| You have a creative mind and consistently are | | | | would not have been successful if I just said "I'm |
| thinking of new ideas, new products, and new ways | | | | going to sell to sales people." I encourage you to |
| of doing things. I know this about you, because | | | | spend several hours (or as long as it takes you) |
| you're obviously doing some online research about | | | | collecting data about your new potential clients. A |
| how you would go about turning one of those ideas | | | | great resource that I used was a non-profit fee |
| into a reality; a product that you can actually sell-to | | | | based service from the University of |
| people who don't know you. | | | | Wisconsin-Whitewater called "Wisconsin Innovation |
| Congratulations on your decision, I wish you much | | | | Service Center" or WISC for short. For $895 I |
| success with your new idea, and would love to see it | | | | received a tremendous amount of invaluable |
| on the shelves of Wal-Mart someday! I've been | | | | research, including another set of eyes doing a |
| down the road that you're embarking upon, and have | | | | patent search. The fee is 1/5th of what you'd pay at |
| written this article to help you bring your idea to | | | | a commercial for-profit market research company. |
| market easier, faster, and cheaper than what anyone | | | | Build a Prototype: |
| else will tell you is possible. | | | | Start simple, do-it-yourself! This is going to depend a |
| With the a recent product that I launched, I went | | | | lot on your product. Of course if you want to |
| from a napkin sketch to final product, online and | | | | develop a revolutionary new cell holographic cell |
| selling, within two months and for under $5,000; all | | | | phone, you'll need a dozen engineers and |
| without skipping a single critical step. According to | | | | programmers working on it for you. (If that's the |
| many of the other online articles out there, this | | | | case, you're also going to need that multi-million dollar |
| process should have taken me at least a year, and | | | | venture capital deal to get started.) I'm going to stick |
| $50,000... don't believe it! Follow these steps, and | | | | to what I know-simple consumer products. Be it a |
| you'll be well on your way to making a fortune! | | | | desk, a bike rack, a sonic mop, etc... These are all |
| Ask Yourself these Questions: | | | | things that are reasonably built on your own. Don't |
| Is it new, or improved? Whatever your product, you | | | | spend thousands of dollars on a prototype that |
| must first start with the basics. While it is possible, it | | | | you're just going to end up changing over and over |
| isn't very likely that your product is a completely new | | | | again before the process is over. Build, modify, |
| concept. That's completely okay. There are many | | | | attach, and otherwise fabricate in any way possible |
| different variations of products out there, and it's up | | | | an actual working prototype. Don't worry if it looks |
| to you to determine whether or not yours is new, or | | | | like it came from Frankenstein Labs, just make sure |
| simply a better solution to whatever problem others | | | | it's at least partially functional. |
| have tried to solve before you. This will help you | | | | Start using your product. Now that you have a |
| down the road when you start your market | | | | prototype, start using it. Here is where you'll need to |
| research, which will include a competitive market | | | | spend at least a week or so just using your invention |
| analysis. I'll cover that in a minute. | | | | on a daily basis. This is going to reveal changes that |
| Does is solve a common problem, or a niche | | | | need to be made, so go ahead and make those |
| problem? How many people have the problem that | | | | whenever possible. The whole idea here is to be |
| your product solves? E.g. Almost everyone has a | | | | refining and moving closer to a marketable product. |
| floor that will need to be cleaned at some point, so a | | | | Keep asking people around you what they would do |
| mop would solve a very common problem-a dirty | | | | differently. Not just, "Do you think this is a good |
| floor. An example of a niche problem would be a | | | | idea?" Let them know what you've discovered |
| pacifier holder which attaches a pacifier to a child's | | | | through use, show them how it works, and begin |
| car seat. Since the market here would only consist of | | | | filling in the reality of what you're creating. Eventually |
| parents with children under two years old, this would | | | | you'd like to get the next evolution of the prototype |
| far more limited than the mop. You may still sell a | | | | into their hands, which will lead to even more |
| million pacifier holders, but again, it's good to really | | | | changes and tuning. Handle criticism enthusiastically, as |
| evaluate who will be buying your product. | | | | every critic is making your product better. Be careful |
| Is it technically feasible? Determine if your product is | | | | to not think that you need to please everyone, after |
| something that can actually be created based on | | | | all, is it your idea. You do, however, need to make |
| current technology, manufacturing techniques, | | | | something that the masses will want to own, so |
| materials, etc. If your idea consists of building a box | | | | make every reasonable effort to create the best |
| that is stronger than steel, yet lighter than air, you're | | | | possible final product. |
| probably not going to be successful. Keep things | | | | Talk to a Product Designer: |
| simple here and you'll get to market faster. | | | | Describe problem and your proposed solution. |
| Is it price supportive? Based on the complexity of | | | | Conduct an online search for product designers in |
| your product manufacturing may be very expensive. | | | | your area. I suggest picking someone close since I |
| If it costs you $50 to manufacture it, and the | | | | feel it is important to actually meet with them in |
| market (customers) are only likely to pay $25, then | | | | person. A product design firm is going to consist of |
| some revisions are in order. You'll either need to find | | | | mechanical engineers, industrial engineers, CAD |
| a way to build the value of the product itself, or | | | | drafters, graphic artists, or a combination of those |
| lower the cost of production. Ideally you'll do both. | | | | disciplines. Research their experience, and call to |
| What do I bring to the table? Take an inventory of | | | | speak with them over the phone to see if you get a |
| your skill set. Have you ever fabricated anything, | | | | good feeling. If you like what you hear, schedule a |
| worked with tools, set up a website, sold anything, | | | | time to go in and talk to them in person. Remember, |
| or marketed anything? Perhaps you just have a | | | | you are their potential customer; if they act as |
| passion for helping people, or you are a strong | | | | though they're doing you a favor I'd find another |
| negotiator. Have a heart-to-heart with yourself and | | | | firm. Your first meeting should be a free consultation |
| determine what skills you currently have, which skills | | | | where you discuss your idea with them and ask |
| you're willing to develop through trial and error, and | | | | them to follow-up with a quote on how they can |
| which things you'll need to hire someone else to do. | | | | help you more your idea along, and how much they |
| The more you can offer to your new business, the | | | | would charge you along the way. Most design firms |
| less you'll have to spend in hiring outside sources. I | | | | will offer some type of "brainstorming" session where |
| encourage you to stretch on this point in | | | | you'll sit down with 2-4 individuals and talk for an |
| particular-talk to friends and family, co-workers, | | | | hour. Use this time to get ideas on other (better) |
| anyone who may be able to teach you something | | | | possible solutions, talk about manufacturing options, |
| that could potentially help you further your idea. | | | | materials, and sourcing. Exhaust every opportunity |
| Do Some Basic Research: | | | | for improvement. I paid $375 for a session like this to |
| Is it already out there? You may have covered this | | | | a local product development company and I was |
| in your research during the first step, but I would | | | | very happy with the service. As a side note, a |
| suggest spending an additional 10-15 minutes | | | | product designer is an engineer and will likely want to |
| searching a few websites with search terms that | | | | charge you $125/hour for CAD design work. Just like |
| relate to your product. I recommend Google, | | | | you don't hire the dentist to do your teeth cleanings |
| About.com, Amazon, and eBay. These each serve | | | | (you hire a dental hygienist), there is often no need |
| different functions, meaning that someone may have | | | | for an engineer to draft your plans. I used a great |
| a product listed on eBay that isn't showing up on | | | | draftsman that I found online, and I couldn't be |
| Google. | | | | happier with his work. Oh, did I mention that he |
| Conduct a patent search. There are many ads online | | | | charges $25/hour; you won't find a better bargain |
| from companies that would like you to pay them for | | | | anywhere! |
| a patent search. Don't fall for this without first | | | | The Business of Business: |
| considering the following! Patent searches are | | | | Patents/ Trademarks: Since there is so information, |
| completely free from the government by going to | | | | from so many resources online for you to look at, |
| the United States Patent and Trademark Office | | | | I'm going to keep this brief. One thing that I've |
| website, (uspto.gov). From the home page, click | | | | learned which I don't think is very well explained |
| 'Patents' on the left menu, then 'Search Patents', then | | | | online is this (again, I am not an attorney, or offering |
| I used 'Advanced Search'. At the top of the page | | | | you any legal advice. This is an editorial article about |
| there is a very specific format that you'll need to | | | | my personal experiences and decisions): There are |
| use, but just take your time and figure it out. Return | | | | two types of U.S. Patents, a provisional and a |
| to the home page and read the instructions and | | | | non-provisional. A provisional patent is filed with the |
| how-to if needed. I started by searching the | | | | USPTO, but is never reviewed, and a patent will |
| "abstract" of the patent for keywords, and spent | | | | never be issued based on this application. What a |
| several hours on this. Don't short change yourself | | | | provisional patent application does provide is 12 |
| here... settle in and do it right. | | | | months of protection so that you may begin publicly |
| As a secondary method, you can also use Google | | | | announcing your idea and even begin selling your |
| Patent Search. This will seem to be faster since you | | | | product. The fee is very minimal ($110 for |
| are scanning through images quickly. However, I am a | | | | independent inventors) and the application can be |
| bit suspect of how current Google is with its listings, | | | | written on your own or by an attorney, and is far |
| so don't skip searching the actual patent office site. | | | | more informal than a non-provisional application. The |
| Use Google as a secondary search to put your mind | | | | USPTO has a resource page specifically for |
| at ease. Please note that I am in no means | | | | independent inventors which will offer you more |
| suggesting that you don't hire an attorney to | | | | information. I encourage you to spend plenty of time |
| conduct the searches for you. I am merely writing | | | | making the decision on how to protect your idea. |
| and editorial of what I chose to do, and what | | | | Keep in mind that most attorneys offer free phone |
| worked best for my particular scenario. You'll have to | | | | consultations-take full advantage of this service. I |
| decide what is right for you. | | | | was very happy with the service I received from a |
| Talk to friends and family. Tell them about your idea, | | | | local Patent Attorney. |
| and fill them in on all that you've completed so far in | | | | Establishing a Business Entity type: There are several |
| the way of research. This will likely be different than | | | | options here including; Sole Proprietor, LLC, |
| the other ideas you've presented to them, and they | | | | Partnerships, and Incorporations. Based on advice |
| will recognize that you're serious enough that you've | | | | from a CPA and attorney, I decided that an LLC was |
| invested some time into seeing if it's worth pursuing | | | | the right entity for my situation; however, you should |
| further. It's important that you specifically ask them | | | | seek out advice from your own CPA based on your |
| for there honest opinion. Let them know that you're | | | | individual circumstances. The advice I have for you on |
| in the "research phase" of the product and that | | | | this is that in my state offered a very easy online |
| accurate feedback will determine if you continue to | | | | form for creating an LLC. I did not pay someone to |
| pursue it, or move on to a different idea. If they | | | | do this, and found that the entire process took less |
| blindly encourage you on everything you present to | | | | than 30 minutes. You should review your actual state |
| them, expand to co-workers or some people who | | | | resources online before deciding to hire someone. |
| aren't as close to you. Really try to find reasons that | | | | Business plan: There are lots of free templates |
| this won't work, as odd as that may sound. If after | | | | available online through the SBA, however this is an |
| this phase you still haven't come up with a good | | | | area that I spent a small amount of money. I've |
| reason to not continue your project, then you know | | | | written several business plans over the years and |
| you've really got something worthwhile! | | | | have found that BusinessPlanPro, (bplans.com) |
| Start formulating actual marketing plans and defining | | | | software is well worth the $100 investment. It cut |
| your target audience. Who would want your product, | | | | my plan writing time in half, and turned out a far |
| how much would they pay for it, where do they live, | | | | superior looking product than what I could have done |
| how broad is the market? These are just a few of | | | | on my own. The software will walk you through |
| the things that I'm sure you're already thinking about, | | | | every step of the process, so I'm not going to get |
| but now do some actual research on it. Get online | | | | into explaining too much about the plan writing. |
| and start digging. If you know your target audience is | | | | Conclusion: I wish each of you much success with |
| mobile business professionals, then start thinking | | | | your project and I know you'll learn a tremendous |
| about which fields they work in, where do they live, | | | | amount along the way. Stick with it, and you may be |
| how much do they earn, are they willing to spend | | | | selling a million dollars worth or your new product to |
| money on this solution, etc. I liken this to being an | | | | Wal-Mart, or I'll be seeing you on an infomercial |
| investigator, keep digging and finding information until | | | | someday. Good luck!! |
| you have a clear picture of who you'll be selling to. I | | | | |