Should Your Hobby Invention Idea Become A Business?
You had a “light bulb” moment, and since you haven’t been able to shake the idea – in fact this genius thought has even begun to interfere with your daily routine. You think this is the invention idea that you could turn into a business.
So, you start plotting, and jotting notes, and Googling trying to validate your insight and see if it already exists. You are off to a great start, you are feeling so much promise! A quick stop by the hardware store to get a few things to tinker with was all you needed to help you form a tangible prototype and demonstrate your notion.Ta-Da! The next great idea is now in your hand, you are an inventor! You are changing the world, and you hope to be rolling in dough in no time!
Now What? Gather Business Information for Growth
The path as an inventor/entrepreneur is an exhilarating one, albeit rocky! You found InventorSpot.com because you love all things innovative. You are curious and inspired by creative new ways to solve everyday problems. Could your idea be the next underdog story that has captured your attention so many times before? As you explore and learn about ways to grow your idea, make sure to check back in with InventorSpot (and follow us on your favorite social media platform and RSS reader); we plan on adding some “Next Step” business articles into our mix to help you get educated on topics that are critical to the foundation of any startup business.
Define Success: What Are Your Goals?
Being an inventor is different than being an entrepreneur; they each embody different skill sets, and they are each noble in their own right. Although both roles may be known for their non-traditional thinking, high-held ideals and tenacity, an inventor is primarily driven by the goal of innovation while an entrepreneur is focused on maximizing a business opportunity to generate revenue.
An idea as a hobby is different than an idea as a profit focused goal. Having a hobby is important, it is an outlet to relax, and it is a way to think and explore with inhibitions set aside. Having a revenue stream is also important; it is what allows you to have a hobby! Many people want to turn their hobby into a business, which is possible, however it is critical to set goals and parameters. A business exists to make money; a hobby exists to have fun, and often costs lots of money.
What do you want out of this pursuit? People often want to have their own business because they know they want more income or control over their life. The mistake is made when they think that just because they refer to something a business, it will magically be all that was imagined.
The old adage is true “it takes money to make money” but it also it takes time, energy, effort and knowhow to pull all the pieces together into something of value. Sometimes even the best laid business plans never become profitable for many different reasons.
The Next Steps: Assess Your Strengths and Weaknesses
Bringing your new idea to the masses is a really big undertaking. If after some introspection and goal setting you think you want to pursue taking your idea from concept to consumer, then join me as I focus on different business elements and how they apply to your budding business.
Every individual has some degree of skills as both an inventor and entrepreneur, but they vary drastically from person to person. It is important to occasionally be introspective and understand your own personal strengths and weaknesses and how they fit in with reaching your goals. You may be amazing at engineering but hate thinking about sales. Skills can always be honed and improved upon; you may never be excellent at accounting, but you should strive to understand and practice the basic principles. I want to help you broaden your business knowledge, familiarize you with the many hats you may need to wear and sharpen your skills in areas you are weakest.
Are you still undaunted by the prospect of starting your own business? Are you sure? Here are a few other links to visit to help you confirm or sway your decision:
SBA 20 Questions Before Starting
Should I Start My Own Business?
The Disadvantages of a Hobby Business
What Should Founders Work On? [Venn Diagram]
Lace up your work boots and join me; there are many steps ahead to start a business from your invention idea!
Rachel Jackson - Peacock Publicity
Rachel Jackson is an Indianapolis-based publicist and integrated marketing consultant who is enthusiastic about equipping small businesses. She has been supporting entrepreneurs and startups for more than ten years by implementing bottom-line focused ideas. You can reach her at PeacockPublicity.com.