1. Do you have a budget?

Nothing happens until you spend little time, money or both. So - What is your time commitment, Hours/week? What is your $$$ investment?

2. What are your goals?

If everything goes right, this happens. What are your objectives - what do you want to accomplish? Start a business? Get rich? License your product? Just have fun (because everything doesnt have to make money!) Have a few products for you, your friends. Think about this - up front. Write it down.

3. Have you done a patent search?

I generally recommend a patent search. You can do this on line at USPTO.gov or the Google patent site. Even if youre not patenting your invention, its nice to know you arent infringing on someone elses patent.

4. Are you going to Patent it, or not?

A patent is a $5,000 to $10,000 expense. Yes, its that expensive. And most of the time, patent claims are narrow, indefensible, and easily circumvented. I generally DO NOT recommend a patent for most people - a patent doesnt protect you, a patent only gives you the right to protect yourself (by suing someone.) You dont need a patent to sell anything, but it does help when licensing.

In other words, can you sell it and make a profit? Not every idea can be sold at a profit. This doesnt mean the idea isnt great, it just means it may not be a commercial success.

6. What industries will your product sell to?

Is it specific to one or two, or is it so general you cant define the markets (which makes for harder and more expensive marketing.)

7. Will it sell itself?

If you product sells through a store like Home Depot - remember it will sit on a shelf with someone elses product on either side of it, and one on the shelf right above it, and one on the shelf right below it. Can a customer tell what your product is - and what it does - at a glance? (cause thats all youre getting)?

8. Can you make a few prototypes?

You cant show anyone your product without a prototype. There are homemade prototypes, made with available parts, working prototypes for proof of concept, professional prototypes, and manufacturing prototypes - how it will be made in volume. You should have one or more of any of these.

9. What is your own field of expertise?

Youve got to know your own strengths and weaknesses. Now you know what you can do, and now you know where you need to go for help.

10. What are your next 10 steps?

Yes, in order. Because if you dont know them, what are you going to do?