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10 tips for taking a product to market and succeeding wildly

(Business Entrepreneur) Getting a product to market is more than just dreaming up an idea – reduce your risk by being well informed, and be armed with information that will help you to succeed wildly.

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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.

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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!

Marti Trewe reports on business and technology news, chasing his passion for helping entrepreneurs and small businesses to stay well informed in the fast paced 140-character world. Marti rarely sleeps and thrives on reader news tips, especially about startups and big moves in leadership.

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Business Entrepreneur

Every modern business needs to automate these important processes

(ENTREPRENEUR NEWS) If you’re still handling the majority of your business functions and processes manually, you’re missing out on a chance to grow.

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Automate your biz

We’re living in an era of tremendous innovation. But not only are business technologies rapidly advancing, they’re also extremely cost effective. If you’re still handling the majority of your business functions and processes manually, you’re missing out on a chance to grow.

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There’s something to be said for performing tasks manually, but if you’re attempting to do everything on your own, you probably have an issue with control. You’re worried about what will happen when you step away and aren’t quite sure of how your business will respond. Well, here’s a news flash: The most successful small businesses in the world are automating many different key activities, including the following:

1. Employee Scheduling

“If you’re still scheduling your employees using pen and paper and then calling them individually or making them come into work to learn when they are working, you are living in the past and need to modernize your process,” ShiftPlanning clearly explains.

It may seem like a basic business process, but employee scheduling is extremely important for many companies.

You need to ensure you have the right number of people working at every hour of the day, as well as the right mixture of talent and personalities.

Thankfully, you don’t have to handle this responsibility on your own. You can streamline and automate the entire process with employee scheduling software.

2. Social Media

For small businesses, social media is a big priority. Platforms like Facebook, Twitter, and Pinterest allow you to put your brand in front of thousands – even millions of people with the click of the button. But if you’re like most businesses, you don’t have the time or resources to spend 40-plus hours per week working with social media.

Don’t fret, though. Automation is possible in this area as well. In fact, social media automation is a swiftly growing industry that features dozens of reputable tools that can take your business to the top. Here’s a look at a handful of the top ones.

3. Human Relations

Most people don’t realize that you actually automate many different HR tasks with relative ease. While it’s still a good idea to have an HR person on staff (or at least someone who has experience in the area), HR software can reduce much of the burden associated with maintaining a full-blown HR department.

With HR software like Zenefits, Justworks, or Algentis, you can automate tasks like compliance, benefits, insurance, taxes, and payroll – all things that otherwise take up hours of your day. This also lets you move towards a paperless system, saving money and space.

4. Backup and Recovery

If your business has ever experienced data loss, you know how significant and detrimental it can be. However, you’re also aware of how time-consuming it is to manually backup files. It’s easy to forget, space is at a premium, and you aren’t even sure you’re doing it the right way.

This is where automated backup and recovery comes into play.

An automated solution handles the process without any need for manual intervention and ensures your data is waiting for you in the event of a disaster.

How does that sound?

What are you waiting for?

If you aren’t currently automating business processes like these, you’re well behind the curve. Whether you realize it or not, you have access to tremendous tools that allow you to streamline these responsibilities with relative ease.

Take advantage of these opportunities and actively work to push your business forward. It’s the businesses that automate that will excel in the future.

This story was originally featured on November 11, 2016.

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Business Entrepreneur

7 books every entrepreneur should read

(BUSINESS ENTREPRENEUR) You’ve heard it said, “do as I say and not as I do.” Read these books from authors who have figured out what works and what doesn’t when starting a business.

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The power of books

If you’re thinking about leading a startup, but not sure where to go, the internet is often the first place we look. Surely, you can find dozens of blogs, articles, stories, and opinionated editorials that can help give you something to think about.

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However, there are tons and tons of great books that can help you think about what you need to get started, how you need to change your mindset, or challenges you may confront as you begin your startup journey. Take a look at the following 7 you may want to add to your bookshelf.

1. The Startup Checklist: 25 Steps to a Scalable, High-Growth Business
This text not only boasts a 5 start rating on Amazon, but offers what few books do – practical, tangible, down to earth advice. Where lots of books try to tell you a story, talk strategy, and share wins, author David Rose instead focuses on advice that assumes no prior experience – and breaks it down from the fundamentals.

2. Nail It then Scale It: The Entrepreneur’s Guide to Creating and Managing Breakthrough Innovation
Nathan Furr and Paul Ahlstrom focus on creating a lean startup by offering a step-by-step process that focuses on nailing the product, saving time, and saving money. The first step is about testing assumptions about your business, and then adjusting to growing it (hence: Nail It and Scale It). Strong aspects of this book include a great theoretical foundation, and an easy to follow framework.

3. The Founder’s Dilemmas: Anticipating and Avoiding the Pitfalls that Can Sink a Startup
Wasserman’s strength here is that he focuses not only on the financial challenges, but identifies the human cost of bad relationships – ultimately how bad decisions at the inception of a start-up set the stage for its downfall. This book is a great tool to proactively avoid future legal challenges down the row, and also discusses the importance of getting it right from the start.

4. The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers
Horowitz writes about his experiences, taken from his blog, in a way that even inexperienced managers can touch and learn. The advice here really focuses on leading a start-up, and what lessons his experience has given him. Presented in a humorous, honest, and poignantly profane way.

5. The Startup Owner’s Manual: The Step-by-Step Guide for Building a Great Company
Blank and Dorf here standout due the sheer mass of this text. A comprehensive volume at 573 pages, my favorite piece for new investors is a focus on valued metrics – leveraging data to fuel growth.

6. The Subtle Art of Not Giving a F*ck: A Counterintuitive Approach to Living a Good Life
A personal favorite of mine, this book is recommended for entrepreneurs not because it’s focus on business, but as a reminder that those of you wanting to start up are people. You have limited resources to manage as a person, and will need to adjust your perspective on what you care about. This book is about changing your mindset to pick your battles and be more focused.

7. Disciplined Entrepreneurship: 24 Steps to a Successful Startup
Bill Aulet starts with an approach that entrepreneurs can be taught, and breaks down the process into 24 steps, highlighting the role of focus, the challenges you may encounter, and the use of innovation. This text wins due to its practicality for new start-ups, and a specific method for creating new ventures. It also features a workbook as an additional, optional resource. Check it out on Amazon

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6 entrepreneurial tools for startup productivity

(ENTREPRENEUR NEWS) Whether you’re a small business or startup, improving efficiency means more money and less stress. Here are six tools to help do just that!

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All good entrepreneurs are full of ideas

Truly great entrepreneurs are also well organized and know which tools will help them see their ideas to fruition.

That can be key for getting a startup business off the ground. Good ideas and a strong entrepreneurial spirit aren’t always enough on their own. Sometimes you need the right mix of technology and tools to keep the more mundane and tedious tasks from bogging down your efforts.

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Here are six tools almost any entrepreneur can use to help keep productivity high when starting a new business:

Lawtrades: For legal help

For most entrepreneurs, it’s not the most exciting thing in the world, but making sure you have your legal ducks in a row is important for any startup. Lawtrades helps with that while trying to keep costs down — music to the ears of any startup business owner.

The service is a legal marketplace of sorts designed specifically for startups and entrepreneurs. It connects business owners with legal professionals that it claims don’t charge “bloated law firm hourly rates.”

Lawtrades offers a number of services, including business formation, employment and labor, contracts and agreements and intellectual property.

Do: For productive meetings

Anyone who has started a business knows that it doesn’t happen without a multitude of meetings. Do is a service that can help make your meetings productive so you can waste as little time as possible.

The app allows you to plan and share an agenda to make sure everyone is on the same page. Other features include the ability to track accountability by showing you which points and/or tasks have been covered.

1Password: For easy password management

Starting a new business likely means starting and managing lots of online accounts. The 1Password app from AgileBits helps you save time by remembering passwords and other information for you.

The app helps you generate strong and unique passwords for your many accounts, and secures them behind one safe password known only by you. The app doesn’t only work for passwords — it can also help remember other information such as credit card numbers, safe combinations or street addresses.

Kanbanize: For product development

If your startup involves a specific product or set of products, Kanbanize helps you develop them with your team without bogging down the process. The software allows you to post and share boards that include product information and progress, and you can choose which people see which information.

For example, if you want to update investors on the status of your product development, you can share certain boards with stakeholders and no one else.

Evernote: For organization

There are many applications available that aim to help team productivity, but Evernote is one of the best.

The software allows you to collaborate with your team all within one workplace, keeping projects and other work together. You can also give feedback on ideas and share notes while syncing the data across computers and phones.

There are many other features as well, including in-app chat functionality and integration with Google Drive.

TaskHusky: For web development

Almost any new business will want some sort of business, but a staff of web designers and developers isn’t always an option for startups. That’s where TaskHusky comes in.

TaskHusky is an on-demand service for small businesses that need help with one-off tasks with the Shopify, Bigcommerce or WordPress platforms. The company has a simple three-step process: You create a task and pre-pay, a TaskHusky team member is assigned the task and gets to work and the task is completed and is sent back for your approval.

The takeaway:

Smart entrepreneurs understand they can’t get everything done on their own when it comes to starting a new business. These six tools may not be everything you need to launch and maintain a startup, but they will go a long way to helping you keep productivity at a high level.

#productivity

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