Jumping out?

If you look at any invention, there is usually a normal person just like you or I who invented it! Check out the biographies here Admittedly, having a large wod of cash helps but that's what backers are for ( if you can get them interested!).

The "average" American? The ones who watch "Desperate Housewives" reruns while choking down 3.5 servings of greasy double-cheese takeaway pizza and yelling at their kids to keep that danged rap music turned down? Those people?

Maybe - just maybe - there are a brilliant few who have at least a chance at actually cobbling together some gizmo that the average American might impulse buy with their last $20 while in the checkout line of Wal-Mart. But even at that the actual inventor won't see much return on his hard labor because by then he'll either have sold his brilliant idea for a pittance to some development company which will further scam him out of any royalties due OR some Asian company will quickly knock it off and sell it for $10 at the checkout line at Wal-Mart.

But don't let me discourage you. By all means, take your shot!

Hello charlene

You say: <"Especially if elctronic"( electronic)>

As others advise above, if you manage to create a "must have electronic product", you can guarantee it will be copied and millions made in China at below your costs for materials.

If you want to start a "Cottage business" look for a niche market, in something you can purchase the materials cheaply, work from home, add value, and is not worth being cloned in cheap labour countries.

It will take a year or two before you start making a good profit, and remember most owner-operated businesses fail within those first two years, either because of cash-flow problems, or weariness on the part of the owner.

If you can survive those first two years, you are on the way up.

Best wishes to you, in your endeavours.

Kind Regards....

products much more difficult than services.

Business for oneself is very easy.

Success more determined by your passion than anything else.

my 2 sense

milo

My Dear Charlene,

To me, the hardest part is to do the jumping. Once you have made the decision and follow all the advise from our experienced friends the hardest part is to give up the certainty of a paycheck at the end of the month and just JUMP.

My experience: I jumped too soon (ok in all honesty, I was nudged slightly by my employer of the time and then tripped by my ambition), took a 9 year dip and in year 10 made it back. Now I am very glad for the 9 years of "school fees" paid. It taught me to never give up, to be satisfied with what I have (and not what the Jones's have) and to keep my head up, no matter what.

Cash is not a real stumbling block. I found it out this year that if you have a good idea, there are many people who wants to buy a share of the future profits, and a few who will just lend you the money. Again, ask advise on what type of finance you should choose. Do not be shy to say what you think the profits could be. I was amazed at the amounts of money some investors were willing to pay to get in bed with me. I am still deciding on the route to take, but be assured I will not sell my idea, I stay the major shareholder.

Anyways, enough rambling of my achievements. Good luck and congratulations.

Have fun. Keep us posted. You also welcome to send PM to me for support . I am not in the electronic field, but understand a few things of business.

TC

"Buying a share of the future profits" isn't that part of a business when one needs help. not all have the funding for even small business capital, let alone when thinking of ANYTHING in electron-mechanical engineering. Yet think of the small guy in any part of the field.

One of the replies spoke of marketing- isn't the 1st question, who's the market?

We all know some applications in anything electronic isn't easily developed in the garage or basement.

Seems even approaching the bigger companies is a automatic give-away, so at times selling isn't even an option.

"Buying a share of the future profits" isn't that part of a business when one needs help. not all have the funding for even small business capital, let alone when thinking of ANYTHING in electron-mechanical engineering. Yet think of the small guy in any part of the field.

Hi Charlene,

It is not so gloomy situation. It seems that you have what is the most important part: the idea.

To materialize it, doesn't take more than a garage. With less than $100 -$200 you buy most of the parts that you need. With less than $1000 you buy the necessary lab equipment including programmers for cpld's or PIC's (I assume that you, already, have a computer). If in need of mecanical work there are, still, shops kept by a single person willing to help at reasonable prices.

Now it comes the real difficulty. The time dedicated to your invention. If you work for a living, you must find the time to work to your idea. It comes more dificult if you have to joggle with some classes or a personal (family) life.

After you came with the test device, and it works, you are not out of the woods. You must draw the circuit board. I asume that you have a drawing package (you can have a working one, two layers, for less than $200). To order a set of printed circuit boards, of a reasonable size (6in by 4in) it costs you $150. You can populate yourself, and start some more thorough tests.

Only after you have tested for the temperature range that you intended for your gizmo, you can build ten more (or so) and let them work for at least one week.

In this moment you are ready to go to the next steps, which have been shown in the other postings.

It could be that you are not skilled to perform what I consider that can be done in your garage, in your lap. Then you must think of a partener, and here, in my opinion, starts the dificult part.

If the product is electronic I suggest you consider farming out the assembly. There are many companies that do this. Some will do short runs. You can find them online and there are usually several exibiting at trade shows.

That's better than investing in equipment only to find out the product won't sell. Personally I think it is usually better than trying to do it yourself under any circumstances, depending on the nature of the work.

Service vs product. Each has it's benefits. The problem I have with service is that it has no leverage. You are selling your time or the time of others and are limited in profit potential. Often you are competing with thousands of moonlighters.

Realize that taking an idea to market requires significant capital. If you have an idea for a commercial product it will require certification by a recognized testing entity; UL, CSA; CE. Developing the product and testing for shock, environmental, EMI and circuit protect will require an outside lab. Once the prototypes are tested and qualified buying the components and subcontract work at a competitive price, while keeping your overheads and GNA at a minimum (wait for the corporate Mercedes). Incorporate to keep your personal assets isolated via the corporate vail. Environmental law compliance can be a full time job. Setting up the manufacturing area with equipment.

The romance of being in business for yourself requires money, passion, money, dedication, money, the ingenuity to offer something newer, better, cheaper and did I mention money.