You may have had a great idea, and after months of hard work, your patent has eventually been granted. The process is a costly one, so it makes sense that if you’ve gone to the trouble of patenting your idea, you should be able to profit from it.
Many active patents aren’t licensed or commercialized so they don’t generate any money. Don’t let your patent lie around. There are ways to make money from it and the amount you will make depends on how you choose to use it.
InventHelp has a database of over 9000 companies interested in looking for new inventions. These companies represent many types of industries and are prepared to confidentially review your ideas. This does not guarantee you profits but may give you an indication of whether it is worth patenting your idea.
Profit from starting a business
One of the best ways to make money from your patent is to go through with the process of manufacturing and selling the product you invented. If you want to do this successfully, you need to ask some questions:
Does your product do a better job than existing products?
Have you assessed whether consumers will like it?
Do you have the money to manufacture and promote the product?
Will your price be competitive?
Start by writing a thorough business plan even if you don’t need outside funding as it will make sure you’ve considered all the aspects of business that determine your success.