1. You must have an idea for a product that fills a need better, quicker or cheaper than is presently being done. You must also have the know-how and methodology to make it work, which makes it an invention instead of only an idea.
2. You must determine its novelty and evaluate its sales potential. A patent search will give you information on whether your idea is new or different. Market research you can do by asking experts in your product category (can simply be salespeople in stores selling that kind of item). Asking possible consumers (people on the street) will give you some idea on potential sales. Even better, have an independent evaluation done by a group such as Wal-Mart Innovation Network.
3. You can protect the idea by applying for a patent (but don't do that now). At this point it is better to consider a Disclosure Document ($10) or Provisional Patent application ($75) (info from US Patent & Trademark Office, Washington, DC 20231).
4. Decide if you want to sell or license the idea or develop and market it yourself. Be very wary of "invention submission companies" who want money up front.
5. Determine how it is to be made; what material, i.e. plastic, wood, metal, etc. Talk to people making similar products and see if they will make it for you. You can ask them to sign a non-disclosure agreement for protection of the idea.
6. Determine how to package it. Usually in a box, on a card, in a blister or bubble and it can sit on a shelf or hang from a rack. Talk to packaging makers on this.
7. Estimate cost to make, package and promote. Multiply this by 5 to determine retail cost. Do some more market research to get an idea if it would sell at that price. People don't care what it costs to make if it will do what they want it to. However, they won't pay $20 for an item that looks like $4.95.
8. Decide where and how to market it. Direct mail to prospects, distributors, manufacturers' reps, catalog houses, internet, etc. Catalog houses are the easiest and have worked best for me.
9. Develop a plan to promote your idea. Paid advertising is very expensive, press releases are very cheap and far most cost-effective.
10. Recognize that this is a "bare-bones" outline of what it takes to make your idea profitable. There are available many sources of help for the inventor in books (buy them or go to your library and online). Also you can join a local, or nearby, inventors' club. (Get a list from Inventors Digest online).
The biggest reason that new product ideas never make it to market is simply lack of action. Just remember you can't make anything happen unless you take tangible action!
Dr. Vernon Brabham is an Optometrist, Entrepreneur, Author, Inventor and Network Marketer with many years experience in these fields.
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