Do you have an idea for a great new invention that will change the course of human history? Maybe you have something cute or fun that kids will like, or a new tool that will make hanging pictures easier to do. No matter what kind of invention you might have, you can easily make money with it if it is genuinely marketable. It might be the next big craze like the Hula-Hoop, the Frisbee, or some television infomercial item that sells to millions. The biggest thing is coming up with something that has not yet been created.
So many people have gone on to make money with their great inventions. If you are sure your new item works for the task it was created, can be reproduced easily to make millions of units, and can sell at a reasonable price for what it does, you have a winning creation ready for the world to enjoy. While some things are more technical than others to create, use what you know to make something you are sure will be a hit. Do not waste your time trying to reinvent the wheel, but come up with something unique to ensure originality. Maybe you have had an invention of your own that you have used personally for years and never thought of marketing it. Now might be the time to pull that thing out of your old shop or garage and show it to the world. The ability to make money easily with it could not hurt, and even if others find it not as useful as you have, you have little to lose by trying to market it, and a lot to gain.
How much can you make from your invention?
The exact amount you can expect from your invention depends on risk levels and who takes on that risk.
These questions can help determine the numbers:
The larger your payments and royalties, the more the inventor spends to get the invention to the market. More precise figures can be determined by comparing the gross profit per unit of expected market size and the life cycle of the product. If you know that the product does not last long, it helps everyone make smart long-term decisions.
Making money from your invention- The process to ensure your invention makes you money
A long-term invention is safe for investment, while a short-term invention can be a profitable fashion and then disappear – at least if you get the timing right. If you have an idea for an invention, you might be the next in a long line of success stories. Make sure your idea is completely original, even if you do not think someone has already invented it, do some research. Do a lot of research, because you might end up wasting a lot of time on an idea that is already been patented, but if your idea has not already been patented and is worth it, then you are ready to make a lot of money from your invention. Once you ensure that your idea is unique, you have some options to choose from.
Invention contests –
This is not the best way to make money with an invention as there is not any guarantee that you will earn anything. If you have a good idea, and you want to make money with it, then you should make it happen on your own. Do not just throw your ideas out there and hope that someone pulls your name out of a drawing. Sometimes in these contests, they will send the ideas straight to companies and ignore the actual contest. With that being said, there are inventing contests that yield a very high monetary reward, as well as getting your invention out there.
If you think that you have an excellent idea, one thing you need to think about is whether you want to patent it or not. When you patent your invention, you are preventing other people from copying and utilizing your product. If you are planning on selling your product to a company, it is very essential that you patent your idea. Many companies will not even consider working with you if you have not patented your idea. Having a patent on your invention will give you full rights to do what you want to do with it. You can sell your patent as a whole to another company or person, or you can sell it partially.
You could end up spending altogether for the cost of a search fee, filing fee, examination fee, publication fee, and an issue fee which turns out to add up to $1,500-$2,500 to have your invention patented. However, if you pay all of these fees, then you do not have the possibility of consulting a qualified professional patent attorney. However, if you use the services of a patent attorney, then you could end up paying anywhere from $6,000-$11,000. So many people prefer to get a patent on their own to avoid spending that much money.
Licensing your patent –
Be sure that you understand you need to license your patent rights and not your invention. You have to have a patent or have to have applied for a patent to get any licensing. Licensing your patent is a four-step process. You first need to find manufacturers. You should find 30-100 manufacturers that want products similar to yours. Next, you need to prepare your marketing materials. This would involve making a professional brochure or a marketing letter. It would help if you make a website for your product and your marketing materials. Next, you need to turn in your marketing materials to the manufacturers, and then discuss your licensing. When it comes to discussing the licensing, you should hire an experienced attorney. When it comes time to sell your idea, you should make a prototype. This is a great way to explain the true key points of your product. You can use outside help to make your prototype, or you can do it yourself.
A great way to get tips on becoming a successful inventor is to meet other inventors who will help you understand what it takes and how to get your name and products out there.