How to Generate Business Concepts and Safeguard Your Creations
What comes to mind when you hear the word “inventor”? Pictures of the greatest innovators in American history, such as Thomas Edison or Benjamin Franklin? Or do you think of the ridiculous movie characters, such as Dr. Emmett “Doc” Brown from the Back to the Future film trilogy or Belle’s father, Maurice, from Beauty and the Beast?
Of course, not all inventors are as inept as Doc Brown and Maurice, or as productive as Edison and Franklin. However, the majority of individuals don’t believe they have what it takes to be inventors—to create something from nothing, to turn concepts into goods.
Still, not all inventions are based on mathematical or scientific formulas. Oftentimes, they just revolve around the same entrepreneurial maxim: identify a market niche and fill it.
Retailers are not always inventors
Of course, selling goods is the key to success in both retail and online retail. However, you’re offering the identical products as the store down the street or through hundreds of websites throughout the nation far too frequently. Selling distinctive products is one method to differentiate yourself from the competitors. Because so many retail shops source from the same suppliers, these can be difficult to find. So why not make your own unique things to really stand out?
You are capable of inventing, yes. Here’s how to do it:
Choose a specialty
The best place to begin is by determining the demands of the market. Spend less time and money developing a product you believe customers would enjoy only to discover much later that they don’t. Examine your top-selling items first. Next, compare your outcomes to market trends. Can you produce a product or an offshoot that no one else is selling?
Let’s take an example where you sell fashion accessories and cross-body handbags are among your top-selling items. You find out from your consumers that women prefer them since they can use them hands-free. Consider additional items you may design that serve the same purpose, such as fanny packs.
You don’t need to develop a completely new product; there’s no need to reinvent the wheel.
In actuality, very few inventions are truly novel or unprecedented. The majority of newly released products are upgrades or additions to pre-existing models. By producing a more affordable or more expensive version of that product, you can increase your consumer base.
Research the market for your proposed new venture
Extend your preliminary investigation and see whether your new product is truly in demand in the market. Verify that it isn’t already available on the market. Do a customer base survey to find out more. Investigate secondary research sources as well, such as data from the Census Bureau, details from the Department of Commerce, and websites and trade journals for the business.
Look for things on the internet that are similar to what you have in mind. Use the free patent search feature on the U.S. Patent and Trademark Office (USPTO) website to find out if your concept has already been conceived and patented.
Guard your business concept
You might require a copyright, a utility patent, or a design patent, depending on what you’ve invented. Creative expression, such as a graphic pattern or design on apparel or home décor, is protected by a copyright. A design patent is mostly utilized for designs that are a minor modification or variation on an already-existing product and protects innovative, nonobvious decorative product designs. The functioning of an innovation is protected by a utility patent. You can visit the USPTO website to determine whether your idea qualifies for a patent.
Hiring a patent-savvy attorney is a wise business decision to ensure that you are safeguarding your idea and not unintentionally copying someone else’s creations.
Make notes and record the steps starting at step one
You should record your idea creation and product development process in case you decide to patent your invention. You will need a notebook that is bound and has unremovable numbered pages (i.e., not perforated). In this instance, computer entries won’t function. Jot down your concept and all the steps you take to make it a reality. Date every page and store it in a secure location.