Wednesday, 29 July 2015

How to Make a Living Selling Your Inventions

You’ve invented something that you believe will benefit thousands of people. Congratulations! Now you have many decisions to make. The most important being: how are you going to profit from your invention?

This article is here to help. Making a living selling your inventions doesn’t have to be a complicated process. Here’s how to do it.

#1 Identify your target audience

The key to success for your invention is to determine who will benefit from it. What problem does it solve and who does it solve the problem for? Once you identify your target audience it will help you decide the best method for selling it. Identifying your target audience will also help you market your invention successfully.

#2 Determine the best selling approach

There are a number of ways you can sell your invention. They include, but are certainly not limited to:

  • Selling at local fairs, trade shows and kiosks
  • Licensing - you own your invention and rent the right to make, use or sell it in exchange for a royalty payment
  • Private label agreement – you essentially sell the rights to sell your product to one retailer
  • A joint venture
  • Selling online
Depending on your invention you may need to find a manufacturer to produce it. This can be expensive, so plan your business and your projected earnings well. Don’t manufacture more than you can sell. Licensing and partnership agreements may help you cover the cost of the manufacturing initially.

#3 Set up an online store

Of all the methods to sell your invention, an online store may be the easiest and most profitable. You can market, fulfill and distribute - all from your website. Additionally, this eliminates the need to find office or retail space.

The key to successfully selling your invention online may rest with your marketing. It’s important to create a buzz for your invention. Issue press releases and have a presence on local media. Get out into your community and online. Cater to your niche.

For example, if your product solves a problem for new parents, then join forums and chat rooms where new parents hang out. Advertise on websites for new parents, and in magazines. You can make money from your invention, however, your profits and success will rest on a few key decisions.

Research your market. Identify your target audience. Once you know who they are, you can position your invention optimally. Then create a solid business plan. Make sure it outlines where and how you’re going to sell your product. Include goals and a plan to achieve those goals. Then get out and market your invention. You’ve created a wonderful product. Share it with the world and enjoy the profits!

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