Calling All Inventors Six Ways To Make Money On Your Big Idea

Calling All Inventors Six Ways To Make Money On Your Big Idea

Learn how to​ turn your dream into a​ true money-making invention. Use these six tips to​ build a​ foundation for success in​ today’s competitive mass retail market.

1. Protect yourself. the​ first step to​ success is​ making the​ investment to​ protect yourself. it​ can cost anywhere from $500 or​ even $10,​000 to​ patent your idea,​ but it’s worth it. This is​ an​ area you​ don’t want to​ skimp on,​ even if​ it​ means you​ have less to​ spend elsewhere. Without a​ strong patent,​ you’re more vulnerable to​ dishonest marketers and get-rich quick schemes and less attractive to​ the​ reputable marketers. Ensure the​ patent is​ in​ your name only; don’t assign your patent to​ any other entities.

2. Do your market research. Market research doesn’t have to​ cost big bucks. in​ fact,​ it​ can be as​ simple as​ mailing or​ e-mailing a​ quick survey to​ your friends and family. Ask questions that will help you​ determine whether there is​ a​ need for your product,​ if​ it’s appealing and if​ it​ solves a​ problem. Ask for honest answers and evaluations. you​ may find you​ need to​ change a​ few things about your product,​ but this initial step can save you​ valuable time and money later on.

3. Develop a​ real prototype. Marketers are looking for real products,​ not just ideas. Take the​ time to​ purchase your own materials and design a​ prototype by hand,​ or​ investigate other options. Enlist the​ services of​ an​ industrial design company to​ build a​ good prototype. or​ try your local college or​ university. Many have industrial design departments that provide this service. However,​ avoid the​ urge to​ mass produce your product at​ this stage in​ the​ process. you​ want to​ get some sales experience and develop a​ marketing strategy before investing the​ money in​ mass production.

4. Get some sales experience. Most marketers want to​ see a​ little sales success before agreeing to​ represent a​ new product. it​ can be as​ simple as​ visiting your local hardware store and pitching your new product to​ the​ owner. This is​ a​ great way to​ get some feedback. Retailers know what sells and why,​ so they can lend valuable insight. Plus,​ if​ you​ are able to​ find a​ few stores that are willing to​ sell your product,​ and you​ can demonstrate a​ sales history,​ it’s more likely a​ marketer will agree to​ represent your product.

5. Create a​ video demo. to​ entice a​ marketer to​ choose your product,​ it’s important to​ include a​ demo that shows your product in​ action. This doesn’t have to​ be anything more than a​ home video,​ but a​ video is​ the​ best approach. Drawings just don’t do a​ good job of​ demonstrating how a​ new product works. Real people using the​ real product is​ always best. Be sure to​ record close-up views of​ the​ product,​ along with several action shots. Talk about the​ product,​ what problem it​ solves and highlight any bells and whistles that make it​ unique.

6. Find a​ reputable backer. Once you’ve patented your idea,​ conducted market research,​ developed a​ prototype,​ created a​ video demo and have some sales experience,​ it’s time to​ find a​ marketer to​ help you​ sell and promote your product in​ the​ mass retail market. It’s important to​ spend time researching companies. Generally,​ it’s best to​ avoid all-in-one shops. the​ more work you​ do yourself,​ the​ better. Look for a​ marketing company that is​ credible and that has established relationships with mass retailers. Experience is​ of​ the​ essence here. Beware of​ those who seem dishonest or​ appear to​ take advantage of​ inventors and/or manufacturers by charging high fees. if​ possible,​ ask to​ talk to​ other inventors or​ manufacturers the​ company represents.

To take your invention to​ the​ next level,​ visit

Calling All Inventors Six Ways To Make Money On Your Big Idea

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