Step #5: DEVELOP & PUBLISH — Create and then launch your new idea. It’s time to get into worker bee mode. You’ve got your project roadmap, you have a list of tasks and timelines associated with it and you know where you’re headed. To make your stellar innovation thrive, approach unconventional partners, identify underutilized channels, and invent new business models. Put as much creative energy into introducing.
This is a guest post by Natalie Peters, a Marketing Manager at Sourcify.
You’re stuck in 5:00 traffic and an idea hits you. You freeze and the car behind you jolts you back into reality with a deafening honk.
A few days go by and it’s all you can think about.
You believe your idea is revolutionary and you want to show it to the world.
So, where do you start?
In this article, I’ll take you through the process of bringing a product to life.
I’ll start by walking you through the steps to complete prior to filing for a patent or trademark and then discuss how to go about creating your first working prototype. Finally, I’ll show you how to mass produce your invention.
Step 1: Educate Yourself about Inventing and Business
A great idea is only worth the paper it’s printed on.
What differentiates a great idea from a great product is implementation. Everybody can have an idea, but not everybody can turn that idea into a business.
The idea is a small component of the overall process.
Educating yourself about how to earn a profit from your idea is crucial. Even more so, how to turn your idea into an actual business.
Without understanding how to transform your invention into a business, you can’t be successful.
A few great ways to educate yourself are to read books and listen to podcasts.
Great books to help you get started include:
- Profiting from Intellectual Capital: Extracting Value from Innovation, Michael Sullivan
- Learn how to profit from your invention from leading intellectual capital innovators
- The Lean Startup, Eric Ries
- Discover a new approach to entrepreneurship that utilizes validated learning and rapid experimentation to continuously test your vision and adjust according to the customers’ needs.
- Zero to One, Peter Thiel
- Dive deep into how to turn your invention into a business that can change the world for the better.
- Four Hour Work Week, Tim Ferriss
- A actionable guide to starting a side hustle through automation and optimization.
- Profiting from Intellectual Capital: Extracting Value from Innovation, Michael Sullivan
Great podcasts to help you get started include:
- Entrepreneurs On Fire, John Lee Dumas
- Listen to wildly successful entrepreneurs as they share actionable tips on how to grow your business.
- Smart Passive Income, Pat Flynn
- Optimize your time and earn more money by following Pat Flynn’s detailed advice on how to become more profitable by doing less.
- The Inventors Launchpad Network
- Follow the inventor’s road to success, the quickest and most cost effective pathway to product viability. Educating yourself about business will change the way you approach bringing your invention to life.
- Entrepreneurs On Fire, John Lee Dumas
These tools will set you apart from 99% of people who have an idea and make you part of the 1% that brings ideas to life.
Step 2: Stay Organized
5 Steps To Bring Your New Business Idea To Life As A
As you start moving forward with your idea, it will become difficult to keep track of all your progress.
Tamara Monosof, an experienced inventor, recommends keeping an inventor’s notebook.
If you decide to patent your idea, by recording all thoughts, ideas, and conversations about your invention in a chronological order, you are building a defense against any future patent infringements.
Your dated notebook will act as a record to validate your progress if someone tries to steal your idea in the future.
An inventor’s notebook is a great tool to keep you on track and moving towards your goal.
You should create weekly goals and set milestones you want to reach for your business.
John Lee Dumas has a great resource, The Freedom Journal, which guides you to your goal in just 100 days.
It’s easy to get distracted from your original purpose and a tool like this will remind you of your goal everyday.
Step 3: Conduct Market Research
Before you jump into production, a crucial, and often skipped step is researching your market.
Often times your market may not originally be what you thought.
Mark Zuckerberg thought Facebook would just be for college students. Look at the audience it caters to today.
Look for additional markets your product may fit in.
Don’t just do this research online.
Conduct surveys or informal focus groups to gather as much information as possible.
The Lean Startup dives deep into the importance of gathering customer feedback. More importantly, the importance of being receptive to their feedback.
Your invention should have one vision that never changes, but overtime your strategy will change and in turn, so will your product.
SurveyMonkey or Qualtrics are great tools for gathering surveys to determine your market.
Send surveys to as many people as possible to get an encompassing overview of your market.
Once you’ve zoned in on your market, become an expert in your niche.
Research similar products and perform a competitor analysis.
What do people like or dislike about similar products? How can you use that information to improve your product?
What problem is your invention solving? What are consumers currently using to solve that problem?
Understanding “who,” “why,” and “what” will direct you on a more focused path.
It may take time, but in the long run it’s worth it.
Step 4: Conduct Patent Research
Most people think that getting a patent should be their very first step.
I’ve saved it for step 4, because inventors often spend most of their time and capital on patent applications that end up going nowhere.
Most products are not patentable and there isn’t a department that enforces patents. A government department that actively searches for patent infringements, like how the IRS actively searches for tax violations, doesn’t exist.
If someone copies your idea, it’s up to you to engage in and pay for the legal battle.
Visit www.uspto.gov (United States Patent and Trademark Office) to identify any patents similar to your concept.
It’s important to ensure your idea isn’t infringing on someone else’s patent.
Spending time and money to jump through the hoops to acquire a patent is often unnecessary.
A Provisional Patent Application (PPA) is a great alternative.
A PPA is a placeholder that establishes a filing date for an invention but will not result in a patent on its own.
The filing date is essential in the patent application process because it establishes a starting point for the protection that is being sought for an invention.
A PPA also allows the applicant to use the term “patent-pending” in conjunction with the invention.
It will essentially buy you 12 months before you officially have to file a utility patent.
Another viable alternative is a trademark.
While patents prevent others from making an invention, trademarks protect the words, phrases, and logos used to identify the source of goods by other competitors (smallbusieness.findlaw.com).
Filing for a trademark is significantly cheaper than a patent.
The goal is for your customer to think of your company when they think of the product.
For example, “Mac®” or “Dell®” rather than a laptop.
Step 5: Develop a Prototype of your Invention
Now for the most exciting step, developing a prototype!
If your product can be easily prototyped at home, go for it! If not, it’s time to find a factory who can help produce your prototype and who you can go through production with.
Creating a prototype at home will help you have a clear idea of what you’re looking for when approaching a manufacturer.
You also want to conduct research to discover new technologies that may improve your invention. Look for new materials that may improve product cost and functionality.
When you’ve narrowed down the features of your invention, it’s time to approach a manufacturer.
This is an extremely difficult step for most because there are countless options to choose from.
Sourcify is a great platform you can utilize to connect with you with a pre-vetted manufacturer at an affordable price.
They’ve already made the connections and relationships with factories overseas and can connect you with the best manufacturer for your specific invention.
By developing your pre-production prototype, you can test the functionality of your idea.
It will also help you clearly describe the purpose of your invention, which is necessary for your next step.
Step 6: Create a Business Plan
While you’re waiting to receive your prototype, begin drafting a business plan.
Remember, the idea is only a small part of bringing your product to life.
The business aspect is crucial if you want to make a profit.
A business plan is essentially a written description of the future of your business.
In your business plan, you want to include the following:
- A) Basic concept
- B) Strategy for implementation
- C) Market analysis
- D) Competitor analysis
- E) Credibility of you and your team
- F) Financial Plan
Even if you aren’t looking for investors, creating a business plan will allow you to organize your thoughts and plan next steps.
It’s important to think about what you want in the future because that directly determines what you should be doing now.
Everything you do for your business should be aimed at achieving your one goal.
Creating a business plan will help you figure out what your one goal is and what you need to do to achieve that.
In conjunction with your business plan, you want to work on an elevator pitch.
Being able to concisely define the goals of your company is important when networking and explaining your idea to others.
Step 7: Connect with other Entrepreneurs and Inventors
There is a popular quote by Robert Kiyosaki (author of Rich Dad Poor Dad), “If you want to go somewhere, it is best to find someone who has already been there.”
Receiving feedback from experienced entrepreneurs will help refine and improve your idea.
Don’t be afraid to share your idea.
As I keep reiterating, the idea is only a small component. It takes a special type of person to implement an idea and turn it into a business.
Your passion for your invention is what differentiates you and is what will make you successful.
Meetup.com is a great way to find local entrepreneurship events and network with like-minded people.
Entrepreneurship is a lifestyle and you should embrace it!
Conversing with other innovators may inspire new ideas. You’ll receive actionable advice absent from most articles and books.
Step 8: Conduct Market Testing and Adjust Accordingly
Once you receive your pre-production prototype, get it into as many hands as possible.
Conduct focus groups and get input on a variety of factors including the following:
- A) Price
- B) Packaging
- C) Originality
- D) Product functionality
- E) Clarity of intended purpose
By testing your invention with real customers, you’ll be able to tweak and hone your product.
What may seem obvious to you, may be confusing to a customer.
You may think that your price fits the current market, but later discover that customers are actually willing to pay a lot more for the convenience you’re offering them.
When you launch your product, it doesn’t need to be perfect.
However, you want to do your due diligence to ensure you’re hitting the mark on key components of your product.
Take all feedback and adjust accordingly.
You may need to create a new and improved pre-production prototype.
Once you’re confident that you have created a solid product that caters to your target market, it’s time for production.
Step 9: Manufacture your Invention
Now that you’ve gone through all the steps to turn your idea into a business, you can start manufacturing your invention.
You can utilize Sourcify to turn your prototype into a product that you’ll bring to market.
Sourcify will connect you with a manufacturer that has experience creating products similar to yours.
When sourcing products overseas, language barriers and time differences can make the process slow and frustrating.
By allowing a company like Sourcify to handle the manufacturing, you can focus on building your business and your brand.
Wrapping it all up:
There are numerous steps when it comes to bringing your invention to life.
Coming up with an idea is only a small part of a much larger picture.
Think about your invention as more than just a product. Think of your invention as a business.
Taking on this perspective allows you to think critically and longer term.
By following these steps, your idea may become everything you’ve imagined and more.
Click for full view. Copy code below to embed image on your site.1. Cash Flow Is King
A business fails when it can’t afford to pay its expenses—you may have all this money coming in next month, but if you can’t make payroll at the end of this week, then it’s basically all over.
2. Build a Stockpile
Careful cash flow management and projections aren’t immune to sudden emergencies. Always make sure that you have enough liquidity for emergency bank loans or credit lines.
3. Stop buying crap
Spending money can make you feel really productive: you get to make a decision, enter a credit card number, and hit send. It feels like you’ve achieved something, your brain gets a nice dopamine hit, and it’s taken just a few minutes. Don’t confuse making purchases with being productive. If you’re not quite sure about a purchase that’s not business-critical, wait one day before you make a final decision. Putting it off will give you more perspective on its actual importance, helping you resist the urge to impulse buy and giving you more control over your expenses.
4. Selectively pay invoices
Pay invoices from critical suppliers that are also small businesses before the due date. This banks you an incredible amount of loyalty, which may come in handy down the track. For example, we always pay our recruitment firm within 24 hours of an invoice and we make sure that they know this. Why? Because since they know we’ll pay them immediately, they’re going to offer a great candidate to us first, before their other clients. Delay paying invoices from large, multinational suppliers as long as you can, however, as unlike a small business there’s no personal relationship there. You most likely have nothing to gain from paying today instead of in 60 days’ time.
5. Hire slow, fire fast
Hire the resources you need at the very last minute to maximize your cash. Eliminate underperforming people as soon as possible to improve productivity and, again, to maintain your cash flow.
6. Don’t hire average people
If you have 10 people in your business and one of them is average—or worse, an under-performer—then literally 10 percent of your workforce sucks. That’s a scary number. Here’s the strategy we use when hiring top talent for WORK[etc].
7. Don’t hesitate to outsource
You can cut down on overhead by moving some of the work overseas. Of course, you have to make sure that whoever you hire is passionate about the work and doesn’t treat it as “just another job.” Check out WORK[etc]’s outsourcing strategy here.
8. Upskill your team
Even when you switch your company’s engine to overdrive, an economic downturn will likely lead to fewer sales calls. Use the downtime to enroll your team members in crash courses, seminars, and online academies like Udemy. Let them broaden their skills and make them even more competent at their positions.
9. Look after yourself first
A lot of modern business advice tells us to always put our team first. The problem here is that it fails to recognize the importance of management and the entrepreneur. If you’re not paying yourself properly, if you’re stressed out of your mind working 70-hour weeks for months on end, then it doesn’t matter how your staff is feeling. If you’re not at your best, you can’t expect to stay in business for long.
10. Own your advertising spend
It’s easy to waste money on advertising. Don’t fall for the “mutually beneficial partnership” routine—more often than not, this just means the ad sales people will try to milk as much of your money as they can without any hard guarantees on returns. Also use the “wait another day” method above; you’ll probably find that the longer you wait, the more discounts you’re offered.
11. Always be marketing
Treat every piece of communication that you send out as another chance to market your product. Add detailed information about your product, special discounts, and new service announcements in your quotes, invoices, and even follow-up emails.
12. Hitch your wagon
Partner with a large organization for distribution. Aside from additional sales, you expose your brand to a larger audience without having to spend millions on advertising.
13. Business isn’t a democracy
A lot of modern management advice talks about getting input on key decisions as a team. Do it, but remember that you’re not required to take this input on board and give it an equal vote. Manage your business less like a democracy and more like a finely-tuned operating room, where information from only the most knowledgeable people is fed up the line, while clear, decisive decisions are sent back down.
14. Make strong, fast decisions
Numerous studies, including one published in The Academy of Management Journaland another from the Strategic Management Journal, show that strong and fast strategic decision-making is linked to company growth and profit. Of course, that doesn’t mean you just make decisions off the cuff. The Academy of Management Journal found that fast decision makers actually used more information and developed more alternatives compared to slow decision makers.
15. Don’t hesitate to delegate
Let’s say you’ve decided to handle all social media work in-house. It might be faster to just, for example, do the social media post scheduling yourself right now instead of teaching someone else how to do it. That one thing, however, will soon turn into a hundred other things that are added to your plate. You’re here to grow your business, not get buried under a mountain of things that you couldn’t bear to delegate.
16. Tune out the noise
Cut pointless meetings and stop handing out your cell number and personal email address. Before you agree to a meeting or a “quick 5-minute phone call” (that never seems to last just 5 minutes), ask yourself if it’s something that you really need to do. If it isn’t, then it’s OK to just say ”no.”
17. Streamline your sales cycle
When you send out a proposal, include a contract that is ready for signing. Send out the first invoice on the same day that contract is signed to further reduce the time on your sales cycle. Cutting just one day from your sales cycle means you collect money on a sale one day sooner. Multiply this by hundreds of sales in a year and it can add up to whole weeks of extra productivity and thousands in additional revenue.
18. Don’t reinvent the wheel
Identify the common activities your team does every day. Turn these into simple checklists and look for opportunities to make them more efficient. You increase productivity while building an internal library of business know-how at the same time. These documented processes will come in handy if you should ever let someone go.
19. Avoid long-term contracts
The business environment and your business requirements change quickly. New and improved products are launched every day and better offers come and go. Avoid signing contracts with terms of longer than 12 months. You have to be a cutthroat negotiator here, but most vendors will agree with you rather than risk losing a sale. Besides, you’ll have a new opportunity to renegotiate for a better deal in 12 months’ time.
20. Rebrand services as “products”
Products feel more tangible than services; a product can be boxed up, branded, optioned-up, supported, and renewed. Services can appear too vague and lead to questions like “What am I actually getting?” and “How much is this going to end up costing me?”. When your service becomes a product, your customers feel more confident about their purchase decision.
5 Steps To Bring Your New Business Idea To Life Quotes
21. Tighten your focus
The 80/20 Rule, also known as the Pareto Principle, states that 80 percent of your revenue comes from only 20 percent of your clients. Identify the ones in this 20 percent and bring all your guns to bear on them. You can never please all of your customers at the same time, so focus instead on giving maximum value to your most lucrative clients.
22. Learn to say “no”
Learn to spot pain-in-the-ass customers and don’t be afraid to show them the door. Think about opportunity cost, the time and resources you waste dealing with difficult customers instead of looking for and signing new paying customers. If the opportunity cost is significant—for example, attending to your difficult customer actually costs you more money than he makes you—just drop him and focus on building relationships with new, hassle-free customers.
23. Don’t skip low-hanging fruit
5 Steps To Bring Your New Business Idea To Life Online
Low-hanging fruit are goals and targets that are easy to achieve. It’s easier to get an existing customer—the “low-hanging fruit” in this context—to buy more (you have a 60 to 70 percent chance, according to CMO) than it is to find a new one and convince them to buy for the first time (5 to 20 percent probability). Low-hanging fruit are already making you money, so concentrate on getting more out of them. After all, customer acquisition costs up to seven times more than retention.
24. Gain customer loyalty
It’s hard to get new customers in an economic downturn, so make sure you do whatever you can to keep the customers you have. Give your best customers small “wows”—a small discount on their next invoice, free training sessions, or just a free shirt, for example—and turn them into true believers, advocates that champion your product simply because they like it and your company. Your competition is just as desperate as you are and may be looking to poach your customers; don’t give them the chance.
Got your own survival tips and tricks? Share it with us in the comments section.