Getting your idea out there
You have an idea. It’s brilliant. It’s going to make your life and millions of other peoples’ lives better and easier. You have some idea of how to make it all happen, but there is a fear of taking that risk.
Being well informed is the best way to reduce the amount of risk you are taking. Instead of talking about spreadsheets or how to tweet about your idea, we’ve tapped the mind of Tamara Monosoff, who has authored six bestselling books, is an award-winning inventor, and coaches people just like you every day to succeed wildly.
Monosoff offers the following 10 tips in her own words below:
1. Treat Your Product Idea as a Business from the Start
There is no true short-cut. With an open mind, analyze and understand the design and production costs, market size, selling price, profit potential, and competition BEFORE you spend money bringing your product to market.
2. Bring Your Product to Life with a Prototype
Start with something basic that will be refined over time. It does not need to be expensive or fancy.
3. To Patent or NOT to Patent?
A patent can be a useful tool but it is not a requirement and sometimes a waste of precious resources. Consider taking advantage of a Provisional Patent Application (PPA) first. It is a placeholder that will buy you 12 months of time before you have to officially file a utility patent.
4. Make it Simple
Many new product ideas include flashy features from electronics to excessive bells and whistles that drive up production costs and the retail price. Creating high-quality products with fewer features–but priced right — can mean more sales and money in your pocket.
5. Raise Smart Money
Use crowd-funding, microloans, credit lines, and new online options that fit your business. There has never been a better time to fund your business.
6. Use Creative Sales Channels to Sell Your Product
Sell to thousands of people through the abundance of new BOGO (Buy One Get One) and “deal” websites such as Zulily.com and KidSteals.com, catalogs, and through local retail purchase programs offered by major retailers like Sam’s Club.
7. Get on Camera
Use video to promote your product. YouTube is the second largest search engine in the world and a key platform for online video marketing. With the help of video and social media platforms; such as Facebook, you can generate immense traffic, brand awareness and sales.
8. Be Cautious of “Opportunities”
Be careful to scrutinize companies that offer to market or license your product with sweet deals that sound too good to be true. Use the same good practices you would use to select a contractor, plumber, or new nanny.
9. Use Powerful and Inexpensive Technology to Build an Efficient Business
There are many new options available today, from website platforms such as Shopify.com and Weebly.com that include e-commerce capabilities, communities and that integrate with inventory systems such as StitchLabs.com, to bookkeeping tools such as QuickBooksOnline.com, Yendo.com, Freshbooks.com, Xero.com, to customer relationship systems such as ZohoCRM.com and FreeCRM.com.
10. Celebrate Your Successes… Large and Small
Recognize setbacks for what they are an unavoidable — and sometimes the most valuable — part of the journey. This is an opportunity to build a business and life that you LOVE.
Thank you to Tamara Monosoff for her insight outlined above – now get out there and nail it!