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Four Key Steps to Turn Your Idea Into a Business


by on Category: blog, tips


We know you've had it before: that one idea that you can't get out of your head, that you know people would want to buy, that you want to buy.

Unfortunately, most people think it's too hard to take that next step and just stop. They go back to their job (building someone else's idea), thinking that turning their own invention into a business will involve countless visits to attorneys, accountants, and hundreds of hours poring over spreadsheets.

But here's the good news: it's a lot simpler than you think. In fact, in four straightforward steps, you'll be well on your way to that corner office, building your very own empire.

Step 1: Identify the Gap You're Filling

A lot of people say that you need your invention to be something never been done before, something so amazing, that one needs to be in every home.

It's simply not true.

There were a lot of smartphones out there before Apple built the iPhone, and there are a whole lot more phones in the market today than just the iPhone. It's ok if your idea is just an improvement on something that's already out there (this power strip is one of our favorite inventions), as long as you figure out where its place is in the market.

Want some more help identifying your gap? Check out our blog on finding your niche.

Step 2: Create a Vision

We know it sounds cheesy, but think about where you want to be in five years. How many customers do you want to have? How much money do you want to make? What kind of employees do you want to have?

Once you've decided, write it down! Writing down your ideas and your vision makes it so your idea has your full attention, your full focus and is the first step to making it a reality.

Step 3: Build a Path

Now that you know where you're going, take that first step towards it: figure out what it will take for you to get there by working backwards, step-by-step.

Figure out the types of stores you want to sell it in (or if you want to go online-only), and how to reach their buyers. Design a prototype of your idea and find a factory that can build it (if you don't care to build a brand, you can always license your idea too).

Sound like a lot? That's why there's a step 4...

Step 4: Find an Invention Advisor

Turning your idea into a reality isn't something you have to do alone, though we do warn against getting advice from friends and family too early. Too many great inventions have been stopped in their tracks when those close to you don't see your vision.

Instead, find someone (or better yet, a company) that has a long track record of helping inventors turn their idea into a fully-fledged profit-generating machine. They can help you with the prototyping, finding a manufacturer, and developing the marketing to get you in front of your customers.

Oh, they can also help with all of the calls with attorneys to protect your intellectual property, the accountants to talk about money, and those dozens of spreadsheets...

Want to find out how we can help? Shoot us a line at info@ideadesignstudio.com or give us a call at 888.864.1760. We'd love to help you build your product and get paid for your ideas.