Don Debelak offers affordable patents http://patentsbydondebelak.com
Developing and promoting an idea into a market ready product is expensive. From the start inventors need to be cautious or they may run out of money before they launch their products. Inventors need to be cautious. These are some of the best strategies inventors can pursue to preserve both their capital and their chances of success.
Research Before Investing
Inventors can lose their life savings by being too aggressive, often by believing they have a “can’t miss” idea. You need to proceed cautiously to watch your expenditures. These simple steps that can improve your odds of success 50 to 100% or more by allowing you to introduce a better product while at the same time holding your expenses down.
Steps to Take
- Start with a provisional patent until you have thoroughly researched your idea.
- Do research with targeted customers to be sure they will buy your product. You can use Facebook group pages, in person interviews at small trade shows, or a focus group study.
- Study the design of past products to learn what mechanical designs worked, and what mechanical designs created problems.
- Study market pricing trends to see if companies are adding features or cutting costs.
Look for Advice
Every market has idiosyncrasies that an inventor new to the market won’t know. This lack of knowledge can cost inventors money, and even ruin their invention plans. Work hard to meet people in the market who “know the ropes” and avoid making major mistakes.
Steps to Take
- Obtain trade magazine to see where regional meetings for your industry are held.
- Use www.score.org and www.sbdc.org to locate resources in your state.
- Contact writers of trade magazine articles in your industry.
- Send away for literature on new products to find the names of local sales. Representatives you can meet with.
Concentrate Efforts
Most inventions have many possible markets, and often inventors have many contacts to choose from. But inventors can’t chase every market and must choose a limited number of people to pursue. Be especially careful of markets or contacts who have tried many possible solutions to their issues without success. Often, they have problems that can’t be solved by anyone.
Steps to Take
- Consider which potential users want your product.
- Determine which markets will be easiest to enter.
- Balance the resources you have versus the resources the market requires.
- Go first with markets where you have insider contacts.
Follow Through
Inventors typically have jobs and other interests and can easily let a couple of months go by without following with key contacts. Your contacts will lose interest in your idea and be wary of your capabilities if you do not follow up on schedule. Don’t take on more contacts than you can follow up on or you will lose their support.
Steps to Take
- Be sure to connect with important contacts at least once per month.
- Keep a calendar for future events and actions you need to take.
- Prepare a newsletter (if only for yourself) once a month to show your progress.
- Have an action plan for problem areas you have identified, include dates for the action plan on your calendar.
Watch Pricing
Inventors must make money to be successful and inventors often fail at setting their price at a point they can make money. There are many issues regarding pricing including production cost, the price the market will bear, and distribution channel discounts. Inventor need to be on top of these issues to make money
Steps to Take
- Set your long term cost goal at 25% of your estimated retail sales price.
- Always asks suppliers for what are lower cost options for your orders
- Develop a clear understanding on how important features are to targeted customers.
- Avoid overbuying tooling to cut costs till you have market demand.