How to Create a Money Making Invention in 10 Easy Steps
By Don Brown
So you have a great idea, now what? There is a lot of confusing information out there about what to do next. Should you apply for a patent? Do you need a lawyer? Should I call an invention “help” company? Will a Free “Inventor’s Kit” help?
The purpose of this article is to give you 10 Easy Steps to creating a successful invention that will make you money.
Step 1: First, before you do anything else, you need to make sure you have a “remarkable” invention. If not, then you are going to waste your time and money, because the market is flooded with new products every year and yours has to stand out.
Remarkable doesn’t mean just “good” or “different.” There are hundreds and thousands of good and different inventions in the marketplace that never make any money. To increase your chances of success your invention must be remarkable. That means, something that people will talk about, and tell their friends, and will want to buy.
Step 2: The next step is to research your invention and make sure no one else has already thought of it. This is easy to do online with websites such as Google Products, Google Patents, and the hundreds of online retail stores such as Walmart and Target.
Step 3: Once you find out that no one has already thought of it, make sure you keep an inventor’s notebook with all your ideas and drawings written down. This is a bound notebook (not spiral with removable pages) that you can use to prove you had the idea first. Putting your idea down on paper also will help you develop the concept and lead you in directions you may not have anticipated. It’s all part of the creative invention process.
Step 4: After you have figured out what your invention should look like and how it works, you will need to build a prototype – a working model. Rather than spending a lot of money on engineers and designers, the first step is to make a mini-prototype on your own. You can use paper clips, popsicle sticks – any household or craft store items that can be glued together in a way that shows how your invention works in miniature. Change things around and play with the design and function until you get it right. It’s a lot cheaper to make changes to a “mini” than to a full-size prototype.
Step 5: When you have a mini-prototype you’re happy with, next you need to build a full-size prototype. Once again, this is something you can do yourself without the help of expensive engineers or designers. Go to the store and buy the stuff you need to make a prototype of your invention, such as Home Depot, Lowes, or Walmart and Toys R Us. Break apart what you need, and then re-assemble for your prototype. For my first “Ab Roller” prototype, I used wood and rubber tubing. Keep it simple.
Step 6: With a real full-size prototype, you can now ask your friends and family for feedback. Listen to what they say, keep good notes, and then make changes if you think it makes sense. Build another prototype based on the changes.
Step 7: At this point in the process, you’re ready to finally hire someone to help you – this is when you need professional drawings created for your invention. These drawings will be used to find a manufacturer who can build an actual sample of your invention.
Step 8: Once you have the engineered drawings completed, you can look around for a manufacturer to make a sample. Manufacturers can be located as close as your own hometown, or as far away as China. With the internet, it’s easy to find someone to build your product.
Step 9: Now that you have a real sample of your invention, next you should make a video of your invention in use. A video is a powerful way to “show and sell” your invention, whether you are trying to raise money to launch the product yourself, or whether you want to license your invention to another company.
Step 10: It’s now time to bring your invention to the marketplace – either thru a licensee or by taking it to market yourself. Either, this is the time for you to make money on your invention.
Throughout this entire process, make sure you use an NDA (non-disclosure agreement) before you share your idea with anyone. This will protect the confidentiality of your invention and your ability to get a patent.
If you have any questions for Don, check out his Invent Yourself Rich Coaching Club. Members of this Club are able to submit their questions and ideas to Don for his expert feedback and review. Click here for more information.