It's Time To Turn That Idea Into Gold

We all have ideas sometimes. There are few people out there who haven’t at least come up with a Dragon’s Den-worthy creation. Even if you don’t think you have ideas like that, it’s likely you do so without realizing. How many times have you cursed about the fact no one’s invented this or that product? That sounds like an idea to us.

Sadly, few of us ever pluck up the courage to do anything about those lightbulb ideas. In fact, many of us don’t even recognize them when they happen. The ideas come, and they go, and we do nothing to hold onto them. That is, of course, until you stumble upon an idea so good that you can’t ignore it.

You’ll know straight away if this happens. You won’t be able to sleep for thinking about that idea. It’ll be so obviously logical to you, that it will baffle you why nobody else has thought of it before. And, after enough sleepless nights, you may well decide that you have no choice but to see this idea through.

Even if you never thought of yourself as a business person in the past, this could be your chance to change your life. After all, when you’re in control, you have the power to fit work around your life. As such, you can juggle family life and work the way you’ve always wished you could. And, you’ll have the joy of knowing that your creation really is changing other people’s lives.

Of course, we’re getting ahead of ourselves. A lot comes between idea and conception. And, if you stand any chance of making this work, it’s essential you take the following steps to success.

Consider what you need to turn your idea into reality

First, you need to consider what you’d actually need to make this work. On one level, that means how much funding you’d need to get started here. After all, unless you’re lucky, you’ll need to ask for a startup loan. And, knowing how much you need is essential if you want any chance of approval. But, to work that out, you need to know what materials you’d need to produce your idea in the first place. Play around with this by developing prototypes at home, and researching material costs. Try to keep the price down by knowing your options and the differences between each. This may seem daunting at first, but it’s easier than you’d think. With the internet at your fingertips, you can find out anything you need in this area.

Make sure there’s nothing like this on the market

If you’ve seen the film ‘Joy,’ you should already have some idea about patents. This is a legal protection creator take out on their creations to ensure no one uses their ideas. Before you set out on your journey, it’s essential you find out whether anyone else is making a product like yours. Even if they aren’t, you’ll need to do a patent check to ensure no one has rights to a similar idea. If yes, you may find yourself in a position of having to pay shares, and only being able to sell with their agreement. And, that may not be financially viable down the line. Equally, failure to take this step could lead to legal proceedings. These stand to cost far more than your initial profits. Not to mention that it could damage your company name before you begin. To make sure that doesn’t happen, contact a lawyer who can do some groundwork. Make sure, too, to study the market. It should be easy to see if there similar products to yours out there already. 

Protect yourself legally

After you’re sure you aren’t stepping on anyone’s toes, it’s time to make sure no one steps on yours. That means taking out a patent to keep your creation to yourself. You can either register for this yourself or use a patent agent. Bear in mind, too, that each patent only lasts for twenty years. If you find success, you’ll need to be sure to reapply at the end of that period. It’s also crucial to ensure you’re adhering to rules with regards to setting up a company. To make sure of that, it’s crucial you contact a company formation agent who can help you register in the right way. This will ensure everything stays on board, as well as making sure that you pay the right tax bracket. Bear in mind that, when your company is just you, you can register as a sole trader. But, that won’t serve you if you want to grow your company. So, it might be worth thinking about this from day one.

Find your audience
 

Once you’re registered and ready to go, it’s time to find your audience. In many ways, this is the hardest part of your creative journey. It’s certainly the part that matters most. After all, any efforts you’ve taken until now won’t serve you unless you get selling. The good news is, you have your product itself as a guideline here. From looking at what it offers, you can start to narrow down who would benefit most from using it. Using ‘Joy’ as an example again, Joy Mangano’s self-wringing mop was ideal for housewives. Equally, something like a new type of lawnmower would be ideal for the green fingers out there. And, once you know who you’re targeting, you can start to think about how you can reach them. Mangano used selling channels to target mums who were at home all day. You may decide to use social media to target a young and tech-savvy audience. Or, perhaps you want to fall on traditional options like leafleting for an older custom-base. The right method all depends on what your product offers. You may even find that you need to try a few things before striking on the right choice for your creation. But, if you persevere, there’s no reason that idea can’t turn into gold.