Coming up with a great new idea or invention is only half the battle. The other half is developing an effective business model around your idea. There are probably many resources in your area, including chambers of commerce and your State Corporation Commission, which may provide guidance in helping you select a business structure (e.g. corporation, partnership, etc.), a business name, and a business plan.
Prepare a Business Plan
Having a realistic business plan is very important to any new start-up, as it helps keep you moving in the right direction. However, a business plan is often a work-in-progress and will likely evolve over time.
Create a Brand Identify for Your Invention and Get it Trademarked. A strong brand name or logo can help you establish a unique presence in the market. For many companies, their brand name or logo is one of their most valuable assets (e.g. Rolls Royce ).
You should have a professional trademark search done on your brand name or logo to help you avoid infringing an existing trademark and help determine the likelihood of successful registration of your mark with the U.S. Trademark Office. You can find some really good tips from http://blogs.bu.edu/suechen/inventhelp-taking-inventions-from-paper-to-the-global-marketplace/ as well.
Research Your Field
If your invention or technology falls into a specific industry, such as the medical field, you should learn as much as you can about the people and organizations who would need or want your invention. For medical equipment, the National Institute of Health is a great resource.
Libraries can also be a great source of information about an industry and companies in that industry. Studying about problems facing people or companies in the field can also help you discover other applications for your invention.
Make sure you also find out about any regulatory and licensing requirements that apply to your product (e.g. FDA requirements). Applications to one or more regulatory or governmental bodies may have to be submitted before selling your product.
A feasibility study helps you assess whether your development plan can be accomplished within budget. This may involve talking to engineers, mold makers, industrial designers and prototype developers to determine what can be made within the scope of the patent or patent application and the costs involved. In some cases a manufacturer may have all of these resources available to you – i.e. a one stop shop.
Build a Prototype
Building a good prototype is often crucial step in development because there are cost implications if changes have to be made after molds are created. You should consult with the mold maker and/or manufacturer before committing to a final prototype, as it may help you reduce costs by making a cheaper, better mold from the prototype as seen in http://www.sfweekly.com/sponsored/why-inventors-turn-to-experts-like-inventhelp/ article.
Once the molds are made, they are sent to production/manufacturers.
The type of material used for your invention can also affect your costs (e.g. light vs. heavier plastics). Such considerations should also be included in your feasibility study.