5 Questions You Must Ask to Make Your New Invention Idea Successful
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5 Questions You Must Ask to Make Your New Invention Idea Successful

Have you got a GREAT invention idea? You are ready to launch, right?

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5 Questions You Must Ask to Make Your New Invention Idea Successful

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Have you got a GREAT invention idea? You are ready to launch, right?

Don't launch - at least, not yet!

Delay your launch and take the time to ascertain if your idea can attract sales. The following questions can help:

Does Your Invention Idea Solve A Problem?

It's easy to get lost in your creativity zone and lose focus on what truly matters: your audience.

Regardless of how GREAT you "thought" an invention idea is, the end-user ultimately holds the key to your sales.

So, will your invention help the end-users? Specifically, can it solve a genuine problem? Is your idea protected by a patent attorney?

Note: for an invention to solve any problem, it must first identify such. And while identifying and solving problems, you must also consider how the process affects the people.

In other words, your invention idea should solve problems the way end-users want. About that, you should ask questions such as:

lWill your invention be easy to use?

lWill it genuinely improve the lives of the end-users? How?

Once your invention solves problems the end-users' way, think about the money and market factors.

However, before money talks, is the invention idea yours?

Is Your Invention Idea Entirely Yours Or An Improvement On Another Product?

First, we want you to know that 100% ORIGINAL ideas are rare. So, it is okay to model other's inventions. In fact, most influential inventors do so.

Take the electric light as an example. Do you know that Thomas Edison isn't the pioneer of the idea?

The pioneer of electric light is Humphry Davy. After him, many other inventors created better bulbs. But from the lot, Joseph Wilson Swan's invention stood out: bulbs made from enclosed carbonized paper filaments.

Then, a decade after Joseph's invention, Edison came up with a better idea. Instead of paper, Edison used metal (and later bamboo) filaments.

Edison's improved light bulb was the best of the lot. As such, he retained the rights. Plus, he patented his idea.

So, it's okay if you want to model Edison. Besides, improving others' inventions can remove the dreaded step of thinking of a new and original idea.

But while improving others' inventions, your idea should offer new perspectives and enhanced functionality. Otherwise, you will hardly woo customers over to your product.

Most importantly, patent your idea. For that, you might be best served to hire a patent attorney for you invention idea.

Will Your Invention Be Affordable?

If your idea is similar to existing products, breaking into the market can be hectic. One way most newbies navigate that hurdle is to offer low prices.

But can you do something similar? Should You?

Ideally, everyone loves a bargain. If your invention is valuable, end users would love to get it for a fair price.

The only setback might be your reviews and branding.

In that case, you could focus on price reduction. But while you are at it, ascertain these crucial elements:

lThe cost of production

lThe cost of distribution

lThe market value of your product - be realistic

Now, sum up the cost (estimate) of producing and distributing your invention. Afterward, deduct the sum from the realistic market value of your product.

In the end, you should be able to recover a significant profit margin. Else, you might need to think about a new idea.

What Is The Feasibility Report Saying?

Checking production and distribution costs against the market value of your idea is only one way to evaluate profit. There are more conditions to consider.

That is why you need a feasibility report before you decide whether to pursue your idea or not.

For example, the chances are that you will run at a loss for the first year of production. But what if you realize 10x sales by the second year?

If you overlook feasibility reports, you won't get such an analysis.

Loss and profit aside, a feasibility report reveals more crucial factors such as marketing systems and environmental issues. Most importantly, it shows the pros and cons of your product itself.

Will The Invention Idea Be Worth It?

Regardless of the findings of your feasibility report, all inventions need capital and time. More importantly, they require care and attention - almost like a baby.

In other words, you must nurture your invention to the heights you want.

Another thing you should know: the capital, time, and effort will all come from you as the inventor at the start.

So, ascertain if the idea will be worth it all.

Will the product be different from the others in the market? Will it fetch you the right profit margin?

More importantly, will your idea make the impact you hope it would?

If the answer to the questions is no, you need a new idea. Otherwise, pursue the product - it has all the makings of a successful invention.

Further reading: Tips For Creating An Innovative Product And Selling

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