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If you end up with anything, it'll be a useless design patent. These companies (also sometimes called invention promotion companies) will tell you your invention is just what the market needs, but they'll ask for money up front, claim it's a bargain, and not put you in contact with a patent lawyer. Some patent services will connect you to the professionals you need, but others will take your money and do nothing, or even steal your idea. However, you should also be very careful whom you trust.
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These services cost money, but you need to invest a lot into your invention if you want to profit from it later. They can help you craft your invention, get your patent, and then sell, license, or use it for yourself. There are inventor resources out there for every step along the journey. Understanding your invention's life cycle is an important part of estimating its profits. And don't forget that the market is dynamic, and what appeals today could be out of fashion tomorrow. However, you should have some solid numbers for how much money you can expect to make from your invention before you start investing in patents and marketing. It doesn't have to be a big market if your product is cheap or if there's strong interest in a small market. Not only should you know about your competition, you should also know whether there's a strong market for your invention. This lets you know what to avoid, what to change to make your invention unique, and what to improve to make it better. Even if you don't want to dig through the patent records themselves, you should at least research your competition and see what already exists. With over seven billion people out there, one of them might have invented what you want to create already. Five or six figures is much more realistic, but that's only if you put in a lot of effort, invest a lot of money, and don't hold out for a jackpot that may never come. So, 78 percent of inventors expect to make big bucks, but only 5 percent of patents even go commercial, and fewer than 1 percent generate seven figures for the patent holder. A recent survey showed that 54 percent of inventors think their invention will make over $5 million with another 24 percent expecting at least $1 million. That way you can set realistic goals and the results won't disappoint you no matter what they are. The first thing to do when you try to make money off your inventions is to keep your expectations low. Inventing as a hobby can be great fun, but you'll need to put in a lot more effort if you want to make a profit. However, you shouldn't expect to get rich just from following your heart. If you want to invent something because you always wanted to do so or because you're passionate about the product, that's perfectly fine. However, there are several ways to profit from an invention idea you should know about. A great invention at the perfect time can earn the inventor millions, a few good inventions can keep the inventor going for years, or inventingĀ can be a money sink that never amounts to anything. The question "how much do inventors make" does not have one answer. Updated July 7, 2020: How Much Do Inventors Make? What to Do After You Have an Invention 5. The 6 Ways to Profit from an Invention 4.