Is There an Invention Hiding in Your Small Business Idea?
A Home Business Article Contributed by G. Uma Bennett
Is There an Invention Hiding in Your Small Business Idea?
When inspiration strikes in the form of a small business idea, many times we overlook the value of the process. By definition, when we create something from an idea, we invent: which means, "to produce or contrive (something previously unknown) by the use of ingenuity or imagination". The result of this process is called an invention: "a new device, method, or process developed from study and experimentation". Inventions are not always big machines, in many cases they can be very small indeed.
Learning the value of your small business idea begins with research to find out if it is already on the market or not. There are many organizations that can help you develop, test, market and even sell your small business idea to companies that are always looking for new product or service ideas and will pay you handsomely if your idea is market ready.
Managing the Early Stages of Your Small Business Idea
After you have put your small business idea down on paper, the first thing you want to know is whether the product or service that will be the result of your idea is already on the market. Once you have that information, you can begin to look at the industry profile, consumer demographics, production and legal requirements to ascertain the amount of financing backing that will be required to create your product.
If your product or service will be used for consumption or may affect the health of an individual, check to see what licenses, permits and testing are necessary for you to operate legally. In addition, it is important to consult with an attorney regarding liability in cases of personal injury or defective products. With respect to the production process, get a clear idea of the amount of time, personnel, type of facility and equipment
required. In the case of a service, be sure you understand any local regulations that may apply to your provision of service as well as permits or licenses that are necessary to operate.
Safeguarding Your Small Business Idea
If you have a unique small business idea that your research shows will innovate a particular industry, it may pay you to investigate legal methods to safeguard your small business idea. An attorney can clarify what constitutes intellectual property, the process of the patent application as well as advise you on the preliminary steps that you will be required to take and the other means to protect your small business idea.
The most important thing to keep in mind is that ideas are valuable, they make millions of dollars for companies every year and most companies understand their worth and protect them. The best time to seek protection of your idea is before it goes into the public domain and is exposed to the competition. Once you have secured legal protection for your idea, you will have recourse if your idea is duplicated or its authenticity is challenged.
