Profit -- it's the elusive symbol of success that nearly every inventor and entrepreneur dreams of and strives for. Most would agree that this accomplishment is typically reached by the successful placement of your product in the marketplace. But to achieve this goal there exists two distinct paths: licensing and manufacturing.
Neither process is superior or inferior to the other, but each demands a distinct and separate set of skills and abilities. Play to your strengths! Choose the path that works best for you.
The first step for both is actually the same: studying the marketplace. The old adage "knowledge is power" is hugely relevant here. It is crucial that you gather information on every aspect of your potential product's market, including the answers to these questions:
- Who are my major competitors?
- Who are the smaller producers?
- What are my potential sales?
- How large is the market?
- Who are the primary consumers?
- What is the benefit of my product in relation to my competition?
