Becoming Your Own Boss

Did you know over 30,000 new products are launched every year? That's a lot of products, and a lot of ideas. Many people dream of getting their products on store shelves, but they never make it to the first phase, which is developing a prototype. If you're one of the dreamers who has succeeded in creating a finished product, or you're getting close, you're probably eager to introduce your product to the world.

However, this is the point where you need to slow down. There is still work to be done. You've undoubtedly put many hours into your creation, so you want to make sure your bases are covered. From property rights to marketing, you still have a lot to consider.

1. Patent Your Product

If your idea is original and nothing like it has been created prior to your creation, you'll want to patent your product. A patent protects your ideas from being stolen by someone else who could potentially also steal your profits.

A patent is good for up to 20 years, so long as you maintain it. This gives you plenty of time to build your brand identity before your eager competition can also use your idea.

Applying for a patent is a rigorous process, which is why many people choose to hire a patent attorney to help them navigate the system. Your attorney can also verify that no one else already owns rights to your idea. It's happened.

2. Trademark Your Brand

If you've given any thought to your brand, you've likely created a logo for your product and your company. Both of these images will appear on your packaging. Your logos and brand name make your product identifiable as the original and real deal.

Unlike a patent, a trademark is good for 10 years and it's renewable. A trademark prevents others from creating logos and using names that are strongly similar to yours when the products are closely related.

Trademarks are a relatively inexpensive investment and well worth the effort. An online application can be completed in as little as 90 minutes.

3. UPC Barcodes

If you want to sell your product in department stores, both brick and mortar and online, you'll need a product code. A product code is an 11 digit number that is unique to your product. It's what a barcode scanner reads when you check out at the grocery store.

UPC barcodes allow retailers to track inventory and information about their products. If you don't purchase a UPC barcode then you are limiting your global reach.

4. A Marketing Strategy

Once you put your product out there for purchase, how are people going to find it? If you don't do anything else, they're not. You have to have a strategy if your product is going to find any ounce of success.

Of course, you can make a Facebook page and share it among your friends and hope they share it with their friends and that eventually everyone sees it, but that's not likely to happen. Social media has its place in your marketing strategy, but it can't do it alone.

It's likely you need help with this one. It's a worthwhile investment to hire a marketing firm to help you create a marketing plan so your product gains traction. A marketing firm has tried and true strategies and they'll put in as much work as your budget will allow. If you have friends or family in marketing, you may be able to utilize their services at a discount.

Developing your product from an original idea was a major hurdle, but it's only half the battle. If your product is still in development, think ahead about the steps that must still be taken once your product is ready for the market. Planning ahead will allow you time to save for all the added services that will ensure your product has a real chance of success.