Getting a patent is a serious investment of time and money. Gene Quinn, IP attorney and founder of IPWatchdog.com offers a chart of how much various types of patents cost. Depending on the complexity of your invention, the cost of patenting it can be staggering. According to Quinn, a “relatively simple” invention (such as an electric switch, coat hanger, paper clip, diapers, earmuffs, or an ice cube tray) will cost anywhere from $4,000-$6,000 to patent.

If your invention is “relatively complex” (such as a shock-absorbing prosthetic device), expect to shell out anywhere from $12,000-$15,000. Furthermore, Quinn notes that the prices shown in his chart are “just ballpark figures” and warns that attorney fees could make the overall cost even higher.

It can also be very time-consuming. As many as 1-5 years can elapse from the day you file a patent application until the day when you actually have full patent rights. And it is not just a matter of filing the application and then passively waiting for the wheels of the US Patent and Trademark Office bureaucracy to turn. In most cases, you will be actively involved in the process, working closely with a patent examiner who is appointed to ask you questions and see to it that everything goes according to planned.

So despite what you may have believed or been told, getting a patent is generally not quick or cheap.

Let’s be clear: none of this is to say you shouldn’t get a patent. If you want to sell or license an invention, patent protection is indispensable. Rather, the point of this series is stressing that it is a big decision that should be researched, contemplated, and planned rather than rushed into.

Several important things must be taken into account. They include:

1) Whether your idea is worth patenting (is there a market?)

2) Whether you have a viable plan and the resources to commercialize the patent

3) How long it will take to execute said plan

While it is impossible to know all the details in advance, these questions must be considered. Just as you wouldn’t buy a car without knowing the fuel mileage it gets or how quickly it depreciates in value, you should not get a patent without some idea of how and when you will capitalize on it.

Do not dismiss these concerns as “things you’ll figure out later.” Later is often too late, and the worst thing you could do is pay $4,000-$15,000 or more for patent you don’t want to or cannot capitalize on. So let’s begin by asking some questions to determine whether your idea is worth patenting.

Who will buy it?

There’s nothing worse than wasting weeks, months, or even years theorizing about a creation that’s “gonna be soooo great!” only to discover that no specific segment of customers truly wants it. To avoid this nightmare scenario, tell others about your idea. Ask them if and in what way it would truly improve their lives. The trick here is asking people who don’t know you very well. They are more likely to be honest instead of preoccupied with not hurting your feelings.

How will it be mass-produced?

Another common pitfall is glossing over the messy particulars of how something will be made. In the euphoria of brainstorming, your mind is naturally drawn to the sexy aspects of invention, such as the huge market waiting to be capitalized or your pitch to investors. Instead, force yourself to focus on exactly what it will take to bring your patent idea to life. How can it be made? What materials are needed? What types of skills are necessary to put it all together? Having firm answers to these questions turns you from dreamer into doer.

How much will it cost?

If technical particulars are easy to glaze over, forecasts about costs are downright ignored until it is unavoidable. This is a mistake. Crunching the numbers of how much it will cost to create your patent idea is not only necessary for investors to take it seriously; it will also make the idea real in your mind. Once you know what it will take to make your idea, do some basic research. Where can the materials be purchased cheaply? Do you know anyone with the necessary skills who will work for a stake in the profits instead of up-front cash payments? An entrepreneur who can answer these questions will be taken seriously by everyone involved in the patenting process, from attorneys to the professionals in the industry you are trying to enter.

How such products normally sold?

Finally, you need to know how your product will reach paying customers. If your idea is for a new, thinner and more puncture resistant bicycle tire, for example, you need a list of the top bicycle manufacturers in the country. These are the people who could potentially license your patent and put your patent idea into practice. A possible next step would be gathering the names of the top bicycle retailers. These are the stores who would be selling the bicycles. This type of analysis forces you to trace the chain of people you’ll need to work with in order to succeed.

If you had trouble answering these questions, your idea may not be ready for patent protection. Don’t worry, as this does not mean your idea is worthless! All it means is you need to do some more homework before spending years and thousands of dollars on a patent.

If you were able to answer these questions, proceed to Part 2 of this series which deals with coming up with a plan to commercialize your patent.

Read Part 2 Now.