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How to turn your ideas into cash

Turning Ideas into Income

Steps for Turning Your Idea Into a Product

Got a great idea for an invention but not sure what to do with it? Turn your dream into a marketable product with these easy steps.

The light bulb above your head is glowing so bright that it’s threatening to blind everyone around you. But what should you do with your great invention idea? Before you start blabbing about your invention to the wrong person or run to the first company that offers to buy it, you need to do one thing: Protect it.

Whether you want to produce and market your invention yourself or license it to another company, the only way to make money from your invention and to guarantee that no one will steal your idea is to file a patent with the U.S. Patent and Trademark Office. This can be an intimidating process, so weve broken it down for you in five easy steps.

Document It
Simply having an idea is worthless–you need to have proof of when you came up with the idea for your invention. Write down everything you can think of that relates to your invention, from what it is and how it works to how youll make and market it. This is the first step to patenting your idea and keeping it from being stolen. Youve probably heard about the poor mans patent–writing your idea down and mailing it to yourself in a sealed envelope so you have dated proof of your inventions conception. This is unreliable and unlikely to hold up in court. Write your idea down in a specially designed inventors journal and have it signed by a witness. This journal will become your bible throughout the patent process.

Research your market
Sure, your brother thinks your idea for a new lawn sprinkler is a great idea, but that doesnt mean your neighbor would buy one. More than 95 percent of all patents never make money for the inventor. Before you invest too much time and money into patenting your invention, do some preliminary research of your target market. Is this something people will actually buy? Once you know there’s a market, make sure your product can be manufactured and distributed at a low enough cost so that your retail price is reasonable. You can determine these costs by comparing those of similar products currently on the market. This will also help you size up your competition–which you will have, no matter how unique you think your invention is.

Make a Prototype
Begin with a drawing. Before you begin the prototyping phase, sketch out all of your ideas into your inventors journal. Create a concept mockup out of any material that will allow you to create a 3-D model of your design. Once youre satisfied with the mockup, create a full-working model of your idea. There are many books and kits that can help you create prototypes. If your invention is something that will cost a lot of money or is unreasonable to prototype (like an oil refinery process or a new pharmaceutical drug,) consider using a computer-animated virtual prototype.

If you thought of anything dealing with software, you also need to make an example and get it to work. You can create codes with the help of tools which are available online.

Market Your Invention
Now its time to figure out how youre going to bring your product to market. Create a business plan: How will you get money? Where will you manufacture the product? How will you sell it? Now is a good time to decide if you will manufacture and sell the product yourself or license it for sale through another company.

When you license your product, you will probably only receive two to five percent in royalty fees. This often scares away inventors who feel they deserve more. But consider the upside: You will not have the financial burden associated with maintaining a business. This could end up making you more money in the long run.

Following these five steps will ensure an easy road to patenting your invention. Just remember that an easy road doesnt necessarily mean a short one. From the time you conceive your idea to the time you see your product on the shelf is a very long process. Most inventions take years to come to fruition. Have patience and follow due diligence in your steps to patenting your invention and your years of hard work will finally pay off. A good site which can help you make your ideas into cash is turbomembership.com – just register and you can have free web hosting tools to make profit in no time.