Have the Next Big Idea?

Written by Mike

Topics: Business

When you have a great idea, it’s tempting to go out and tell the whole world. However, this can sometimes lead to problems because someone else might try to steal your idea and make money off it before you can. In this situation, it is in your best interest to take things slowly and not skip any steps along the way. Here are a few things for you to consider when you are in the process of trying to get a new idea out to market.

Patent Your Idea

Are the first things that you should do is start the process of patenting your idea. For this part of the process, you will probably need to hire an intellectual property lawyer to help. An intellectual-property attorney will be able to navigate you through the confusing process of getting through a patent. Your attorney will research to see if there aren’t any other products in the market that may be substantially like yours. Then the attorney will complete the appropriate paperwork and other formal processes to make sure that you get your patent. For an example of an experienced intellectual-property attorney, check out Morgan Chu on Linkedin.com.

Manufacturing

After you have a patent on your product, the next thing that you will need to do is set up some kind of manufacturing arrangement. You may be able to come to an agreement with a local manufacturing facility to make your product, or you could outsource it to one of the many overseas plants. In some cases, it might make more sense to handle the process on your own.

Marketing

During this process, you should also begin marketing your products to companies that could sell it for you. Most retailers will be skeptical of new product sellers, so it may be difficult for you to come to an arrangement with a distributor. You’ll need to keep trying and not give up on the first rejection if you want to be successful. Create a marketing plan that showcases the highlights of your product, and shows how profitable it can be for a distributor or retailer.

Selling

Once you have your idea protected, patented, and manufactured, the biggest challenge becomes selling it. If you can successfully come to some distributorship arrangements, you may be able to move a large number of units in a short period of time. Just be flexible in your negotiations, and you should be able to come to some kind of agreement.

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