The thing that separates a real inventor from somebody that has ideas is that an inventor knows how to identify market potential and then build products that will want to use. We all have ideas that we think are the next billion-dollar opportunity, but the problem is you need to make that idea a reality first. The best ideas for inventions are the ones that people will want to use.
The only good ideas are the ones that we get out of our heads and turn into products. Turning an idea into a tangle item is not easy for most of us. It’s not because we lack the skills but more from a fear of trying. Many people get hung up on this idea that someone is going to come along and copy it before they even try to create it. The odd truth about this is that you have already failed if you don’t at least try to start working on the invention idea. This way of thinking is so unrealistic, and I cannot tell you how many times I have heard it, and I see it as an excuse for you not to start working.
File for a patent if you must
The next issue that arises is an inventor thinking that they need a patent. While patents do play an essential role in the invention process, most of us can’t afford the costs involved in both filing a utility patent and then defending it should anyone try to infringe on our idea.
If it makes you feel better, go out and get a utility patent or
whatever protects you. You will need to see a patent attorney, so be prepared to spend some money. After you pay all the fees and get your patent approved, you probably will be no closer you making money with your idea. After all, the statistics aren’t in your favor because very few patents recover even their filing fees.
Pretty much every one of my ideas has been copied. The trick is that by the time this happens, I have already made my money and moved onto something new. And that’s the way you should think about protecting your inventions. Become the leader in the marketplace by creating original products and then keep innovating more ideas.
Sell your product worldwide over the internet
The internet has changed the way the world does business. When you’re thinking of your ideas, they should be items that we can sell on the internet. That’s the only place where we will be able to be competitive in the beginning.
As we grow, we may try to sell through retail stores, but we should set up our business so that distributors can do all that part of the job for us. We do this by offering a price structure that motivates companies to want to resell our products.
What’s exciting is all the unlimited possibilities of the ideas that you can dream up. I’ve talked about this a million times. You need to research the market first to see what other products are out there, how much they’re selling for, their quality, and, most importantly, how much you think they will cost to make. The reality is that you could come up with an unlimited number of ideas. For you to create the prototype and then make your first one hundred pieces of the product is another story.
Remember, we always talk about the fact that you should only make one hundred pieces the first time out. That way, if nothing happens, no matter how hard you try to sell them, you haven’t lost that much money. I am not trying to crush your dreams. By only building one hundred pieces, we are reducing our risk to almost nothing. In the likelihood that your product is successful, you can order more inventory very quickly.
I promise you that even if you fail on your first invention, you will learn so much that even the second, the third, the fourth, or maybe the fifth will become your big idea, your great invention. I know that’s frustrating to hear that it may not happen out the gate, but that’s life
and think of all the things that you’ll learn along the way. Even if you lose a few thousand dollars, it won’t be enough to make you want to give up your career as an inventor. It should motivate you to try again!
It’s all about the journey
If you are serious about being an inventor, it shouldn’t matter if you succeed or fail as long as you try your best. I know that sounds cliche, but trial and error is part of being an inventor. Very few innovations ever made it on the first try. Take the story of Post-it Note as an example. It took Dr. Spencer Silver many years to turn his useless glue into one of the most successful inventions in history.
The good news is that if you come up with the right ideas for inventions, the chances of success will be excellent. Pick the right markets, come up with real ideas, and then develop a plan to manufacture your products with the least amount of investment as possible.
When you see an opportunity to create things to fill a market, those are great ideas for inventions. Thomas Edison started with the light bulb, but that was just the beginning because once he invented the light bulb, he had to figure out how to make electricity and then send it down wires to the households. That single light bulb created an entire industry that we all rely on today.
You never know if the right ideas for your inventions will lead you to be the next Thomas Edison. The truth is that you won’t find out unless you turn your idea into a reality.
The best ideas for inventions
You may be surprised to discover that as an inventor, I do not come up with my ideas first. I usually see opportunity in a marketplace where there are people with money to spend and not enough interesting products offered in that niche. If you do come up with an idea first, you need to dig deeper and make sure that there will be enough interest in your invention so that itis worth investing your time and money into the idea.
Now that you understand the reality of being an inventor, you should be thinking about your next steps. We created the twelve steps of making an inventing to help you get started.
- Find a niche market.
- Look for voids in available products.
- Define mid-priced products.
- Come up with invention ideas.
- Do your patent and design research.
- Sketch your product ideas.
- Create a model in software.
- Build a working prototype.
- Refine your product design.
- Prepare for manufacturing.
- Launch your first product.
- Land your first sale!