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onlinehomeswork1 wrote a journal entry about how to Turn Your New Invention Idea Into a Profitable Business on November 27th 2022
Activity type: Journal entry

Subject: How to Turn Your New Invention Idea Into a Profitable Business

Memory jog:

Journal entry:

Having a new invention idea is a great way to start a new business or to expand your current one. This is especially true if you are a creative person who loves to develop and test new products. However, if you want to turn your new invention idea into a profitable business, you will need to consider several factors. You will need to find a company that will either license or buy your invention. Also, you will need to protect your invention from online sellers.

Engaging your target audience

Defining your target audience is a multi-faceted task that involves both the obvious and the less obvious. This may include conducting market research to identify product gaps and competitors. You may also want to consider using social media platforms to engage with your audience.

To make it more effective, it helps to have a solid system in place for managing customer feedback. For example, a survey conducted by BrightLocal found that a whopping 70% of customers aged 18 to 35 would leave a review if asked. In this case, you can get a leg up on the competition by devising a strategy to ask for reviews in a timely fashion.

The same study revealed that 80% of consumers would be more likely to purchase a product if they felt they were being treated as an individual. As a result, you may want to consider customizing your content to make your customers feel appreciated.

Finding a company to buy or license your invention

Whether you are trying to license or sell your invention, there are several steps you need to take. First, you need to research and create a list of companies that might be interested in buying your invention. Next, you will need to prepare an information package to send to these companies. The package should include a brief synopsis of your product, a photograph, and a cover letter.

You will also need to research the company's management, sales potential, and geographic region. These are important factors to consider before signing any contract. You want to make sure the company is a reputable development company and will be able to meet your goals.

When you are trying to sell or license your invention ideas , you will need to know how to present your product at trade shows. You will also need to invest in a fax machine and an answering machine.

Protecting your invention from online sellers

Inventors are often worried about revealing their invention ideas to patent attorneys. But, if you're unsure, there are other ways to protect your invention idea.

A provisional patent application is a good way to protect your invention idea. A provisional application allows you to protect your invention as you learn more about your market and how to manufacture your invention. This is a fast, affordable and effective way to protect your invention idea.

A nondisclosure agreement is another way to protect your invention idea. A nondisclosure agreement is a legal contract between you and a potential buyer. It is like any other contract. You need to sign a nondisclosure agreement before you disclose your invention to a potential buyer.

The more information you provide about your invention, the greater the risk of copying or stealing it. A trade show is a good way to meet other inventors and familiarize yourself with different products. You can display prototypes and talk to potential licensees about your invention.

Activity date: November 27th 2022
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