How to Sell Your Idea Directly to the Public.

I have launched a free course on how to write, prepare and use NDAs (Non-disclosure Agreements). It's a quick and easy course that gives you precedents which you can easily adapt for your needs: https://inventive-learning-a37b.think...

About this video: This is a follow up to my last video on selling your invention to a company. The link to that video is:    • How To Sell Your Invention To A Company   There is more information on how to market your invention at http://www.borgesrolle.com/invention-....

Step 1: Patent searching. Do a patent search to make sure you don't accidentally infringe on someone else's patent. You can also file for patent protection for your invention to protect your investment.

Step 2: Market Search & Business Plan: Do as much searching as you can about the market for your invention. You want to make sure there is a good market for your product and you want to make sure you'll be trying to sell a product/service that people are willing to pay for. Find potential manufacturers and distributors and research any applicable laws that apply. Then, formulate a business plan and make it flexible.

Step 3: Choose a Business Model: Your business can choose between two different types of business models. You can either product a high quality high priced product which sells in relatively low volume but has lots of markup, or you can produce a lower quality lower priced product which has to sell in large quantities to be profitable. The first approach is more likely to be initially profitable.

Step 4: Gather a Team and Set Legal Structure: Assemble a team of people with expertise in key areas like promotion, sales and production. You can find potential team members using sites like meetup.com

Step 5: Financing. You can get financing for the project from a variety of different sources, including:
- Personal savings (personal loans, savings account, etc.)
- Group savings of the team members.
- Family and Friends. This can be achieved by transferring your invention to an incorporated company and offering shares in the company to people who invest money in the company. There is usually a limit of 25 to 50 shareholders that can hold the shares of a private company. More than that then you will need to file a prospectus and get your company listed on a stock exchange, which is complicated and expensive to do.
- Angel Investors. This essentially one or two individuals that contribute a large sum in exchange for a large portion of the ownership of the shares of the company.
- Bank financing. It's occasionally available, but it's generally difficult to get banks to finance a startup project.
-Government assistance. Occasionally available, but they usually take the form of loan guarantees.
- Crowdfunding (Kickstarter, Indigogo): These platforms make it possible to raise funds for the venture by offering things such as early production models. It's potentially useful.

Step 6: Production/Manufacture: It's generally better, at least initially, to find a manufacturer close to home. This ensures easier resolution of issues relating to quality control, design, and supply. You can use a business directory to find potential manufacturers or other service providers you might need.

Step 7: Distribution: You can try to set up a network of retailers to sell your product/service from their "bricks and mortar" locations; however, it's probably easier to have your product sold through web portals like Amazon, eBay and Facebook. You can also put an online store on your website and sell your products/services through there.

Step 8: Promotion: This is the most important step (so you should think about this step first). Here are some tips on promoting your product/service:
- Website - Start one as soon as it's "safe" to do so. Use search engine optimization (SEO) to help grow the website.
- Advertising. Use cost per click (goodle adwords) to drive traffic to your website's product pages and build awareness.
- Crowd Funding - use sites like Kickstarter and Indigogo to help build excitement and introduce your product.
- Media - send out press releases and send copies of your product/promotional material to media outlets, news stations, and youtubers. Youtubers are a potentially great way to build interest in your new product/service. Contact as many youtubers with established channels and ask them to review your product.
- Trade Shows: get a booth in a relevant tradeshow. It might bring you media attention and it's likely to help you build industry contacts which can lead to potential licensing deals.

About Me: I'm a lawyer who's been practicing patent and trademark law since 1989. I'm also a patent and trademark agent registered with the Canadian and United States patent offices. If you want additional information about patents, trademarks and intellectual property, check out my website at www.borgesrolle.com.