Testing the Market

Few inventions make it to the marketplace. Before taking the time, and more importantly, the cash to manufacture and market a new product, the inventor must make certain they know what they are up against. This goes the same with anything in life; reality must take precedence over lofty hopes of success. To truly become Product-Smart, it is imperative to know the potential market inside and out, to be one with the market. Inventors must research every aspect of the market realm they hope to enter, and seriously consider customers, pricing, barriers to entry, and competitors.

Paper outline

• Protecting inventions
  • Patent search
  • Provisional patent
  • Formal patent
  • Patent lawyers
• Manufacturing the product
  • Manufacturing choices
  • Manufacturing prototypes
  • Shipping & importing
• Getting resources and financing
  • Needed funding & business plan
  • Where to get funding
  • Tips
  • Conclusion
• Testing the market
  • Potential customers
  • How much will they pay?
  • Survey potential customers
  • Barriers to entry
  • Know the competition
  • Conclusion
• Preparing products for market
  • Legal & financial protection
  • Packaging
  • Manuals & Documentation
  • Warranties
  • Full package creation
  • The Web site
  • Money, invoicing & taxes
  • Shipping & distribution
  • Conclusion
• Closing thoughts
• Download the entire paper

Check out the Silent Timer Web site to see the product Erik took to market. Contact him with any questions.