There are two routes of taking your idea to market licensing and self-manufacturing.  Which one is better for you and your product?  In the follow up article to Licensing – Pros vs. Cons, here is what you need to know about self-manufacturing.The definition of manufacturing is to make or process goods, especially in large quantities and by means of industrial machines; also the making or producing of something.  Self-Manufacturing is basically starting your own business and doing everything yourself; now it doesn’t mean that you will be producing your product from your basement.  It means that you will be in charge of dealing with everything i.e. the manufacturing, marketing, advertising, selling, etc. of your product.  You will be the head honcho.

Here are some of the pros for self-manufacturing:

  1. Retain control over your product.  You get to make the decisions on your distribution, your marketing strategy, how much you’re selling your product for, and others.  You get to make sure your product is being sold to the right type of customers and that it is what you want.
  2. There is a potential for you to make huge earnings.  If your product does well, you reap in all the benefits.  However keep in mind that you will need to make sure all your bills are paid for first, but you could end up making a decent amount of money.
  3. Success!  There was a study done, who found that almost half of all inventors that self-manufactured themselves, turned out to be successful.  Why, because when you have invested your time and money, you want it to succeed.  This drive to succeed can help you and give you the motivation to be successful.

Here are some of the cons for self-manufacturing:

  1. You will need to be knowledgeable in various areas i.e. marketing, sales, manufacturing, distribution, running a business, etc.  All of these areas are needed to help you get your product to market.
  2. Expensive! It could end up costing you a lot of money to start your business.  You will need some capital to begin.  If you do not get any business partners or investors, it can end up costing you a small fortune to get up and running.
  3. Time consuming. Businesses don’t start overnight, blood, sweat and tears go into getting a business started.  You could be spending countless hours on your business.
  4. There could be a potential for a huge lost, especially if you put in a lot of your own money.

As you can see there are some things you want to consider before jumping into self-manufacturing and starting your own business.  Some may see the potential to make huge earnings outweighs everything else.  If you are serious about self-manufacturing and starting your own business, make sure to do your research to see if it is the best option for you.  There are organizations out there that can help you start your own business.  As with anything, you want to make sure you do your research and due diligence on anyone you are thinking of using. Good luck!Further Reading:

The material in this website is commercially focused and generalized information and opinion about successfully working within the existing legal framework of Intellectual Property, patents and patent law; and should in no way be viewed or construed as legal advice. Advisors at Innovate are not and will not be lawyers unless this is specifically stated.