Contributed post
Every great product that we use today has, originally, come from the mind of an inventor. Inventors are people who take a problem and craft a unique solution which, in turn, allows them to generate revenue as the general public jump to buy their problem-solving product for themselves.
At this point in the 21st century, many of the products we need have already been designed, tested, and implemented into everyday life– yet humankind keeps enjoying fresh new ideas. The appetite to make life easier, quicker, simpler is undeniable, and it may even be something you have dabbled in yourself. If you have found one of life’s problems and been able to formulate a way to solve it, then you may have taken the first step in the journey towards joining the echelons of the greatest inventors of all time.
Of course, that’s getting ahead of things a little. At this point in time, you have an idea, and you’ve done enough research to suggest that it’s a good one. What should you do next?
Answering this question is not as easy as it may first appear. Below are three options if you have come up with an idea for the next life-changing product; peruse through them until you find a route that sounds like the best course for you.
Option One: Self-manufacture and sell
If you’re 100% confident in your product, then it may be wise to think about producing it for yourself. This doesn’t have to be literal; you can outsource to a company that can handle the literal nuts, bolts, laser cutting, and anything else you may require to actually construct the product itself. When you have the product made to your specifications, you assume responsibility for all sales, advertising, and other associated requirements for getting your product onto the market and into people’s homes. Essentially, the product becomes a business in and of itself.
This is by far the most challenging route, but it’s also the route that has the potential to be the most lucrative. By handling the production, distribution, and sales internally, you’ll also be able to control most of the profit.
Option Two: Selling the idea
If you are more of an ideas person than a practical person, then selling your great idea will likely be the best course for you. This route allows you to profit off your creation, but without having to involve yourself in the day-to-day task of creating a business and managing a product development cycle.
The one downside is that this route is expensive. To be able to sell your idea, you will need to patent it, and patenting is an expensive and time-consuming endeavour. However, if you have no real interest in producing the product for yourself, then it might be the best choice– when your idea is solved, you can repeat the process with your next genius invention. Selling patents is a great choice for a side hustle if you don’t want to embark on a full-blown business.
Option Three: Sell the product to a company
This option allows you to manufacture the product to your standards, but not have to assume responsibility for the marketing, sales, and other aspects of bringing the actual item to market. You simply sell the finished product to a company or distributor and continue to supply them as they demand.
This is the “classic” route, and is by far the simplest choice for a newbie entrepreneur, but it’s also the least lucrative. However, if you’re inexperienced, it might be the best choice for you.
Now you know the options, you can move your great idea forward and — with a little luck! — see your product eventually make its way to market.