Looking to Turn an Idea into a Product? What to Know

If you have a great idea for a product that you think consumers would purchase, and you think you could make a lot of money or a business with the idea, there are some things you want to know. You don't want to go around telling everyone that you know about the product or the idea, and you quickly want to sit down with a legal professional to figure out the details. Here are the items to put on your to-do-list for your business.

Meet with a Paton Attorney

If your idea is unique and you don't want anyone to copy your product, or try to get a product out before you, it's best to talk with a paton attorney. This attorney will file the paperwork for you design ideas and product desires, so no one else can copy it. Talk with the attorney about:

  • People you may have mentioned the product to
  • Where you got the idea for the product
  • Anyone involved in the thought process for designs

These will be important to discuss with your attorney, because you don't want someone coming back to you after you have released your product trying to get rights, credit or money.

Find a Product Development Company

You need to find a product development company that can help create the product you have in mind. You will project your idea to a group of engineers, and then the engineers will give you prints and design ideas. They will also include a budget for the costs, so you know what type of financing or investors you may need.

Arrange Financing or Backing of the Product

You have to pay the attorneys, the production company, and for materials and anything else that is incorporated with setting up the product and your business. Great financing options include:

  • A partner to share the company with
  • Silent investors to get things off the ground
  • A loan from the bank

These are all different options you can explore. Talk with services like Richardson and Associates to see which the best option for you is.

If you get the product up running and you are able to start making a profit quickly, it will be easier to get rid of any debt required to start the business. If you have an idea that has great potential, you may be able to sell the idea to a group of investment professionals and get paid without the stress.