It's a New Journey! What's the First Step?

Hello Friends and Followers!   I'm back!

It's been a long while since I posted.   I'm about to start pursuing my next entrepreneurial endeavor!  Throughout my Stick-e Products journey, I was told by many people that I should be documenting, sharing and teaching others how to do it.   I regretted that I didn't write the process up.  So... now I'm going to try and do exactly that!  If you've had dreams of inventing a product and always feel like you just don't know where or how to start,  then please follow me here and we can walk this path together!

I've had an idea for a new product on my mind for awhile.   When I first think of something I get so excited and think I've thought it all through.   But later, over time, as it bounces around in the back of my head, the seed of the original idea starts to sprout and grow limbs going in new un-predicted directions.   So, as you think of something new,  don't rush.... take your time and let the idea steep like a good cup of tea.   It will either grow and get better as you find new ways to redesign it to enable it to solve more problems and add features to make it more patent-able, or make it applicable to more people.   The other outcome of letting is steep for awhile (which is the usual outcome)  is you may abandon it because there's another product on the market that solves the same problem possibly better than your idea or is with a bigger company, or you realize you aren't motivated enough to see this idea through. 

Keep in mind, we all have many great ideas.  Just like picking which battles to fight in life, you have to carefully pick which idea you believe in enough and are passionate about that you will stay motivated to pursue as you encounter obstacles, nay-sayers, costs, etc... The real entrepreneur has to find innovative ways to solve problems at every turn and not give up unless they learn the idea is really not viable.

Here are some of the first steps to assess your idea:

- Does it solve a problem?   How big is that problem really?  Will people actually pay something to solve this problem or is it just a  nice to have item?  If it's just a fun, nice to have item, can it be made in a cost effective manner that keeps it marketable?

- How big is the market for this product?  This is HUGE!!!  You may think in your mind the market is gigantic.  BUT realistically, if you are developing a consumer product and you are not a big company with distribution in place and marketing  funds, then you better be developing a product that appeals to at least 25% of the population.   Keep this in mind:  Most people want to be more attractive, thinner, richer, and pain free.... Does your product address any of these?  I first developed a yoga line... lesson:  too niche and not enough people will need the problem solving products in this niche. Lesson Learned! The Stick-e brand now mostly sells Fitness Foam Rollers .... which appeals to the much larger market of all athletes! These can be found on Amazon Stick-e Foam Rollers and at many TJMaxx/Marshalls/Winners stores in the United States and Canada.  (The patented Knee and Wrist Saver is also available at www.YogaDirect.com,  Amazon Stick-e Knee and Wrist Saver and www.WorldOLuxe.com.) My next entrepreneurial endeavor:  Shoe Inserts... Everyone has feet and at some point shoes do not all fit perfectly... resulting in pain and discomfort!  Check out www.SecureHeels.com and www.footbumper.com.   My new venture which you are following here, is a product whose target audience is all women from ages 12 - 92 who enjoy clothes, and want to update or expand their existing wardrobe.

- How costly will the product be to make and will the consumer market bear the cost?  We will get into this further as we progress down this product development path together.

- How will you reach your target customer?  Is it a demonstrable product?  Will you need to make a video for social media advertising?   In retail,  can you show on the packaging what it does that is special?  If your product needs alot of explanation to understand its features and benefits,  you need to really think about this because there will likely not be anyone in the store to explain it.

Now that you've thought through some of the viability issues, you need to do an internet search with terms that would describe your item or the problem it solves and see what pops up!!!  The type of articles that come up will tell you if others are experiencing the same problem and how big of a problem it might be.  It also may show you if there's another solution to the problem that  is available. Secondly, you need to search the www.uspto.gov website to see if there is anything previously patented.  Your idea must be novel to be patent-able!   Someone may have applied for a previous patent and received a patent or abandoned a patent and never brought the product to market. So, just because you don't find it when you search the internet. you still may not be able to patent the idea.  Keep in mind, filing a provisional patent isn't terribly expensive and it affords you protection while you develop and continue to research the viability of your idea.   "First to File" wins in an intellectual property dispute down the road... so file that application!   If you can't patent your idea but it doesn't infringe on someone else's patent, you could still develop it, bring it to market it, brand it and be very successful!  Think of all the products on the market that are not novel but are successful because of their branding and market awareness.... Crocs, Uggs, Coca Cola, Kleenex....

If you can't patent it but still believe it's viable, then the next most important thing will be to get a great name to trademark by searching the uspto.gov website and doing internet searches to see if the term is used and how.  This is important to note. A term may not be trademarked but is in use by others.  The question you have to ask here is whether there will be confusion in the market place if you use this term for your product.  If there could be any confusion with other existing products in the market place (even in a different category), you probably don't want to use it.  Next, ensure that you can get the domain name and respective social media handles.

OK!  I'm off to do my searching now!   May your search go well!

Disclaimer:   I am not an attorney!  Please ask an intellectual property attorney all your questions.  Laws are constantly changing that may affect your experience and differ it from my experience or limited first hand knowledge.  All information in this blog is based on my personal experience and personal interpretation.