| Scrapbook To Shelf: Tips For Entrepreneurial Inventors

Posted in Start-up Ventures at 4:00 PM by Loftis Consulting

Have you had a bit of a Dragon’s Den moment? Have you come up with something brilliant, which you believe could be the next big thing? If you’re an inventor with designs on becoming an entrepreneur, you may be thinking about how to get your product from the scrapbook to the shelf. In this day and age, it’s not enough to have the ideas. You also have to possess the acumen to get your product to market and then make it a success.

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Production

If you have designs and prototypes, the next thing to do is work out how you’re going to mass produce the product. Where are you going to manufacture it, what kinds of materials are you going to use, and how are you going to finance the process? It’s a big jump to go from sketching and making a prototype version to having a product on sale in shops. Once you’ve got the financial side of things sorted, you can decide how to best to invest your capital. Work with suppliers and distributors to negotiate deals, and think carefully about price points. You want to generate a profit, but you don’t want to price yourself out of the market.

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Marketing

There’s no point in investing your life savings and taking out a loan to pay for a venture that nobody is even aware of. Marketing is essential for any new product. You want people to know about you and your product, and to buy it. There are so many ways to market your business, and it’s essential to understand your market before you start working on a strategy. What is the target demographic? How can you best connect with these people? Do they like the concept and how much would they be willing to pay? Tailor your marketing plan to suit the audience. If you’re aiming at young people aged between 18 and 30, for example, online marketing is probably a good bet. As an inventor, you may be not up to speed with techniques like social media marketing and SEO, and this is where SEO expert services come in handy. You can work with agencies or individuals with expertise in this field to build your profile, create a buzz, and get people visiting your shop or website.

Pitching to buyers is another important cog in the process. Buyers at online retailers and huge chains have the power to change your life overnight, so don’t underestimate the importance of being prepared. Go into a pitch feeling confident about the product. Be clear and concise, and make sure you have the figures pinned down. If you hesitate when it comes to numbers, this can be an instant red flag for buyers. Show off your passion, and tell the panel your story. Be engaging and inject some personality. If there is a possibility of an order, be willing to negotiate on price.

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Are you a budding entrepreneur keen to change the world with a brand new product? If so, you should be prepared for what’s to come. Bear these tips in mind, work hard, and be confident in your abilities. Good luck!

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