How to Go From Home Inventor to Business OwnerInventors solve problems. They recognize a problem and create a valid solution. But believing that your solution alone will make you a millionaire isn’t realistic. It’s takes time, research and probably a lot of rejection before things take off.
However, once you pass that point and are actively working a side hustle, how do you know when to make it a full-time gig?
Perform Market Research
Even the most successful of startups need to research their competition. You need to know who they are, what they are bringing to the table and what you can do that’s just a little different. For example, there are tons of all-natutal soaps on the market, and most of them were developed in someone’s kitchen. If you create the exact same product without finding a way to stand out, you won’t be remembered. The process of creating is just as important as your packaging.
Don’t Quit Your Day Job
As tempting as it is, ditching your regular job before your side hustle starts turining a real profit is simply asking for trouble. Building a business while working full-time isn’t easy, but it is possible. Product development doesn’t happen overnight. You need a source of steady income while building your dream.
Industry Specific Ideas
The more you know about an industry, the better equipped you are to market yourself successfully. While it’s okay to want to develop more than one product, spreading yourself too thin may lead to failure. If your first idea isn’t successful, try to identify why and then repitch to the same company. Capitalize on the power of building relationships.
Success does not begin and end with your idea. In fact, your idea is only one component of the process. Understand that if you want to patent your idea, it’s takes a lot more than a verbal description to convince future investors. You need to create a compelling argument, which includes market research, a prototype and a business proposal to back everything up. For example, if you are going to make an electronic device you should research everything from manufacturing your rigid flex circuit boards to what price points are competitive in the market for your device. You ideally should enter a field before it’s saturated. Make sure you have something unique to bring to the table. Some angle to make your product stand out.
Good Minds Think Alike
Take the time to meet like-minded people. Learn about their stories and build valuable relationships. Find online forums and in-person meetups where you can talk about your ideas and build a community that is empowering. Word-of-mouth referrals is still the best way to increase awareness, regardless of industry.
Knowing when to transition from inventor to business owner is personal. The key is understanding that everything starts with the right mindset and a solid business plan.