Great Invention? Great Idea? What The Hell Do You Do With It!? … by neil smith

12/18/07

I get about 15 new crazy ideas for products that I believe could make millions every day, but I could never figure out what to do from that point forward! Well, I finally did some research on this very subject I have pondered for many years, and below is the result of my research. Let’s get to it shall we?…

#1 - PROTECT THE IDEA - This means a patent. The good part about obtaining a patent is that you now own this idea and product in a legal sense and can prevent others from infringing upon it, or better yet, license it for big bucks. The bad part is that getting a patent is a long, drawn-out and very painful and discouraging process. Don’t believe me? Take a look around the US Patent and Trademark Office website http://www.uspto.gov and prepare to be dumbfounded with endless legal-eze, regulations and hoops to jump through. A full patent can run you around $1500 if you do it yourself. Add on about $4000 more if you hire a patent attorney to help you through the process. You may also opt to file for a “Provisional Patent Application” which will give you Patent Pending status for around a hundred dollars.

#2 - MAKE A PROTOTYPE - It could be a full-on version of your final idea or just something simple and clumsy that will help get your point across to someone actually skilled enough to develop it.

#3 - GET A SMALL BATCH OF YOUR INVENTION MADE - If you can’t make the final product yourself, research online and find places that will manufacture small runs of custom products. You may have to work the phones and do quite a bit of running around on this one so sharpen your communication skills!

#4 - BEAT THE STREETS - Yep, the old fashioned way! Research retailers where your product would likely be a fit and go see them. Since you are new and untested, be prepared for a lot of rejection, but if you are persistent and keep going, you are bound to eventually find that first person who will say yes and agree to carry your product if it is a good one. Then you can use them in your future sales pitches (i.e. “This product is currently being carried in Sam’s Custom Toothbrush!”) Most people like to see your product already having some level of acceptance elsewhere before considering it for themselves. Thus getting your first sale is the hardest, but after that it does get easier.

#5 - NETWORK! NETWORK! NETWORK! - And did I mention that you should NETWORK!? Go to trade shows, go to community meetings, join the Chamber of Commerce (in several cities!). Just get out there and meet people anywhere and everywhere. You may find people who can help get your product into new places, or who can give you great new ideas. You may find people who can manufacture your product cheaper and faster and do a better job of marketing. Networking is viral and compounds upon itself continually giving you an exponentially greater pool of resources to tap into as time goes by.

#8 - MARKET YOUR WARES - Do a lot of research to determine what is likely to be the best strategy for getting the word out about your product (print, tv, internet, billboards, etc.). If you do not have the money to market properly, you may be able to obtain financing from a lender if you can get your idea across well enough. Some people who could not obtain loans have done some very creative things to raise marketing funds (thrown parties, car washes, made deals with their local loan sharks using their appendages as collateral!)

#7 - DON’T BE AFRAID TO PITCH YOUR PRODUCT TO THE BIG BOYS! - Do some research and find out who does the buying for Wal-Mart or Target or whoever the behemoth in your market may happen to be and don’t be afraid to call them or march right up to them in person and tell them what you have. You have nothing to lose by going for the brass ring. Just be sure to be professional and coherent about your product and have a neat and clean appearance.

#8 - DON’T BE AFRAID TO PUT IN “SWEAT EQUITY” - Starting your business is almost never easy and there will be times that you will wonder what the heck you were thinking. Then you will think back to that time you were working like a slave to make someone else rich and that is where you will find your inspiration. That is where I find mine! I have been my own boss for 4 years now and although there are times when I literally work nonstop night and day and other times where I am scrambling to find new clients in a frightening panic, I have never regretted taking that big step and becoming my own boss and every day I promise myself that I AM NEVER GOING BACK!

#9 - TAKE SOME TIME OFF AND ENJOY THE FRUITS OF YOUR LABOR - What good is being successful if you don’t take some time off once in a while and enjoy it? Many times, you come back with a fresh perspective on things that enable you to reach even higher highs.

AND FINALLY…

Well, by now you must have figured out that I do not have any “magic bullets” to offer that will make you an instant success overnight. If they existed, everyone would be a millionaire. It’s a lot of hard work obtaining success in life, but the rewards are absolutely worth it. You don’t have to do everything at once. Just take that first step down the path and take on the challenges as they come and just keep moving forward towards your goals. When you finally get a moment to look back, I bet you will be amazed at how far you have come!

Below are some great resources for inventors I have found online. I think you will find them helpful and informative:

uspto.gov - United States Patent and Trademark Office

eHow.com - How To Market Your Invention

Dyson.com - The Patent Process

InventHelp.com - Inventor Help and Education Resources

InventorFraud.com - National Inventor Fraud Center

Please visit my flagship website at http://www.letsgetahead.com for more great articles like this one!