Inventors - what is the best way to spend your hard earned money?

Inventors-what is the best way to spend your money?

You know, it always happens and always makes me sad – inventors who spend their hard earned money the wrong way only to be left with a half made prototype, a patent filing, and a confused sense of what to do next.

So, what is the best way to spend your hard earned money? Don’t write checks too quickly. Let me explain. There are certain steps that you need to follow to have a chance at ensuring your money is well spent. Here are a few:
– Don’t rush to file patents as soon as a great product idea comes to mind. Assess your goals (do you want to license your idea or make and sell yourself) and then decide if it is necessary to file a patent.
– Don’t go out and make expensive prototypes right away. Again, understanding the best way to show your product idea to potential buyers may be through mechanical drawings or simple renditions which may cost less.
– Don’t agree to manufacture large volumes of your product and bring them in and have them sit in your basement. I see this all the time and what a shame. Before you commit to stocking up you need a sales and marketing strategy to ensure you can sell your products successfully.
– Do go ahead and reach out to other successful inventors and learn how they achieved their goals. Getting perspective from others can give you some clarity.
– Read, read, read! There is a lot of great information available today that is so easily accessible.
– Do make sure you seek the advice of professionals who can do things right the first time instead of hiring them later to redo what you did incorrectly. No business person I know has ever done everything themselves. Instead, they always acknowledge what they don’t know and seek out help to get the answers they need. This applies to website design, packaging, marketing, sales, and many other areas.

What matters the most is that you understand that each phase of inventing involves varying levels of knowledge and some areas may deserve more of your money than others. So many inventors run out of money just when they get to the point when they are ready to sell to retailers. At this point, sales are everything and without them you have no business. You need to budget money for this effort. Also, running a product business means you will be in business for the long haul. I have seen but a few “get rich quick” situations and even then those inventors poured lots of money into their idea and indeed took massive risks. Slow and steady often wins the race…so buckle up and get ready for a long yet exciting ride!!!

Be sure to visit me at www.jimdebetta.com and learn how I help inventors learn the business of inventing