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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

Google makes it easier to identify veteran-owned businesses

(BUSINESS) Finding veteran-owned businesses just got easier thanks to a new feature from Google (one that veteran business owners can easily take advantage of).

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Google My Business (GMB) is the main database for search engines. It’s a powerful tool used by consumers and businesses. To help customers and business-owners, GMB added a very important category last fall. Businesses can now be identified as veteran owned.

The U.S. Small Business Administration estimates that there are 2.5 million businesses majority-owned by veterans in the United States. In one report, these veteran-owned businesses employ over 5 million people and have an annual payroll of $195 billion. Texas ranks #2 in having the most veteran-owned businesses, following California.

The support that Americans give vets is inspiring. The cool thing about this feature from GMB is that it helps consumers find businesses to support. The men and women who gave service to our country deserve support once they’re civilians. Look for veteran-led businesses when you use Google.

Customers aren’t the only ones who will take advantage of knowing whether a business is owned by a former service member not. Fellow vets often go out of their way to support each other. Who better to provide information about resources and opportunities than someone whose been there?

If you’re a business using GMB, it’s easy to add this attribute to your listing. It’s under the About category. The instructions for mobile and desktop can be found here. The only other attributes currently available are family-led and woman-owned.

It’s unknown how many people actually seek this information out or will actually use it. It’s estimated that about 10 percent of small businesses in the U.S. are veteran-led. These businesses aren’t just providing an economic impact on communities. Veteran-owned businesses hire fellow vets in higher volume than non-veteran-owned companies. USA Today reported that vets thrive in the small business world, attributing success to their core values, such as discipline and organization that make vets able to commit to a business and serve customers.

We applaud Google for adding this attribute to their database of information.

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Business Entrepreneur

How to know when it’s time to go freelance full time

(ENTREPRENEUR) There may come a point when traditional work becomes burdensome. Know how to spot when it is time to go full freelance.

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Freelancing is often thought of as a mythical concept, something that is almost too good to be true. While it isn’t all about hanging out at home in your pajamas all day, being a freelance is something that is completely possible to be successful – assuming you do your homework.

Recently, a friend of mine who is a licensed esthetician was no longer happy with her position at the salon and spa she worked for. The set hours were becoming a burden, as was having to divvy up appointments between another esthetician within the salon.

She noticed an increasing number of people asking her if she could perform services (eyebrow and lip waxing) from her home, as they preferred not to go into the hectic salon. My friend also found an increase in requests for her to travel to bridal parties for their makeup, rather than the parties coming into the salon.

It was around this time that my friend began to seriously consider becoming a freelance esthetician, rather than a salon employee. After about six months of research and consideration, she decided that this was the best route for her.

Below are the reasons she felt ready to pursue this option, and if they resonate with you, you may be ready for a full time freelance career.

1. She had a number of built-in clients and a list of people she could contact to announce her at-home services. Doing this at the start of one’s career would be very difficult without a contact list and word-of-mouth references, so it’s important to have…

2. …experience! My friend had worked for a number of salons over the years, and had the experience of working with all different types of clients. She also learned what she liked and didn’t like about each salon, which were pieces that factored into her own work-from-home space.

3. Since she had years of experience and had done all of the necessary aforementioned research, she knew what was expected of her and knew that getting a freelance career off the ground wouldn’t be a walk in the park. Operating a freelance career is completely on you, so you have to be 100 percent dedicated to making it work – it won’t just happen for you.

4. Once she began thinking about this idea nonstop and became more excited, she knew it was time to move forward. At first, the “what ifs” were daunting, but became more positive as time went on. If the idea of being a freelancer elicits more smiles than frowns, definitely take the time to consider this option.

5. In addition to the clients she already had, she also had an amazing support system who helped her develop her freelance brand and get her at-home business up and running. Having a solid group of people in your life that will help you is crucial, and any offer for help should be appreciated.

Other things to consider are: do you have enough money saved in case the freelance venture takes longer than planned to take off? If not, maybe stick with the day job until you feel more financially secure.

Jumping into something too quickly can cause you to become overwhelmed and drown in the stress. Make sure you’ve covered every single base before making this leap. Good luck, freelancers!

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Business Entrepreneur

Teach kids music and they’ll learn entrepreneurship

(ENTREPRENEUR) Sowing the seed of music education and appreciation in your child when they’re young is a great way to produce the fruit of entrepreneurship when they’re older.

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With all the focus sports gets as the petri dish for producing driven adults, I’d like to offer up a different extracurricular activity for your consideration: music. Supporting your child as they learn how to harmonize with others will help set them up for success later in life, as music cultivates many of the characteristics that entrepreneurs rely on every day.

Iteration

Anybody who’s played an instrument or been a part of a choir can tell you that the number one thing you’ll learn in a musical group is that you won’t make it unless you practice, practice, practice. Although in the moment it’s not that great to hear little Timmy or Ginny run through their C-scale a hundred times, a few years down the line when all those hours of iterating result in the lilt of Beethoven through your household, you can be sure that your kid has learned that repeating the little steps helps them achieve large goals.

Showmanship

A large part of being a successful entrepreneur is knowing your markets, or your audience, and able to keep their attention so that they come back to you when they need your business. Being a part of an ensemble not only teaches children to be comfortable in the spotlight but to crave putting on a show.

Teamwork

When young musicians come together to play in a band or raise their voices in a choir, they’re learning a lot about how to collaborate with others in order to achieve a goal. When a young alto sings alone, her notes may sound strange without the soprano tones filling out the melody. The duet that comes from them learning to work together and complement each other builds a strong foundation for any team venture your child will encounter later in their careers.

Competiveness

Although music provides a solid foundation in harmony, it also contains just as much grit and competition as the football field. Music groups compete in regional and national championships just as athletes do, and solos offer opportunities to self-select and advocate. Hell hath no fire like a second seat musician who dreams of being first chair.

Self Confidence

Unlike sports, music is accessible to those who might struggle with finding confidence. There are no “best” requirements to play—regardless of height, weight, and other characteristics that nobody has any control over—nearly anyone can pick up an instrument or find their voice. This perhaps may be the greatest gift that you can give your child, the confidence that no matter what they look like they can excel.

As your child begins to consider the different activities that will help them build toward their future, don’t discourage them from pursuing a musical path. When they have to stand in front of an audience of their peers and deliver a presentation with an unwavering voice, they’ll thank you for the years they spent getting comfortable in the spotlight. Especially if they pursue entrepreneurship!

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