Step By Step Invention Practical-1

Once you have some confidence that your idea is not already in circulation, you can move on to an equally important question:  Is the concept practical?  This means considering everything from its potential acceptance in the marketplace, to its economic feasibility.

Does the concept meet a real or perceived need in a cost effective, appealing way?  •  What is the likely price that someone would pay for your product?   •   Is it possible to manufacture the item and still make a profit when you sell it at this price?

Is the product/concept protectable? Whether you’re planning to manufacture and sell the product yourself or you want to license the idea, it’s important that you are able to protect it.  Unless you can, the effort and expense of starting up may be wasted.

This process of evaluation offers several benefits.  It’s likely to reveal basic features of your idea that should be maximized as the design/development phase progresses.  It can also save you the wasted time, energy and resources of pursuing a concept that should perhaps have been abandoned.

Unique Selling Proposition:  When you think about your invention, it’s important to consider the following questions.  What features does it have?  Does it offer specific benefits to the user?  What are they? Why would people buy it?  Or why would they switch from a competing product to yours? What will the purchase decision be based on?  Price, design/style, convenience, ease of use, etc?

Think this over and consider how your invention would fit in the current marketplace.  Can you immediately describe significant benefits that your product offers?  If so, it should be easy for other people to see the same benefits, including both retailers and individual buyers. In this case your idea offers a unique selling proposition and has the potential to be a commercial success.

If it’s difficult to describe the reasons why someone might buy your product, it may be time to re-evaluate the whole concept. The reality is that it’s hard enough to introduce and market a compelling product.  For a sole inventor, it’s almost certainly a losing proposition to market a mediocre one.

Only you know what’s in your imagination.  Invention is an art as much as a science and it’s more of a marathon than a sprint.  Creating something that’s completely new can challenge prevailing thought, break rules and open up unique marketing directions.  Now is the time to harness your fire for the concept and your belief in its potential.