You have a great idea for a new product and you’re thinking of starting a business and marketing it, but you are not sure how to start. You could be on the cusp of the next greatest invention. Where do you go from here? This guide will give you tips on marketing your product from concept to production.
The first thing to do is to create a business plan no matter what your new and innovative product is. A good business plan will give you an idea of the competition, if it exists, and how well your product idea might do locally, regionally, and even nationally. How different is your product from others offered on the market? Your plan should give you insights into how well your product might perform using models of demographics, usual buyers for your type of product, and how much you can profit from your new product.
You will want to get a prototype of your new product. Find the right industry to get your prototype. A good prototype will help you not only market your new product but create a good working visual for potential investors. Your prototype should look exactly how your plans denote the manufacturing of the new product. When you approach either investors or potential business partners, you want them to see exactly what your product is and how it performs.
Start your business. Once you have your prototype and it is working well, then you want to get your business started. Incorporating is the right choice if you plan on getting investors or taking your company public at some point. LLC is another option to consider, but investors are more likely to get involved with a corporation. A sole proprietorship is out of the question as your personal assets could be tied in with your business debts. Investors are not interested in this business model.
Patent your product. There are many law firms that handle patents. You can also do it yourself, but it might be wise to find a patent attorney to do the legal work for you. Not only will you make certain it is done correctly, but you’ll save yourself the time and trouble if you tried to do it yourself and you didn’t do it right. Here are a few steps to getting a patent on your product. Get your product on paper reviewed by a patent agent or a patent attorney. Request a patent search report. The provisional patent will be filed giving you 12 months of temporary “patent pending” status. Apply for a full non provisional patent within 12 months.
Don’t go it alone. A good business partner or good investors can help you get your product off the ground quickly and into the market. Once you have a patent on your new invention or product, you are the only one who can show investors and potential customers how great your new product is.
Marketing and advertising are always considerations when bringing a new product to the market. You need to let your potential customers know about your new invention or product. Building a website to showcase your new product is always a good idea. Beyond the website, you can use social media. Create Youtube and Tictoc videos demonstrating your product. Actively advertise in local newspapers, on local radio, or use one of the search engine advertisement programs for a big launch.
Now that you have everything in order, your new product should be just as exciting as you are excited about it. Creating talk around your new product via social media groups or forums is a good way to get others familiar with your new product. Stay excited and watch others become excited. It is this excitement that sells products, espeically new products on the market.