Invent it sell it bank it

Prototypes are essential in transforming potential buyers' interest into excitement, prompting questions about product availability. They expedite product development and clarify the focus on key features. It's wise to create a prototype or mock-up as soon as possible. Entrepreneurs often assume their product will be universally desired, but a prototype can offer a reality check by gauging potential buyers' reactions.

In major cities, many businesses specialize in making prototypes, often using 3-D printing for rapid prototyping with various materials. An internet search for "prototype" and your location should help find these services.

Inventors are inherently passionate about their creations, but it's crucial to conduct thorough market research before mass production to avoid imprudent decisions. This research should focus on identifying competitors and understanding their manufacturing processes and marketing tactics, assessing the overall economic climate to gauge consumer optimism and business confidence, and determining the best market segment for the product launch.

Developing a product involves several crucial steps, starting with identifying a market niche and conducting thorough market research to inform pricing predictions. Understanding the market is essential before securing funding, which requires a comprehensive business plan. This plan should encompass an executive summary, company and market descriptions, product details, manufacturing or procurement, sales and marketing strategies, management team bios, intellectual property information, financial projections, and investment opportunities.

Patenting your innovative product idea typically offers significant benefits, primarily by providing intellectual property protection and acting as a deterrent to copycats. In the United States, the first-to-file system emphasizes the importance of filing promptly to secure your invention. The patent application process involves due diligence, requiring research to ensure your idea is original and not infringing on existing patents, a step that is crucial for clarity early in the development process.

Patents also make your business more attractive to investors, as they are tangible assets that can aid in securing funding. The initial cost of filing a patent varies, ranging from $2,500 to $15,000, and can be managed by hiring junior attorneys for preliminary work or by filing the patent yourself, though this is time-consuming. Experienced patent attorneys can be valuable, especially when filing utility patents, which protect the functionality of a product and require carefully crafted claims for adequate protection.

The importance of a compelling pitch for your product is crucial, often being the key to its success. Entrepreneurs on shows like Shark Tank meticulously practice their pitches, ensuring they can deliver them flawlessly. Similarly, you should prepare thoroughly for every pitch, aiming to make a memorable impression the moment you step into a buyer's office.

A perfect pitch is concise, enthusiastic, and gets straight to the point, quickly highlighting the top three selling features of your product. It should be engaging, lively, and stand out in a sea of pitches by being animated and perhaps even unconventional, prompting the buyer to ask questions.

To ensure readiness for your initial purchase order, it's essential to have everything set for immediate production. This includes choosing a manufacturer, where a hybrid model might be optimal. This model combines manufacturing labor-intensive or costly parts overseas with local assembly, creating jobs and attracting investors. Localizing development, warehousing, marketing, and legal work also boosts community employment.

Selecting a contract manufacturer requires a systematic approach. Start by identifying factories that produce similar products and their locations, which can be found through your prototype maker or online research. Then, reach out for references and details. Visit the most promising factories to evaluate their facilities, meet the owners, and build trust with key personnel. After selecting the best option, negotiate terms and pricing directly or via a manufacturer's representative, who may charge a 5-10% commission.

Once your production line is operational, it's tempting to relax, but that's when you should shift gears from sales to problem-solving. Building a network of relationships with individuals who feel valued on your team is key to facing challenges. These bonds should be formed before they're needed.

Getting to know your colleagues is a valuable step often overlooked due to time constraints. Yet, investing time to learn about their lives and interests, like their family, hobbies, or pizza preferences, is not just idle chatter; it's a strategic investment. This rapport earns you the privilege to seek help when facing special orders or issues, with the understanding that you'll reciprocate. When problems arise, be proactive. Investigate, consult with advisors, and heed their counsel. If you've fostered goodwill, you'll have a robust support network.

Being an inventor today means having the unique advantage of selling directly to consumers via the internet, a luxury not available to earlier generations who relied on wholesalers and retailers. Inventors can now market their products through various channels, including television appearances, their own websites, online retailers, or social commerce sites. Among these, a shopping channel like QVC stands out as an exceptional platform for new inventors.

A brief appearance on QVC can open up numerous retail opportunities and align inventors with renowned brands such as Apple, Nikon, Bose, Wii, Philosophy, Clinique, L’Occitane, Calvin Klein, Lucky Brand, and Dooney & Bourke. QVC, which shipped over 166 million products in 2012 and boasts a viewership on par with major networks, is a coveted retailer for every major brand.

Social media has transformed communication and marketing, offering a cost-effective way to reach large audiences. Its true power lies in direct engagement, creating personal connections with brands. To leverage social media effectively, it's important to avoid constant selling, which can be off-putting. Instead, a mix of entertaining stories, striking images, and occasional product promotions can engage and entertain followers.

Think of your website as a portfolio of your finest work, while social media is a dynamic platform for sharing timely, engaging content. This combination keeps your brand relevant and top-of-mind. Social media also provides immediate feedback on the effectiveness of marketing messages, helping to gauge what clicks with your audience.

Creating a single remarkable product and establishing a viable business around it is indeed a commendable achievement. Few inventors get to witness their creation making its way into the mainstream market and experience the joy of creating something that enhances people's lives, even if just slightly. However, for most inventors, the sweet taste of success only intensifies the desire for more, both for themselves and their customers. If you've successfully launched a product once, why not do it again? Indeed, you can, and it will likely be easier the second time around. The best part is that you don't have to start from the ground up. - Lori Greiner