Patents Do Not Guarantee Sales
Just because you have a patent doesn’t mean that you are guaranteed to make money off the product. A patent can be a good way to protect your idea and bring some sort of value to the end product. When people see a patent on something they may feel more comfortable buying it. But if you think things will be easy as far as sales at that point you may have another thing coming. Getting the patent can be an important step, but you still have to market and sell your idea to the public.
Sales come usually by very hard work. Sure, a company can pick up your idea to sell, but many times patent owners have to market and sell their own product. It can take quite a bit of work in today’s market to sell something online, on TV or in print media. Stores only carry so many products and it is getting tougher and tougher to have your idea picked up.
So you may want to first think about life after you get that patent. In that picture, how will you push your idea to that level where people want to buy it? So have fun, make sure you have a great plan and push forward.
A Tighter Market
With the population booming and more and more companies, along with individuals looking to make a buck, patents are getting tougher and tougher to come by. Back a long time ago, there was a ton of room for all kinds of new inventions in just about every market. Now, sure there is room, but the competition is stiffer and some markets are much tighter as far as how much room is available for new ideas.
Eco friendly inventions can be one possible area that the country needs new and technologically advanced growth in. This is an area that the world seems to want to get more involved in now that the prices of oil seem to keep rising and rising. Electronic technology is always advancing as well. Every year TV, PC’s and more keep advancing to the point where what you bought a few months ago becomes old within a very short period of time.
No matter what, don’t give up. There will always be room for growth somewhere in some markets. You may have to fight off more competition, but never quit.
Something New, Not Borrowed
With the advent of the internet it has become much easier to research whether or not your patent idea has any similarities to other products out there. What makes a product unique? Many times what can make a product successful is not so much doing a spin off of another idea that is on the market but rather a brand new product doing something people need or really want. With the economy in a slump still, people are less looking for wants and spending their money on needs instead. These needs usually vary greatly, however products that can save someone money by using it are a huge hit right now.
Eco-friendly patents are also on the rise. People and companies alike are scrambling to invent products that are see as ‘green’ rather than something that damages our planet. Patents for products such as these can often be sped up through the system now that the government is wanting to get more of these products into the system. Energy saving ideas are highly sought after, yet like anything they do have to work. So consider going for something new on your next product design rather than doing something off an already existing idea.
Patent No-No’s
When filing for a patent there are many things before and after the process you may want to consider not doing. You may first want to understand that filing for a patent can take some time. The process of filling out the papers can take some work and research. Then once it files it can take years to get an approval back. One thing you want to try not to do is lose patience. If you are filing for a patent you obviously feel that you have something worth placing a patent on. Losing patience can be in the form of rushing your product to market, filing too quickly before you have thought your product all the way through or it may be that you just get tired of waiting and quit working on the project all together.
Once you file the patent you may want to not lose the focus and drive that got you to the place of filing one in the first place. That same passion and drive will be needed to further pursue your ultimate goals for your patented product. Keep focused; never lose that focus and just maybe your chance of success in the long run will increase.
Waiting on Your Patent
Have you filed for a patent and seem to be running out of patience waiting for the approval? With the system seeming so backed up it seems like it may take forever to get it. But waiting around and doing nothing while it comes could end up a mistake. There are some things that you can consider doing while you wait. One of those things is to think about putting the product on the market. Putting the product on market can be common; after all, think of how many times you have seen on a product you have bought that says patent pending. Don’t sit on the sidelines during the wait.
You may also consider starting up your own website or store for your new product. Another idea depending on the product is to start to shop it around to some places to sell it. Many people also look to that long wait as a good time to refine the product as much as possible.
Sure, the process may seem like it takes forever, but you do not have to be trapped by the slowness of it. Brainstorm and find out what more you can do to push yourself one step closer to having your product on the market and selling like hotcakes.
What Am I Doing?
Have you ever had that sinking feeling that you may be venturing out into shark infested waters? Well not necessarily literally, but in terms of that sink or swim mentality of taking on a task that is above your skill set. Certainly filing for a patent can be done by anyone. It does not mean that it should be attempted by anyone, nor does it mean that you are not as smart as the others that have attempted and succeeded in the past. It just means that your skills may be in one area and not in another. You would not expect a heart surgeon to do your brain surgery would you? Both of them are equally as smart but at different tasks. The same goes for your patent filing. If you feel that you are not ready to do the application on your own, you should consider some help. It does not have to be from a more costly attorney, but it can be from some friends or family. Starting there first may save you some money. At the same time you want to make sure that you do it the right way the first time though. So, do your research, try if you want, but if you do not feel you can, then get some help. It may be well worth it in the long run.
Patent Application: Timing
If you are in a hurry to get your patent application approved, well sit back and relax, because as of right now it can take nearly 3 years to approve it. That is right, 3 years. That is why so many products make it to market with the words patent pending on them. Companies have no desire to wait until the patent they are trying for is or is not approved. The US Patent Office though is hoping to institute a new system that will allow certain applicants a quicker review of what they submit. Of course they will have to pay more, though how much nobody has said. Companies that are going after green energy patents or something of that nature are being targeted for faster approvals. So as it looks now, not everyone will be able to get their patent in quicker. Most of us as it stands will have to wait the 3 years. So do not be discouraged, you are not the only one that has to wait. But keep posted on any new news coming out of the US Patent Office, it may bode well in the end for everyone.