You brainstormed an invention- and it’s brilliant! You’ve created draft after draft trying to map out how your product can be made into the exact thing you’ve been dreaming up in your head.
Now comes the next step- selling your idea. New inventions take time and intentionality so that they can be put into production and sold for profit.
If you want to successfully make some extra money from your invention, here are 3 things you need to ask yourself before selling your idea.
1. Who is your customer?
Every invention acts as a solution to a problem. In order to create a solution that is profitable and effective, it’s important to know who your customers are that encounter that problem most often.
What does your customer need? What does their average day look like? What inconveniences do they deal with during their typical routine?
You can find focus groups that will help you refine your idea and make it as practical as possible. With some solid networking skills and a small fund to compensate participants, you can get all the answers you need before getting to the finalized steps of selling your invention.
2. How do I make a profit?
Be careful not to be too idealistic when planning to sell your invention. You might have the best product in the world, but if it’s hard to access and strenuous to produce, this could have a major impact on whether or not you’ll make money from your idea.
Take time to list out everything you need to create your invention. Raw materials, production, packaging, delivery- every last detail. All of these components contribute to the cost and profit margin of your final product.
3. Who is your competitor?
In order to know how to enter the market with your invention, you have to be aware of your competitors. Who else is trying to sell a product similar to the idea that you’re bringing to the table?
Deliberately research your competitors so that you can avoid copyright scandals and make a profit off of a product that’s unique. If you don’t know your competition, you won’t be able to predict the market as effectively, and you might lose money in the process.
