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Developing an idea
into an actual product or service is challenging endeavor. It takes a lot of time, work and money to market a product. What’s surprising to some is that the product doesn’t necessarily have to be “great.” An average idea can be very successful with the right marketing and promotion. A well-targeted action plan is what makes the difference. If you’re an inventor and want to manufacture your product, you must first own your idea in order to license it. This is called “intellectual property,” (a patent, trademark, copyright, etc.) This is important because a patent is considered an asset by investors and lenders. When “intellectual property” is included in your marketing plan or business plan, it’s much easier to attract financing. It must be noted, however, that a patent cannot be obtained for an “idea” or “concept.” The invention must be a workable item. It’s best to consult a patent attorney for more information, and typically, they will provide a complementary consultation first visit.
If your idea is not for a product, but a service, your first course of action is most likely a business or marketing plan. Developing a marketing plan is crucial for all businesses. Researching your market niche, building a team, and selling your idea are steps to success. In order to develop an effective marketing plan, you must see your product from the customer’s perspective, and also from the licensee’s perspective. The idea or product’s potential success depends on its’ technical and economic feasibility, and the market potential. Although there are a high number of new products and businesses that fail, they are needed in order for manufacturers to remain competitive. New products mean new markets and greater profits. The path to success is persistence, knowing about your market and belief in your product or service.
So, let’s take a look at developing an idea into a full-blown business step-by step; researching the market, develop a marketing plan, building a team, and selling your idea.
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