Career Advice - A Community Blog

Erik Larson writes about the job market, resume improvement, and career advice

5 Steps for Turning Your Great Ideas Into a Product

Written by Erik Larson, Community Blogger | Feb 12, 2018 12:50 PM

A lot of people are very creative and can come up with some incredible ideas. However, it takes more than creativity in order to launch a successful product. Apart from coming up with a good idea, it also takes a lot of business planning in order to create a good product.  Here are 5 steps on how to turn your ideas into valuable products.

Research the Market

Although a good idea isn't enough for succeeding, it's definitely a great starting point. The best way to assure yourself of the quality of your idea is to listen to what others have to say about it. Creative people sometimes tend to be a bit arrogant and don't care to listen to thoughts and feedback from someone else. This is the reason why 95% of all patents have never made money for their inventors. Considering other opinions will help you realize what type of additional customization is required to improve the product.

You should also check if there are similar products on the marketplace and research the audience that buys them. Analyzing this will help you to confront your competitors with uniqueness as well as to develop a slightly lower price.

Patent Your Invention

Just because you've thought of something you thought was unique doesn't mean that it doesn't already exist. So, before you start working on your idea, be sure to check if you're violating someone else's rights.

The question for patenting occurs often. This can be a waste of money, energy and time if you don't manage to launch the product well. A good solution would be to protect your idea with the Provisional Patent Application. This placeholder will provide you 12 bonus months of deciding whether you're going to officially patent the product.

Make a Prototype

Patenting your product before putting it into practice is a big mistake. Prototypes are used to demonstrate how the final products should look like. Usually people detect design flaws only after releasing the first prototype. Prototypes are also useful when you're presenting your invention to lenders and licensees.

Start with simply drawing your product. Put all the ideas you came up with on paper. This is a good move for analyzing what can be added to or withdrawn from your initial design. Afterwards, make a material concept of the elements. This will allow you to create the 3D model of your product.

When making a prototype, you will have to decide whether you'll be the manufacturer or if you'll give that job to a different company. In the first case, you're the one that's going to struggle with all business plans. If you decide not to be the manufacturer, you're going to sell your idea, so there's no need for unnecessary expenses in prototyping. It will be managed by the company that's going to buy the rights to make, sell, and use your products. In return, you'll probably end up receiving 2-5% in royalty fees.

Plan Your Marketing

After you've brought your product to its final form, it's time to make a marketing plan. Without this step you'll end up just like most inventors - without a penny earned from their invention. If you're innovative enough to develop a new product, marketing shouldn't be too much of a problem for you.

Proper marketing shouldn't even feel like marketing. If you launch your product in a way that's going to demonstrate value to people, you will have a successful business. Remember that it's always a good idea to be active on social media and engage with your buyers.

Get Professional Assistance

There's a lot of hard work whilst launching a new product. Although you're the one that came up with the idea, your qualifications probably aren't enough to meet the law and business requirements for a successful product. Experienced people will help you bring your product to other companies, as well as fight for it in the process of patenting. They'll also advise you how to manage your budget along with providing you with tips on marketing and competing in the marketplace.

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