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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.

Business Entrepreneur

Amazon sets eyes on couture with launch of online Luxury Stores

(ENTREPRENEUR) As of this week, Amazon is an online luxury retailer. Is this good or bad news for smaller luxury retailers?

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Amazon Luxury Stores logo

When I think of high-end fashion shopping, Amazon is not the first store that comes to mind. Groceries, random knick-knacks, and pet accessories for my adorable pooch are the items in my cart.

For years, the retail giant has tried taking over every single market. This year, they came one step closer to realizing drone delivery to customers. And now, they have their eyes set on couture.

This week, Amazon confirmed the launch of its high-end online designer fashion and beauty brand shopping experience, Luxury Stores. Currently, Oscar de la Renta is the first brand to launch on the platform, but more are on the way.

Available by invitation only to eligible Prime members, the store launched on Amazon’s mobile app. Eligible customers received early access to the designer’s Pre-Fall and Fall/Winter 2020 collections. The collection included “ready-to-wear, handbags, jewelry, accessories, and a new perfume,” according to Amazon.

If you’re a Prime member and didn’t receive an invitation, you can request an invite by visiting amazon.com/LuxuryStores.

Alex Bolen, CEO of Oscar de la Renta said, “Oscar de la Renta is thrilled to partner with Amazon for the launch of Luxury Stores.” He told Vogue that “somewhere near 100% of our existing customers are on Amazon and a huge percentage of those are Prime members. For me to get more mindshare with existing customers in addition to getting new customers—that’s the name of the game.”

According to The Verge, Amazon has over 150 million Prime members. With that big of a number and potentially huge customer overlap, we can all see why Bolen is so thrilled.

But what does Amazon’s break into luxury retail mean for smaller luxury retailers? Smaller companies are still struggling to keep up with the retail giant. With small brick-and-mortar stores fighting to stay afloat during the pandemic, could Amazon’s online Luxury Stores be an all-inclusive solution?

According to Amazon’s press release, the company doesn’t plan on only partnering with established fashion brands, but also with “emerging luxury fashion and beauty brands.”

“We are always listening to and learning from our customers, and we are inspired by feedback from Prime members who want the ability to shop their favorite luxury brands in Amazon’s store,” said Christine Beauchamp, President of Amazon Fashion.

Engadget reported that Amazon is taking a hands-off approach with Luxury Stores. The company will offer backend and merchandising tools support. Brands will have control over their pricing, inventory, and selection. With brands being able to have more control over their experience, maybe smaller luxury retailers will feel inclined to use this new sales outlet.

“It’s still Day One, and we look forward to growing Luxury Stores, innovating on behalf of our customers, and opening a new door for designers all over the world to access existing and new luxury customers,” Beauchamp said.

Amazon has yet to reveal which new luxury stores will arrive on the platform. Hopefully, we will also see our local luxury stores on Amazon in the future, too.

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Business Entrepreneur

Small businesses must go digital to survive (and thrive)

(BUSINESS ENTREPRENEUR) A study at Cisco reveals how digitizing small businesses is no longer optional, but critical to success, thanks to the pandemic.

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Black woman working on a laptop on a couch, running her small businesses' needs digitally.

As digital transformation efforts ramp up due to the COVID-19 pandemic, a new study released by Cisco has highlighted some key insights into how small businesses will need to adapt in order to survive in the “new normal.”

The study, conducted by International Data Corporation (IDC), analyzed more than 2,000 small businesses across eight different markets, including the United States, Canada, Germany, Mexico, United Kingdom, Brazil, Chile, and France. Using a four-section index to assess a small business’s digitalization efforts, the research found that 16% of companies said they were “thriving and feel their businesses are agile and resilient.” While 36% stated they were in “survival mode.” Regardless of where they were ranked in the index, the study concluded that 70% of firms were in the process of ramping up digital transformation within their company due to the coronavirus pandemic.

“The COVID-19 pandemic has exacerbated the digital divide that was already present in the small business market, and it is forcing companies to accelerate their digitalization,” said Daniel-Zoe Jimenez, AVP, head digital transformation & SMB research at IDC. “Small businesses are realizing that digitalization is no longer an option, but a matter of survival.”

The study also highlighted several challenges associated with digital transformation. The three biggest obstacles that businesses seem to face during the process were digital skills and talent, budgetary issues (lack of funds or previous commitment of funds), and cultural resistance to change. Despite these roadblocks, 45% of companies surveyed stated that they expect over 30% of their business to be digital by 2021. And 32% responded that they are planning on developing a digital strategy. This included investing in talent with the right set of digital skills moving forward.

Those decisions fall in line with Cisco and IDC’s recommendations. These include creating a three-year technology road map and building a workforce with the right skills to succeed in a digital world. Other suggestions include finding the right technology partner, and keeping up with industry trends. Leveraging financing and remanufactured equipment can aid with cash flow and budget requirements.

As small businesses continue to adapt to consumer behavior and the whirlwind of ever-changing rules that have come with the coronavirus, digital transformation will continue to play a major role in the post-COVID world. According to the report, if half of the small businesses surveyed can reach the second-highest tier of the index by 2024, those companies could end up adding an additional $2.3 trillion to the eight markets’ gross domestic product (GDP), contributing to the global economic recovery.

As we approach the six-month mark of the pandemic, just when and how the “new normal” will emerge is still uncertain. But there seems to be a light at the end of the tunnel for small businesses — even if it’s faint green and contains zeroes and ones.

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Business Entrepreneur

Choose your startup business partner wisely

(BUSINESS ENTREPRENEUR) Creating a startup business with a friend sounds amazing, but consider carefully if you may be better off as friends.

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Young couple working on startup together.

So, you want to be your own boss? Maybe get out and into a new career to crawl out from under the corporate drone motif? What better way to do it than to go into a startup business for yourself?

Hundreds of Americans have ideas that could turn into a new career. But not as many have the support structure, either financial or social, to make these dreams become a reality. A few of these people might look for someone to go into business with to help with the financial burden.

Can you think of a better way to start off a new business than with your best friend by your side? I sure as hell can.

My best friend and I get along great in our personal time. We’re both zombie horror nerds. He’s straight, I’m gay. He’s a cop, I’m an out of work geophysicist/bartender/writer – the jokes don’t quit with us. Our typical nights together include drinking at bars and smacking the other one upside the head as deemed necessary. We’re both slightly better than Neanderthals some days. And most importantly, neither of us should be trusted to work together.

Now of course that’s probably more specific to my situation, but let’s just realize that finding two people who can be the closest of friends and business partners is pretty rare.

There are a few people who have figured it out though and you can find a number of pointers online for new/established startup companies. A few of these tips include: Lots of structure to try and keep the fun at home and the business in the office, clearly defining roles, honest open communication, and strictly defining fiscal expectations.

So basically, it’s like committing to another marriage, which is what another set of people do for their startup business as well. Numerous married couples have put together careers and their relationships, and a great many of them are very successful.

So, if you have someone who you can commit to another potentially lifelong relationship with, and you trust to follow all of these rules, then go for it.

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