This week, we wanted to talk about inventing.
We know that taking that risk and inventing a new product can be scary. You are making something new and can’t be 100% sure whether consumers will want the product. That’s why, this week, we wanted to talk about inventing.
First, we wanted to discuss the importance of inventing. Inventions are important because they solve problems and advance society. The world would have remained stagnant if it weren’t for the brave, curious people who knew there had to be solutions to common issues. What would the world be like without electricity? Without technology? You never know how many people are suffering from the same problems you are, so when you see a problem that needs fixing...invent a solution!
Now, we are going to briefly go over the inventing process.
As previously stated, the first step is to find a problem worth solving. It can be a personal problem or a grievance you hear from others, but you want to start with solving a problem. Finding a solution will draw more people to your product and get them interested. You can also find flaws in existing products and improve upon them in a new product. Write down any and all ideas you can think of!
The next step is to do basic market research. You need to know if your idea already exists and, if so, who you are competing with. This will tell you whether it’s a good idea to create and sell this product. If you decide to go forward with this product, you can discover the best price for your products. Additionally, you need to see if there is a general interest in your product. There’s no need to create something that no one wants. Make sure you cover all your bases before you move forward. After deciding you want to create a product, you need to build a prototype to see if it works and solves the problem you set out to fix.
Lastly, you want to protect your idea. You can do this by getting a patent for your product as soon as possible. You can also file for trademark protection and NDAs. Make sure your idea stays a secret to the public as long as possible. Finally, you will need to license or manufacture your product. It is up to you to decide which to do so be sure to research these options before choosing!
We hope this blog was useful and inspired you to start inventing!
Until next time, let us know if you have any questions or comments below!
Forever 8 recoups our investment (plus a small fee) as you sell. Take longer to sell than anticipated? No problem, we will work with you to ensure that we are both in alignment. Sell faster than anticipated? Great, our fees will be lower and we can order you more inventory to keep pace with your demand.
We are a partner. We aren’t here to offer quick bridge loans. Instead, we work together for at least a year, funding 100% of your inventory needs.