Thursday, June 05, 2008

So you have a great idea... Now what?

Great inventions come from inspiration. You have done the first step, which is to look around for people who might know how to do the parts of the process that you don't. Or gather information to arm yourself for what lies ahead.

Your first step would be to get a prototype made. I would try here in the US. China is fantastic in helping with development but I say "in the US" because the communication and information turnaround is much faster during the development stage. I have never used them but there is a company called Pattern Design Unlimited.

Check out their website. They are a full service development company from what I gather. They would be able to work with you to get your prototype made. Once you have that, looking for a good manufacturer is next. Stateside... $$ but smaller runs... Overseas... more cost effective per unit but much higher volume, bigger runs.

I would recommend you shop your prototype around to specific stores that would buy it, before you go producing it. Tradeshows are where buyers go to find new products. Do some searching on the internet for specific tradeshows that would be a good fit for your product. Then you would contact the shows as a potential exhibitor and show your product there, by paying for booth space and setting up a display. Tradeshows are great because all the buyers from everywhere come to you.

Or you could try to get a sales rep who already carries other silimilar products like yours, to add your item to their stuff. They take a commission (10%) but it saves you tradeshow expenses and they already have client relationships with buyers, so that is a good route.

The internet is your key to finding a rep and tradeshows to expose your product. I would have at least $50,000 set aside to properly develop and pitch your idea. That does not include production costs. That is start-up and marketing, so you can create materials to go with the product (brochure, business cards, product brand name registration, patent (if applicable)? Consider setting up a limited liability company to protect yourself from liability resulting from product usage etc.

Think of the product as a small piece to a bigger puzzle. If you are serious about investing in your idea, it's not just about developing a product, but also about what to do with it once you have it. Development can be expensive and it would be a waste of time and money to create something without also considering what you will do with it once it's created, in order to get a return on that investment.

Good luck with it! And don't forget to have fun!

4 comments:

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Unknown said...

Hello,
I have met a supplement manufacturer who lives outside of united states and his product is a Million dollar company in his own country for weight lost. ALL NATURAL STUFF that works, and i even called random pharmacies in that country and they have validated that they sell the item and it does work.
Mr. Supplement has offered me an opportunity to market and sell his product in United States.
Where, what, whom, how? is my question.
Im a pharmacist working in a retail chain store. Please advise.