It came to you in a vision — a metaphoric light bulb above your head blinding all those around you — that brilliant idea for the next new product. You're absolutely sure that once it is taken to market, consumers will love it.

Victor Frankenstein fashioned his creation and brought it to life (literally), then abruptly abandoned it. You, however, can do this. You've devised the concept, but there is a lot more to be done before it can be offered to the masses. And you must stick with it.

After all, creating a new gadget or gizmo takes a long time: having that inventive idea, researching the market, brainstorming and designing, creating a real and tangible version, testing and tweaking the prototype, filing the patent and, finally, having the invention go into production.

Unfortunately for many inventors — whether hobbyist or serious — the process of getting their product to market does not end there. It takes more than an inventive mind and a creative spirit. Success of the brand-new product still relies heavily on the final element: sales.

"To launch a successful product," according to Mom Inventors founder and CEO Tamara Monosoff, "it's critical to approach the process from a business perspective." (via Entrepreneur.com)

It's important to know that even if you're initially uncomfortable with the idea of selling, you can learn to do it, says Monosoff. "As the inventor/entrepreneur of your unique product, you alone are the most qualified person to sell it. You have the knowledge and passion to make it happen."

Then again, the process of selling a product requires a bit of knowledge before setting out to make it happen: You must create demand, position your product and make a plan.

As such, the following are Monosoff's tips to help you inventors and tinkerers avoid mistakes commonly make when managing a business, via Entrepreneur.com.

1) Hang on to your cash and research your product's marketability.
Do your research before investing too much time and money in your project. A quick online search can turn up similar or competing ideas and can inform you whether the competition is selling. If you move forward in development, maintain an open dialogue with your target market so you know what is working and what is not, and seek unbiased feedback. Also develop a sales plan; know which distribution channels you intend to use — direct sales, catalogues, online, specialty stores, retail stores, etc. — and/or which stores you expect to carry your product.

2) Understand the value of a patent.
Indeed, a patent can be a valuable tool to protect your product. Yet it is not a requirement, nor is it necessarily the first step you should take. Closely evaluate whether you actually need a patent right away or if your money might be better invested in development and manufacture, thus getting a leg up on potential competitors.

3) Use smart business practices.
A basic understanding of profit margins and mark-ups is essential, and tracking every dollar of your income and expenses is critical. This doesn't mean you need an MBA or even specific experience in the business world to launch a successful product. However, you should use common sense when creating a business to support your product. So shop around for the right manufacturer, presenting yourself professionally when selling your product to potential retailers or distributors, and keeping a close eye on your financials.

4) Get the word out.
You must create awareness about your product so consumers will seek it out and spend their hard-earned dollars on it. This requires some marketing savvy. Small budget? Consider e-mail blasts, PR and word-of-mouth as only a few ideas that won't break the bank. As well, plan to attend trade shows to present your product to potential retailers, sales reps and distributors. If you build it, they will not necessarily come.

5) Educate yourself.
Read, read, read: relevant business books, other (successful) inventors' processes, entrepreneurs' forums and Web sites. Keep up-to-date with business-related publications. There are plenty of resources available. Never stop learning; a good businessperson never does.

All of this having been said, if you have a passion for developing products but do not want to deal with running your own business, consider licensing. However, recognize that you'll still need to take a business-wise approach. And getting a company to license your product most likely will take a great deal of effort, including the development of a working or presentation prototype, research about potential licensors, and creation of market data and a professional presentation.

The good news is that the inventor mindset appears to be changing. Whereas it used to be all about the idea, now it is about turning the idea into a thriving business. Inventors are realizing that a great idea, even if it is patented, is only worth the paper it's printed on unless someone buys it.

If you can be as smart about the business side of launching the product as you were about the creative side of inventing it, you can avoid the common mistakes that inventors make when it comes to the business side of a successful — and profitable — product.

Primary Resource

Reinventing the Inventor
by Tamara Monosoff
Entrepreneur.com, Jan. 11, 2007

Additional Resources

Entrepreneur.com: Inventing

Inventors' Digest

Selling Your Invention
by Tamara Monosoff
Entrepreneur.com, May 1, 2006

4 Hot Inventing Trends
by Tamara Monosoff
Entrepreneur.com, Dec. 12, 2006