It is Day 5 of TEEN WEEK and today we are going to talk about how to build a business at home, from scratch with the very bright ideas and witty inventions that are in you! Please welcome and enjoy the expert advice and teaching from Marcy McKenna-Inventor-Entrepreneur and Designer!
If you have ever thought that you had an idea that would be a help or good for life-read and get in action below! Of course there is a free giveaway today-and also, a tune to rock out with!
Everyone has a great idea for a product, but very few people feel they
have the financial means to bring it to life. I’m here to challenge
that myth. With the incredible resources available today, in my
opinion, there’s never been a better time to try your hand at inventing!
As an inventor who has brought several products to market and has many
more in active development, I’m often asked how to get a product idea
off the ground without spending a fortune. I’m happy to share my tried
and true tips that will allow you to explore the worl of inventing
without breaking the bank.
• Patent Search – One of the most important first steps
you should take when considering bringing an invention to market is to
do a preliminary patent search to ensure the invention does not already
exist and/or that your idea does not infringe on an existing patent.
One way to do this is to hire a Patent Attorney—they will typically
charge between $500 and $3000 to do the search for you. With the
resources available today, you can do this preliminary patent search
yourself at no cost.I find “Google Patent” (www.google.com/patents) and
“PatentStorm” (www.patentstorm.us) to be the most simple platforms to
navigate. You can also go directly to the USPTO (United States Patent
& Trademark Office — www.uspto.gov ). Down the road, you may want
to have an attorney do a more thorough search, but in the initial
stages, doing your own search can save you a lot of money.
• Provisional Patent – To patent or not to patent is an
ongoing debate in the world of inventing. Sadly, the thought of
spending $5,000 to $10,000 to secure a patent scares most would-be
inventors away. Did you know that only about 5% of the products in the
market place are patented?
When deciding whether to file a patent, it’s
important to determine what your goal is. If you’re goal is to
commercialize the product yourself, you may not need a patent at all.
And in fact, it can often be a waste of money for small business owners
as they are usually not financially equipped to defend it if their
product should get knocked off. In most cases that money would be
better spent building market share. However, if your goal is instead to
license your idea to a company, then a patent is likely very important.
The good news is that you don’t have to decide that now.
You can file a
“Provisional Patent” for $125 (In California. Other states may vary.)
that will give you a “Patent Pending” status for 12 months while you
explore the commercial viability of the product. Filing a full utility
or design patent too early in the process can be a waste of money as the
product will likely evolve over time. It’s usually best to wait until
the product is manufacture ready before taking that step. As always,
consult a patent attorney before making your final decision.
• Trademarks– I happen to be a big believer in
trademarks. When it comes to consumer products the name is usually one
of the most important things. For example, when you go out to buy dark
brown cookies with cream filling, what name comes to mind? I’m willing
to bet it’s Oreos® over Hydrox®. It’s all about the name and brand
loyalty. If you can create that loyalty with your product name then
many times that can be much more valuable than a patent. And the good
news is that trademark protection is relatively inexpensive and fast
when compared to patent protection. Legal Zoom has trademark packages
that start at $169 plus the government filing fee.
• Developing a Prototype – A prototype is a working example of your idea. It doesn’t have to be fancy.
There is so much more to learn-please visit this link and print it out-then get into massive action now!
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Remember: you are beautiful!
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