While coming up with a great product idea may seem like the hardest part, oftentimes it’s getting that invention to the shelves that require the most work.
Tamara Monosoff, author of Your Million Dollar Dream: Regain Control & Be Your Own Boss, has made a career out of offering advice to individuals striving to launch a successful business. While she emphasizes there’s no one process that ultimately results in success, she believes understanding how to sell the product is critical to the overall process. After all, people don’t buy inventions, they buy products. She has several tips for inventors who need guidance on how to get their creation to market.
- Buy one or two well-regarded books on inventing. Look for those that focus on making money, not just patents, and read them. After this step, you may adapt the next five steps to incorporate what you have learned in your research.
- Conduct market research. Identify products on the market, both online and in stores that are similar to your product idea, and note which companies make them and where they are sold.
- Spend time on the United States Patent and Trademark Office (USPTO) website to identify and read any patents similar to your concept www.uspto.gov.
- Develop as good a prototype as possible with your available resources. This can be as basic as a drawing or as evolved as a professionally made product.
- Connect with other entrepreneurs in your local area or online to share information, resources & offer support.
- Draft a simple business plan; starting with the fundamentals.
Once you complete these 6 steps, you’ll be on your way!