Coming up with a good invention idea is a bit more complicated than simply having an idea and filing for a patent if you plan to make any money with your invention. DO NOT get fooled by all those people and invention companies telling you that they will help license your idea to industry. In most cases, it will never happen and they will just take your money and leave you with what you started with…. just an invention idea and no final product or prototype.
First Steps To A Successful Invention
At Invention Therapy, we believe that the power of the internet makes it easier than you think to turn your invention idea into a reality. In most cases, you can build a prototype and start manufacturing a product on your own. There are a few key requirements that your invention must meet on this invention list before moving forward.
The most important questions that you must answer “yes” to in this invention check list are:
- If your product becomes a reality, is it legal to sell?
- Will the product be safe to use?
- Will people be willing to buy it?
- Can it be sold at a price that will be worth my time and effort?
- Can the prototype and first one hundred units be manufactured at a reasonable price and initial cash investment that I can realistically afford?
If you can answer “YES” to all the previous questions on the list, it’s time to move on to the next steps.
A word about your invention idea having to solve a problem: This is a statement that has been used over and over again to the point where it does sound like a requirement in order for you to have a good idea. Fortunately, in this day of the internet and selling things all over the world, it isn’t necessarily true anymore. There are plenty of items we buy everyday that are completely useless but bring us enjoyment in some way. Many children’s toys as an example, do little to solve problems but bring plenty of happiness to kids and their parents.
So while you are coming up with your great invention idea, remember that what we are really trying to do is make money by selling our inventions for people to use in some way. The “problem” being solved is simply how to get people to pull out their wallet!
Does Your Invention Idea Have Market Potential?
Just because you may have a good idea for an invention, the next important questions to ask yourself is related to the potential marketplace for your product. There is no point in investing time and money into a prototype and final product if there isn’t a significant amount of money to be made from your idea.
- Is there a reasonable size market potential for sales of your invention idea?
- Although you may never have made a prototype or manufactured a product to sell, you still must do some simple research and determine if the product can be made at a reasonable cost.
- Once you have a very rough estimate of what the invention might cost to manufacture, it is important to know the potential selling price of the finished product. The sales price must be within a range that people would be willing pay but also one that is high enough to make you a reasonable profit.
Determining the sales price of a product is a complicated process but I have made this informative video that can help you at least do some rough calculations of the potential sales price. People don’t always agree with me on this one but I find that selling a product for two and a half times the cost to build it is a great price point to start. Watch this video and I will explain why I have always calculated my sales prices this way.
If your invention idea meets all of these requirements on our checklist, it is time for you to start thinking about design. We will be discussing the next step which is just coming up with a simple sketch of your idea. I hope you learned something from our easy to follow the inventor’s checklist and will continue to learn more here at Invention Therapy.
If you answered “YES” to all the questions, you are ready for the next step!