New Years Resolutions and Goals for Inventing

Welcome to 2016 – it’s time to start writing out your goals and aspirations for the year! Here’s a few tips to keep in mind:

  • Set Realistic Timelines: If you are starting your product from scratch, just know that it is going to take time. Depending on where you are in the inventing process, the time allotted will be varied.
  • Know What You Want Before You Plan: This is a common mistake – you have to plan for the goals you want to achieve. Yes, things will come up along the way, but you need to be solid with your ideas and mission before you start planning.
  • Handle Speed-bumps with Grace: Issues will come up. Problems will likely arise during the inventing process. That’s OKAY! When those speed-bumps happen, don’t get overwhelmed. There is help out there, for you. Never let anyone tell you that you have run out of options.
  • Be Okay With Change: You may figure out a new way to innovate, finances may change, product details may change – it happens! If change is the best scenario for your product, you’ll know. Many products go through 4+ revisions during the initial design phase – don’t let it scare you.

Throughout 2016, we will provide more tips and strategies to keep your product development moving smoothly. Check out our other blogs today!

Selling Your Product Online – Best Practices!

The second that your invention has been produced, the first thing you want to do is start selling! The internet has proven to be a great place to sell products, and to many people, with very little overhead.

Here’s a few things you can try:

  • Sell on Ebay! It’s not just a place where you can sell your old junk – you can sell brand new items there!
  • Open an Amazon Seller Account. Amazon is the largest internet retailer in the United States, so obviously it’s a great place to sell!
  • Create a website for your product. You can have you own online store to just sell your product exclusively. You can use this to promote your product and avoid fees (you’ll have to handle your own shipping and logistics, however).

The key to eventually get the attention of big box stores is to show that your product sells online. You should absolutely start with selling products online – get a following and some sales and you’ll do very well in the retail marketplace. Make a SPLASH!

Money and Inventing….you don’t have to be afraid of it!

One of the most common questions that we receive as an inventor support company is “will I need to pay for this?” The answer, in most cases, is yes. 

Now, don’t let that detract you. As an inventor, you absolutely need to come to the conclusion that this process will cost money. Having a fantastic idea will only get you so far.

From our experience, here are a few things we’ve heard from inventors.

I have an idea, and I want to license it.

As we’ve pointed out in other articles, licensing is hard to accomplish without a working prototype, drawings, manufacturing sourced, etc. You won’t get very far with just an idea and a heartwarming pitch. You need to show the possible licencors that they will make money if they buy your product. That’s all they’re looking to do.

If you (manufacturing company) will produce my product, I will give you a portion of the proceeds from the sales.

This is highly unlikely to work. Manufacturers are typically presented with a slew of products every year, and propositions to become business partners. It just won’t happen. Manufacturers and design companies can’t rely on your product selling so they make a profit as well as break even on the cost of production.

I’ll crowdfund to make my money!

Crowdfunding before your product is feasible is a dangerous thing to do. Most successful Kickstarter and Indiegogo Campaigns have been successful due to a professionally constructed pitch. Most products that have received funding were already prototyped, tested, and manufactured in a small-run fashion. If you only take one thing away from this article today, it should be this: never attempt crowdfunding before you have the product finished.

The best option that you have is to save your money and do it right. You could finance the product through a lender (get a loan), take out a new line of credit, ask friends and family, or even take on a small part time job. If you have the passion to get it done right, don’t let your idea fall into the wrong hands. Protect yourself, save your money (and never pay up front without getting a solid plan in place with your invention production company), and live your dreams!

The Importance of Packaging

Next time you walk into a retail store, take a look at the products on the shelves. Typically, in most situations, the packaging is high quality and properly conveys the ideas of the product to the consumer. It’s absolutely vital to have packaging that is of the highest quality – it may be the deciding factor for the average, every-day customer.

Here are some examples of creative packaging for consumer products:

Festina Watches - To prove that the watch is water-proof!
Festina Watches – To prove that the watch is water-proof!
Pasta La Vista - Showing the pasta as "hair" on the chef! Cool!
Pasta La Vista – Showing the pasta as “hair” on the chef! Cool!
Beard Paintbrushes - a creative spin on a common product.
Mustache Paintbrushes – a creative spin on a common product.

To stand out in a competitive marketplace, you will want to have amazing packaging. What can you do, with your product, to enhance the initial reaction from the consumer? That’s for you to decide, and find out! Try doing some testing – this is important for all retail. Figure out what attracts your demographic of customer.

  • Don’t clutter your design.
  • Use fonts that are clear, and help convey the product purpose.
  • Understand the retailer’s method of presentation – can it be universally used in any retail setting?
  • Include everything you need to properly display the product and it’s function.

Your product success relies heavily on good packaging. Don’t prevent customers from buying your amazing product, simply because the package was sub-par. Go the extra mile – make it count!

Steps to Getting a Patent – What You Need to Know!

One of the most vital parts of the inventing process is getting a patent. We have compiled a list of things to do to get your patent going! All of this information comes directly from the USPTO website:

What is Sourcing? Do I need it?

What is sourcing? Is it something you need to get your product onto the store shelves? The answer is simple: YES! 

Sourcing is one of the most important foundations your product is built around. It’s necessary to get your invention from the design phase or prototyping into mass production.

The purpose of Sourcing is to secure quality manufacturing and obtain deliverable cost information.

To gather this information, it’s not as easy as a Google search or a phone call. You must work with a reputable company to get the sourcing done. The information gathered while sourcing will help better the financial position of the inventor when it comes to mass production and keeping the costs down. The sourcing process is vital to the entire inventing process – lackadaisical sourcing can be the demise of your product and goals.

Once you have sourced your product successfully, you will know what your margins are and what your profit of sale could be! Need help with sourcing? Click here!