kinds of traits and actions separate the people who “hope” from the people who “do.” Every hopeful inventor is passionate, but how can you turn those passions into results? Focus on what innovators do. You don’t need a pep talk, you need an instruction manual.
1. Solidify an invention idea
If you have an idea, you’ve probably already completed half of this step. Before moving onto the other steps in the process, however, you need to answer some questions about your invention. You can always go back and make small edits later, but to truly plan, analyze, and improve, you need to have a few things figured out. It doesn’t help to simply say, “I don’t know. I will figure that out later.” Get back to the drawing board and ask yourself these questions:
- What problem(s) does your invention solve?
- What materials make up your invention?
- How much would you sell it for?
- Who will use it?
- Why do you think people will believe in your invention?
- Who is your competition?
- What is the shelf life of your invention?
2. Research the industry and your competition
Based on your answers in the first step, you can now dive deep into research. It is important to research both your invention and its industry very thoroughly. But where to start?
- Industry association websites – They often have useful statistics, year-by-year trends, helpful blogs, and contacts.
- Industry trade show – Trade shows are a great place to meet new business contacts as well as do some first-hand research.
- Public library – Don’t forget about books and newspaper records for research. The internet has lots of information, but librarians have a wealth of knowledge and books are always a great place to start. Also, check out the business sections of various newspapers.
- Stores – Go into stores where products similar to yours are sold. What do the displays look like? How are the products packaged? How much do they retail for? Are they on sale? If a product similar to your invention wouldn’t be sold in stores, searching online will also work.
3. Do the math and create a business plan
One thing many inventors struggle with is being realistic about money. It’s very easy to have illusions of grandeur about your invention and disregard how difficult it is to create something and make a profit. Crunching the numbers from the get-go will set you up to be honest with yourself about finances and stay proactive on that front. Business is a game of numbers and needs to be treated as such. How much will your invention cost to manufacture? What are your funding needs? What should its retail price be? How much profit does that make? Figure out these numbers with a small range to cover different circumstances.
A good business plan will combine your planning, research, and numbers, and combine it with timelines, marketing, and other strategies. It should simply explain the following:
- What your company/business/invention does
- How you earn income and profits and how much those are
- What your total costs are
- How long it will take you to make a profit
- How much money you have to get there
- Timelines that explain funding, prototypes, manufacturing, sales targets, delivery targets, and more
- Who you would like to partner/work with
- Marketing strategies
- Any legal plans
This would be a good time to take another trip to the library and read up on business plans. You can also seek out professionals, such as the people at your local small business association, accountants, financial planners, or bankers. If you meet with professionals, don’t just go into the meeting expecting them to create a plan for you. Come in with a few documents that outline your goals and do your best to try and create your own plan. They can help you to improve upon this. Be aware that these professionals may charge you for their time, so be prepared for the meeting to help keep the cost down.
4. Execute your plan
At this point, you should be ready to go. Try to follow your plan exactly how you wrote it. There’s a reason you took the time to create it in a way that it should flow smoothly. Of course, there may be a few bumps in the road, but you should be able to tweak what you’re doing and go with the flow. Remember to be patient and don’t cut corners.
We know this can be overwhelming and we are here to help. InventHelp has the experience to help inventors through many stages of the invention process. If you get stuck somewhere along the way, don’t hesitate to reach out to us for more information. Click here to get started today: http://bit.ly/2jtOhuv
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