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You’re a brilliant inventor but your ideas haven’t turned into money yet. You know what’s possible but when you find yourself saying, “I have an invention idea but no money,” it can be very frustrating.
It seems that everything you need to do needs money. Don’t get discouraged because there are things you can do to get started on your journey to becoming an inventor extraordinaire.
Continue reading this article to find out the first steps you need to take.
I Have an Invention Idea But No Money
While people often paint being an inventor as a very glamorous job, that isn’t always the case. You’re always thinking, learning and trying to figure out how to make your creation work.
Once you have “the” idea and you’re ready to run, that means more hard work. Whether it’s creating an app that companies like Nizek help with or you’ve got a new idea for a car of a future — it’s not going to be easy or cheap!
Just Get Started
It’s easy to get lost in all of the things you wish you could be doing to get your invention off the ground and to forget what you could be doing right now.
Anyone can have an idea but you need to be able to prove that you came up with the idea before anyone else.
To make sure that you can prove that you came up with the idea, you want to write down as much as you can about your invention. Make sure to date any of the papers.
Don’t think that you can date a paper and people will take your word for it. You can do what is called the poor man’s patent. Put the papers in an envelope and securely seal it and mail it back to yourself through certified mail.
You keep that letter in case anyone ever says they came up with the idea first.
Make Sure It’s Going to Be a Hit
Just asking a few of your friends for their opinion and getting a thumbs up is not market research. You need to make sure that the market is going to be ready for your product.
If your product is too late or too early — both are bad. You need to hit the sweet spot that will allow you to provide the people with what they want when they want it.
Create a Prototype
You need to create a prototype of your invention. You’re basically bringing all of the things that you documented to life. This prototype will allow people to get more of an understanding of what your vision is and how it is going to be a hit.
You shouldn’t file a patent before you create a prototype. As you’re creating the prototype, you’ll be able to come across any flaws that your invention has so you can fix them.
If you aren’t sure about how to create a prototype, you can check out various books on the topic.
File a Patent
Now it is time to file a patent once you’ve worked out any of the kinks and you have a fully functioning prototype.
You should know that there are two types of patents. One of these is called a utility patent and the other is called a design patent.
Utility patents are for new processes or machines and a design patent is for manufacturing new and non-obvious designs.
You can go through the paperwork yourself but it is a good idea to get a patent professional to look over it and make sure everything is airtight. You don’t want to lose out on big bucks on a technicality.
Market Your Invention
The marketing of the invention is where things can get really expensive and since you have no money, you might think you’re at a standstill. The good news is that there is still hope.
Put together a business plan and lay out your best plan to market the product. Write the plan as if you had your marketing wish list. Now you need to go out and get the money.
Getting the Money That You Need
While you don’t have any money, there is always someone that does who is looking for an opportunity. The main ways that you can get money to get your invention off the ground is investors and inventor financing.
Finding an Investor
If you want to find an investor for your invention, you’re going to have to get good at pitching and explaining your product.
You’ll also have to be ready to give up a piece of the company. You’ve seen shark tank before, right? While not all investors are as much of sharks as those guys, you’ll find it isn’t too far off.
Using Inventor Financing
Another option is inventor financing. Depending on your personal credit and other factors, you may be able to get inventor financing. Make sure to check for government programs that are available such as small business loans.
Some people find out they don’t need any financial backing because their inventions do well without outside help and little paid marketing to start. Once profits start to come in they simply pour them back into the business.
Creating a World-Changing Invention
If you want to create a world-changing invention, you’ll have to get past the “I have an invention idea but no money” phase and get to the “I did it anyway” phase.
Continue reading our website for other important information that will help you advance in your life and your business.