7 Tips to Turn Your Great Idea into the Next Big Thing

As consumers, women today are different than any other consumers in history.  She is no longer attached or loyal to classic brands. Instead, she wants fresh products that are efficient, make her life easier, and are stylish. And if she can’t find what she’s looking for, she may just invent it! Not only does this give her the satisfaction of seeing her product on store shelves, but many women soon learn that becoming an entrepreneur brings the flexibility she needs to manage her active lifestyle and generate income.

For the past ten years, I have seen thousands of people transform that initial idea into creative, money-generating new products.  And, with the resurgent economy and awesome new resources available for developing, manufacturing, funding, video marketing, selling and distributing products, the opportunity for inventive product entrepreneurs has never been better.

Every entrepreneur’s journey is unique, but like any new endeavor, the most important steps are the first ones.

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. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.

There are many steps along this journey but with the abundance of new resources available you can take your idea and run.  As Julie Martin-Allen, Senior Director of Showcase Events for Sam’s Club said in the foreword of my new book, “My final advice to those readers who aspire to see their products on the shelves of the nation’s top retailers; be courageous and go for it!”

By Tamara Monosoff
Photo by Mangostock | Shutterstock

Tamara Monosoff is an award-winning inventor, educator, media contributor, speaker and author of six bestselling business books for entrepreneurs.