If you have an idea for a product that you feel consumers would buy, then protecting your invention is essential. Many people have great ideas, but they don't know what to do with these ideas in order to turn them into profitable businesses.

Here are three steps that you need to take in order to make your invention a success in the future.

1. Protect your invention with a patent.

In order to ensure that no one else claims ownership of your invention, you must protect your idea with a patent.

A patent establishes the ownership rights to intellectual property as well as physical property, allowing you to retain the right to sell your idea for a profit. Since the process of acquiring a patent can be challenging, you should partner with an experienced attorney who can help you file a patent application.

2. Market your invention to potential buyers.

If you want to turn your invention into a profitable business, you need to be able to find people who are willing to invest in your product. This requires that you use basic marketing skills in order to connect with companies or consumers who can benefit from investing in your invention.

Joining an inventor's support group can be a great way to gain access to useful marketing ideas that will help you transform your invention into a product that will be competitive in today's consumer market.

3. Learn the ins and outs of licensing.

Many inventors don't want to deal with the hassle of manufacturing and selling the product they have invented themselves, but they still want to profit from their idea. If you are worried about the stress that comes with manufacturing, you may want to look into licensing options for your invention.

Licensing grants a third-party company the right to produce, market, and sell your invention. You will be given a percentage of the profits or a licensing fee in exchange for giving the third-party company the right to utilize your invention for profit. Networking with other inventors and attorneys will help you determine if licensing is a viable option when it comes to transforming your invention into a profitable business venture.

Once you are able to recognize how easy it is to turn your invention into a profitable business, you will be able to partner with the people who have the knowledge and skill required to help you make your invention a success in the future.

For more information, talk to a professional like Inventor coach Brian Fried.