Did you know that 95% of inventors don’t make profits from their ideas?
If you have an idea for a product, even if the odds don’t appear to be in your favor, you can still take your product to the next level. There are a few things any inventor should know before turning their idea into a success.
Read on to learn how to turn an idea into a product.
Document Anything Related to Your Idea
If you have a great idea you believe the world can use, the first thing you need to do is ensure you document every step.
As a creator, if you want to capitalize on the product, the first thing you need to do is establish your ownership of the product.
Because someone might have a similar idea down the line, you will want to document it from the moment the idea came to mind.
For example, keep a journal and always write down the dates and number the pages whenever you make a note regarding your idea.
Ensure Your Idea is Not Patented
Although you might have a great idea for a product, there might be a slight chance someone could have thought of it already.
Before you start running with your idea, you must make sure it hasn’t been patented before.
The first thing you need to do is run a search via the United States Patent and Trademark Office.
Does Your Idea Have a Market?
Once you make sure you’re good to run with your idea, it’s important to find out if the world is ready for it.
You cannot sell products if there’s not a need for them. To learn this information, you should conduct market research.
By conducting market research, you’re asking your customers if this is something they’re interested in. You can use techniques such as online surveys to help you collect the information.
Places such as this company can help you develop an online survey.
Develop a Prototype
After you figure out the market for your product, it’s time you create a prototype. Depending on what your idea is, you can sketch it or create a 3D model of your product.
Once you get the idea right on paper, it’s time you create a full-working model of your idea.
Start the Patent Process
Now that your idea is ready to go, it’s time to register it with the U.S. Patent and Trademark Office.
You need to protect your idea and claim it as your own. Look into getting a patent attorney, to make sure your idea is covered.
Write a Business Plan
Before your product receives investors and reaches the masses, it’s important to develop a solid business plan.
The business plan should be clean and answer all of the questions anyone should have about your product.
How to Turn an Idea Into a Product: The Bottom Line
Now that you know how to turn an idea into a product, it’s time you take it to the next level.
Although not all ideas hit the consumer market, you can ensure yours makes a splash.
Remember to document the process, check for an existing patent, develop a prototype and create a business plan.