Witty Inventions Part 3. The Process – Moving Forward!

hand-on-chin

I have received two prophetic words today from friends of mine, completely unsolicited.  The first was “Sometimes you just have to make your prophetic words come true!” and the second was, “Victory is YOURS!”

I also heard directly from the Lord today, when He said, “When are  you going to realize you hear Me?”

This gave me the courage to take the next step, which we will be doing together.  This is the last post in this series before I have to do this process WITH you!  I’ve already done some of the other steps weeks and months ago, and the next step we will take together!

For me, this is where it TRULY gets interactive.

That is why I decided to write the blog.  So I would have the crucial PUSH I needed to take the plunge.  I hope you are doing this with me!  That was the idea, to have others to encourage me and that I could encourage also…. plus add comments along the way.

Ready?  JUST DO IT!!

The next step, after you have written down your ideas and mailed them to yourself, and gone looking at the local store to see if your idea is marketable, is to actually make a decision –

  1. Do I sell the idea or
  2. Do I produce and market the item?

You can find a manufacturer who already makes something similar or along the same lines as what you have invented.  You may wish to contact them, set up a meeting, and propose they buy the idea from you outright.  In order for them to “grasp” your concept or idea, and to excite them enough to buy it, you will want to sketch out your idea.  Better yet, design and build a prototype to demonstrate the idea to the manufacturer.  However if that is not feasible, you can simply draw a picture of the finished item.  Depending on the complexity, you may need to include a diagram or schematic of how to construct it.

By the way, this is how you apply for a patent, as well.  That’s another whole elephant that we don’t have time to eat here.

Once you find a manufacturer, contact them, and schedule a meeting with the highest up person in that organization’s hierarchy that you can.  Have a non-compete, non-disclose contract at the ready, preferably one constructed by an attorney.  The manufacturer MUST sign this document before you disclose your invention.  Then you negotiate the terms of your sale, and — VOILA!!  Victory is YOURS!

Rinse and Repeat.

My friend the inventor swears that you should just sell the idea and take 5% of all retail sales.  This is called “licensing”.  This is what she has done with all her products, and her monthly royalty checks just keep getting bigger and bigger.  She likes the idea of “mailbox money” and frankly, so do I.  I want to spend my time doing other things rather than trying to sell my products.  So, when given the chance, that is what I will be doing — Licensing.

The manufacturer may be more apt to take this approach, as they don’t have to lay out a hefty fee to you up front, PLUS the costs of bringing your idea to market.  In effect, you are sharing the risk with them, while they have all the resources that you may not, including the machinery to produce, market and sell the item.

However, you can do all the work yourself, make the products, patent them, market them, ship them, and generally run all the aspects of the business yourself (or outsource them).  This is perfectly acceptable, and may be just what you are looking for – a manufacturing business.

I read an e-book by a gal who raises chickens.  She and her fiancée came up with an idea for a special chicken waterer.  They purchase the parts and put the waterers together themselves and sell them online.  They work from their farm in the country, and ship all the orders out in the mail.  She says this pays their bills, and then some.  She also authors several blogs and writes books!  She sells them as well.

They got their start with an un-successful home business idea.  Then they struck oil with the chicken waterer, and have built on that concept ever since.  It works for them, and it could work for you, too.  If you choose this route, the advice from this gal in her book is to have a SIMPLE product that you can easily construct at home and market it online.   She said that if the product itself is too complex or hard to construct it may not be suitable for a home-based business.

In my opinion, if it’s too complex, or there are too many moving parts, it may be best to simply license it, or sell the idea outright.

So, this is where you are:

  1. Give God the Glory!
  2. Confess you are an inventor!
  3. Write down your ideas and mail them to yourself!
  4. Go Shopping!  Confirm your idea is marketable!
  5. Make the decision, to sell the idea, license, or become the manufacturer
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One Comment

  1. Having licensed several products and starting one idea totally from scratch, my vote is to license! I have the grit and determination to make things happen, but that whole business from A-Z is WAY more than I bargained for. Praise God that I was able to sell it at a later date and still get paid to travel and teach. Now they do the work and I get royalty. No…its not as much as I would have gotten myself, but there comes a point when your mental health and well-being out-ways monetary gain.
    Another word of advice. Standard royalty is usually 5% of “retail” but some will only give you 2% if you have not at least filed a provisional patent. Buy the book entitled, “Patent it Yourself”. I was able to patent my first invention by myself-no attorney-and it passed. This saved me a ton of money. The company I approached liked the idea so much, they made the tooling mold for me at no cost so they could run with it. Unfortunately, they opted to veer from my market and left me with the tooling. I found a suitable company in this market who took the idea. BUT…because I OWN the tooling, my royalty is 15%. So…never feel you can’t negotiate.
    One product needed no patent as there were just too many ways to change it up. Funny that this one is the most profitable!
    The lucky ones who come up with a MASS market idea are the ones who will get rich “IF” they play their cards right. Is it QVC material, infomercial material? Knowing your market is crucial!! Then…look for the best in the business, and go find them! In addition to the non-disclosure, I had the president initial each of the drawings I presented. He loved the one, I made two prototypes…and soon…money in the mail!
    WARNING…inventing is addictive once you’ve figured it out. Best of luck!
    Gail

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