Having an idea for a new product or service is a great way to earn extra income, but it is crucial to do your research before going any further. Researching companies that specialize in that industry can help you narrow down your options. Once you’ve done your research, make a list of at least 50 potential companies that are likely to be interested in your product. Then, prioritize your list based on their compatibility with your idea. Some inventors sell their ideas to larger companies, and other inventors go through the patenting process, which can produce a more sustainable income stream. Make sure to get legal advice if you are not familiar with the patenting process, because mistakes can cost you thousands of dollars.

Market research

To find the right market for your getting started with a new invention idea, you must do market research. This is done by looking at similar products and checking the prices. By doing so, you can come up with the price range for your product. It’s important to know what the average consumer will pay for your product, as well as what kind of features and pricing will attract potential customers. To do market research effectively, you need to be very thorough.

Prewriting

There are several ways to refine your ideas before you start writing them down. First, you should make sure that you’re aware of how ideas are generated. This way, you can focus on those phrases that express your ideas in the most clear and concise manner. Second, you should read over your freewriting several times to refine your ideas. Lastly, repeat this process as often as necessary. The more you do this, the more refined your ideas will become.

Brainstorming

Brainstorming is an excellent tool for generating new ideas. However, it must be conducted properly. It is a collaborative process in which participants come up with ideas that they can then prioritize and action. To ensure the best results, a moderator must oversee the brainstorming session. The moderator should also be willing to act as a sounding board and help participants stay on topic.

Preparing a prototype

Preparing a prototype for your inventor ideas is an important step in the product development process. It helps you test out your idea before committing to a full-scale production run. It also allows you to see how your idea might be used. It is important to realize that your prototype does not have to be perfect, so try to make it as simple as possible.

Working with an attorney

The first step in protecting an inventor idea is registering it. This process is often referred to as patenting, and it protects your invention from infringement. Many people fail to do this, primarily because they lack the resources to create a complex prototype or hire a large factory to produce an item. Nevertheless, there are several ways to protect your inventing an idea.

InventHelp

InventHelp works with inventors to package their ideas and submit them for review to thousands of companies. The database of these companies includes companies that are actively looking for new ideas and inventions. InventHelp’s process ensures that the idea gets a fair shake, ensuring that the inventor gets a chance to market his or her product.