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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

PopCom designs smart vending machines to automate regulated products

(BUSINESS ENTREPRENEUR) PopCom raises $1.3 million in equity crowd funding to launch smart vending machines that will securely sell regulated products like cannabis and alcohol.

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Dawn Dickson is upgrading the beloved vending machine to thrive in the era of COVID-19. Dickson is the Founder & CEO of PopCom, a black-owned retail technology company whose mission is to “equip entrepreneurs and brands with future-ready retail solutions that allow rapid retail expansion, incredible customer experiences, and powerful sales data.”

Dickson started her entrepreneurial career with Flat Out Heels, rollable flat shoes that fit in a purse. The business was an e-commerce hit, relying on online data analytics to drive sales and growth. She found there was a disconnect in leveraging that technology when she looked for traditional vending machines to sell her products in places with high foot traffic like airports. Like any good entrepreneur, she created her own solution to the problem.

PopCom vending machines use facial detection and machine learning to create an interactive and intelligent retail experience. In 2020, the Columbus, Ohio based company is rolling out secure pilots for automated vending of regulated products like alcohol and cannabis. The machines rely on biometric analysis to verify identity, and can even anonymously evaluate age, gender, and emotional sentiment while a customer is browsing to convert sales. Products can therefore be available on demand with minimal human interaction.

The growth of this technology is timely as COVID-19 continues to ravage retail in the United States. “Vending machines and convenience services are becoming more essential, and retailers are looking for more ways to deliver their products direct-to-customer with less human friction. We are excited about what is to come,” Dickson told BlackNews.com.

And what is to come is coming quickly. Dickson just completed a record-setting equity crowdfunding campaign on Start Engine, being the first female founder in history to raise $1.3 million in just 47 days! Previously, PopCom raised an initial $1.07 million from their first campaign. According to SEC regulations, companies can raise up to $1.07 million from regulation crowd funding sources in a 12-month period.

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Business Entrepreneur

How to choose the right software for your business

(BUSINESS ENTREPRENEUR) What are the best software options for your company? Well, we have a list of suggestions and questions to help you determine what is best for you.

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It’s almost impossible to run a successful modern business without some kind of software to help you stay productive and operate efficiently. There are millions of companies and even more independent developers working hard to produce new software products and services for the businesses of the world, so to say that choosing the right software is intimidating is putting it lightly.

Fortunately, your decisions will become much easier with a handful of decision-making rubrics.

Determining Your Core Needs

First, you need to decide which types of software you really need. For most businesses, these are the most fundamental categories:

  • Proposal software. Customer acquisition starts and ends with effective proposals, which is why you need proposal software that helps you create, send, and track the status of your sales documents.
  • Lead generation and sales. You’ll also want the support of lead generation and sales software, including customer relationship management (CRM) platforms. These help you identify and track prospects throughout the sales process.
  • Marketing and advertising. Marketing and advertising platforms help you plan and implement your campaigns, but even more importantly—they help you track your results.
  • Finance and accounting. With finance and accounting software, you’ll track accounts payable and receivable, and countless variables influencing the financial health of your company.
  • Supply chain and logistics. Certain types of businesses require support when it comes to supply chain management and logistics—and software can help.
  • Productivity and tracking. Some software products, including time trackers and project management platforms, focus on improving productivity and tracking employee actions.
  • Comprehensive analytics. Enterprise resource planning (ERP) software and other “big picture” software products attempt to provide you with comprehensive analytics related to your business’s performance.

Key Factors to Consider

From there, you’ll need to choose a software product in each necessary category—or try to find one that covers all categories simultaneously. When reviewing the thousands (if not millions) of viable options, keep these factors in mind:

    • Core features/functionality. Similar products in a given niche can have radically different sets of features. It’s tempting to go with the most robust product in all cases, but superfluous features and functionality can present their own kind of problem.
    • Integrations. If you use a number of different software products, you’ll need some way to get them to work together. Prioritize products that make it easy to integrate with others—especially ones you’re already using.
    • Intuitiveness/learnability. Software should be intuitive and easy to learn. Not only will this cut down on the amount of training and education you have to provide employees, but it will also reduce the possibilities of platform misuse in the future.
    • Customizability/flexibility. Out-of-the-box software products work well for many customers, but they may not suit your current or future needs precisely. Platforms with greater customizability and flexibility are favorable.
    • Security. If you’re handling sensitive data (and most businesses will be), it’s vital to have a software developed with security in mind. There should be multiple layers of security in place, and ample settings for you to tightly control accessibility.
    • Ongoing developer support. Your chosen software might be impressive today, but how is it going to look in three years? It’s ideal to choose a product that features ongoing developer support, with the potential for more features and better functionality in the near and distant future.
    • Customer support. If you have an issue with the app, will someone be available to help you? Good customer service can elevate the value of otherwise average apps.
    • Price. Finally, you’ll need to consider price. The best apps will often have a price that matches their quality; it’s up to you to decide whether the extra expense is worth it.

Read about each product as you conduct your research, and pay close attention to reviews and testimonials from past customers. Additionally, most software companies are happy to offer free demos and trials, so you can get some firsthand experience before finalizing your decision. Take them up on the offer.

Finding the Balance

It may seem like purchasing or subscribing to new software products will always improve your business fundamentals, but this isn’t always the case. If you become bogged down with too many apps and services, it’s going to make operations more confusing for your staff, decrease consistency, and drain your budget dry at the same time. Instead, try to keep your systems as simplified and straightforward as possible, while still getting all the services you need.

You won’t find or implement the perfect suite of software products for your business overnight. It’s going to take weeks, if not months of research, free trials, and in-house experiments. Remain patient, and don’t be afraid to cut your losses on products that aren’t working the way you originally intended.

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Business Entrepreneur

‘Small’ business was once a stigma, but is now a growing point of pride

(BUSINESS ENTREPRENEUR) Small businesses make up the majority of companies, employers, and money makers of the American economy, that’s something to be proud of.

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American small business

Prior to the Industrial Revolution, all businesses were small businesses. Independent craftsmen served communities with vital services. Small merchants opened shops to provide the community with goods. Lawyers, doctors, and other professionals hung out a shingle to offer their services to neighbors. Small businesses were the norm. Some of the most beloved American companies started out local. John Deere, Harley Davidson, and King Arthur Flour, all got their start as small businesses.

Business changes led to a attitude change

It wasn’t until manufacturing allowed businesses to scale and produce more efficiently that the idea of big business became more important. Post-World War II, the idea of a small business became derogatory. It was the age of big government. Media was growing. Everyone wanted to be on top. Small businesses took a back seat as people moved from rural to urban communities. Small business growth plateaued for a number of years in the mid-20th century. Fortunately, the stigma of small business is fading.

Small businesses are the backbone of the economy

According to the Small Business & Entrepreneurship Council, the “American business is overwhelmingly small business.” In 2016, 99.7% of firms in American had fewer than 500 workers. Firms with 20 workers or less accounted for 89.0% of the 5.6 million employer firms. The SBE also reports that “Small businesses accounted for 61.8% of net new jobs from the first quarter of 1993 until the third quarter of 2016.” Small businesses account for a huge portion of innovation and growth in today’s economy.

Modern consumers support small businesses

According to a Guidant Financial survey, the most common reason for opening a small business is to be your own boss. Small business owners are also dissatisfied with corporate America. Consumers also want to support small businesses. SCORE reports that 91% of Americans patronize a small business at least once a week. Almost half of Americans (47%) frequent small businesses 2 to 4 times a week.

Be proud of small business status

Small businesses are the innovators of tomorrow. Your neighbors want to support small businesses, knowing that their tax dollars stay in the community, and that they’re creating opportunities within their own city. Your small business status isn’t a slight. It’s a source of pride in today’s economy. Celebrate the fact that you’ve stepped out on your own in uncertain times. Celebrate the dirt under your fingernails, literally, or figuratively, that made you take a risk to do what mattered to you.

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