Do you have a great idea or invention, but don’t know how to start making money from it? Try following these steps.
Come Up With Your Invention
Before you start thinking about how to make money from your invention, you need to finalize it. If you already have an idea in mind, there’s still a lot to do. You have to carry out a lot of research and find out how you can turn your idea into a real-life, fully formed invention. This involves researching materials, costs and suppliers.
You also need to conduct some market research too. There’s no point in carrying your idea forward if there’s another company who is already doing what you want to do. You won’t be able to get a patent. And the existing business will have established production and distribution methods that you won’t have.
Choose a Manufacturing Method
If you’re sure that your idea is original and profitable, you should start thinking about how you’re going to manufacture your products. This is something that will be different for every invention. It all depends on what you are going to be making and what industries you will be selling your product to.
You need to design a manufacturing process, as this will decide how much it costs to make each product. Obviously, you want to keep your production costs as low as possible. You could use a professional manufacturing company to design the process for you. They’ll know the tricks needed to keep the costs down.
Before letting the public know about your invention, you need to have it protected. You do this by getting it patented. This means that the idea of the invention belongs to nobody like you, so no one will be able to steal it. This is vital. Because if you don’t patent it, bigger businesses will be able to take your idea and make money from it.
This is the nightmare situation that a lot of inventors find themselves in when they forget about getting a patent. An invention without a patent offers no security or protection. When you’re thinking about getting your invention patented, you should find a good patent attorney to help you.
Start Selling It to the Right People
To make money from your patented invention, you’ll first have to identify the right market for your product. If you’re selling to industries, approach the key players in the industry you’re targeting. You’ll have to develop a professional and slick pitch if you’re going to impress the important people.
Selling to the public can be just as challenging though. You should start by setting up an online shop that’s easy to use. Then you should think about online marketing via channels such social media to connect with people. Getting your products into shop chains will stand you in good stead in the long-term too.
It’s perfectly possible to make money from an invention. As long as it’s strong and original, all you need is to do is put in the hard work and follow the advice above.