There are several steps to invent and patent an idea for your business. Often times, companies create new inventions to bring into the public sphere and improve their target audience’s lives. To receive the recognition they deserve, inventors and business owners typically patent their idea for protection. Then, they can take full control over the newly invented product, idea or concept. As an inventor, you need to know the right steps to invent and patent an idea for your business. This way, you can take authority over how your invention is used, advertised and sold. Plus, you can guarantee yourself a fair share of profits. Of course, there are various ways to protect your business idea. Here are the steps on how to invent and patent an idea for your business.
Hire A Specialist
First, hire a lawyer who specializes in the invent and patent an idea process. To find a specialist near you, you can conduct an online search in your area to find the top law firms. In addition, ask for some references who have gone through the process before. This way, you can hear first-hand what it was like to work with the law firm. Typically, an inventor’s odds for approval increase when an experienced patent attorney is present. Indeed, these lawyers are there to prepare and oversee the entire application process. With a strong knowledge of the laws and regulations, these professionals can work with you to obtain a patent. Surely, hire a lawyer who specializes in the invent and patent idea process.
Record Your Idea
Second, record your idea to patent your invention for your business and start up services. To start, you should document your initial idea, progress, and each step you take in a notebook. Include all corrections, improvements and mistakes before you begin the filing process. Additionally, you should sign and date each entry with at least one reliable witness present. Keep a record of who you grant access to the details of your idea. Require all employees and contractors involved to sign a non-disclosure agreement. Include an acknowledgement that all rights and work done to your idea are solely owned by your company. This is crucial to protect your invention and provide proof of your creative process. Of course, record your idea to patent your invention for your business.
Identify Target Market
Next, identify the target market you wish to invent and patent an idea for. To start, research your audience’s recent buying and spending habits. This way, you can determine if people will buy your product before you spend money on production. Once you confirm your market, find manufacturing and distribution companies that agree to produce your product. Ideally, you should find companies who can produce your product at a reasonable price. That way, you can set a retail price that fits your target audience’s demographic. To determine the appropriate cost, compare your invention to similar products your audience is purchasing. Then, you can verify they can afford it. Certainly, identify the target market you wish to invent and patent and idea for.
File For A Patent Application
Then, file for a patent application for your business invention. To begin, determine if you want to file a provisional patent application (PPA) or regular patent application (RPA) with the United States Patent and Trademark Office (USPTO). File an RPA if you want to immediately start the examination process. Importantly, this examination is required to obtain an actual patent. Alternatively, you can file a PPA if you’re only interested in holding a “patent pending” status. Notably, PPAs only require a fraction of the work. Typically, it costs less than an RPA as well. If you choose this route, you’ll have a year to file an RPA or the PPA filing date expires. Definitely, file for a patent application for your business invention.
Market Your Product
Furthermore, market your product to patent your business idea. You should approach businesses that sell similar products within your market. Keep in mind that smaller stores are more likely to buy unique products. Therefore, these are great opportunities for inventors getting started. In addition, hang flyers, create social media posts and use in-person sales techniques to advertise your idea to potential retailers. You should also create a product sell sheet that includes pictures, features and benefits of your product. Additionally, include your sales records to prove that your product is capable of selling. Surely, market your product to patent your business idea.
There are several steps to invent and patent an idea for your business. First, hire a lawyer who specializes in patents who can boost your odds for approval. Second, record your idea to document all crucial steps you’ve taken and who has access to your idea. Next, identify the target market to determine if your audience will be interested in your product. Then, consider the different way to file for a patent application through the USPTO based on your needs. Furthermore, market your product to your target audience. Follow these steps on how to invent and patent an idea for your business.