You have likely experienced that feeling when you see something in a store and think, “I thought of that years ago! I should have produced it!” Lots of people come up with ideas every day, but making an idea into a product reality isn’t easy, so not everyone does it. It’s clearly not impossible, though, so maybe you can make your next idea into a profitable product.
Start With the End in Sight
Before you spend a bunch of time researching and creating a business plan, make sure you are prepared to follow-through with some of the fundamentals required to turn a vision into reality. You will need to be able to prototype your product, possibly even requiring metal fabrication. You will also need to be able to successfully market it. Both require time and money.
Protect Your Idea
Check and make sure no one has patented your idea before you as you won’t want to waste time if someone has. Make sure to document your idea in as much detail as you can using written words as well as drawings and diagrams. Take these papers and have them bound and then signed by a witness. Using a notary is best. This gives you proof that will hold up in court regarding the details of your idea as well as when you had it.
Master the Basics
After you have certified documentation of your idea, research your market. Figure out similar products, likely competitors, and target market size. Then move on to prototyping. Your prototype has to be functional and high-enough quality to prove the value of the product. Finally, build your business plan for how you will make money and manufacture your product.
Bringing an idea to the market as a real product is exceptionally exciting. Make sure to save the funds from your first commercially purchased product so you can display it years into your wildly successful business to remember where you started.
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