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How to Develop Your Million Dollar Idea: Build the Path

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Once you’ve taken your idea, designed (and built) a prototype, and figured out your place in the market, you’re ready for the next step: building your path to success.

Get ready!

How Do I Invent My Idea?

It’s a good question, and we’re glad you asked. As we previously touched on, you want to take this one step at a time. And for this step, you do it backwards.

Start with defining where do you want to be.

Let’s say you want to be making $1,000,000 in revenue. And your product is going to cost $150 a piece. That means you need to sell 6,667 products.

Or let’s say you want to make $1,000,000 in profit. And you make $50 in profit per product. That means you need to sell 20,000 products.

Now that you know where you want to get to, you have to figure out the next step backwards: where are you selling your products?

Where Are You Selling?

Once you know where you want to go, you have to figure out how to get there. Do you want to sell in stores like Wal-Mart, online on websites like Amazon, or on your own site (or in your own store)?

You can do an amazing amount of sleuthing online about how to get your products into stores online (how to contact their buyers, what trade shows to attend, et cetera) and see other people’s stories on their successes and failures.

If it sounds like too much, don’t worry, there are other paths you can take like licensing.

Then, once you know where you’ll be selling, onto the next question. How are you going to build your idea into a product?

How to Find a Manufacturer For Your Idea

Before the internet, this was a challenge. You normally had to go out to the factory, speak with the owner, show them what you want to do, and then wait for them to tell you if they could make it and how much it would cost. If you wanted to make it in, say, China (so it would cost less), this would involve a trip over there and weeks of meetings with multiple manufacturers to find one that would work. 

Thankfully, today we can do almost all of it over Skype. Once we design a prototype, we can send them the specifications and then they can FedEx back a sample. Once you like what you see, you’re set to place a big order that you can send to the store(s) you’re selling in.

But how do you make sure your manufacturer won’t steal your idea?

Protect Your Idea

The first step upon setting out on this adventure is to make sure that you’re protected. We can help you design your prototype and get the ball rolling on registering your trademark and getting your idea copyrighted. That way, you don’t have to worry about copycats. 

Ready to take the next step? Call us 24 hours a day, 7 days a week on the inventor’s hotline at 888.864.1760 or email us and we’ll get your idea to become a reality.