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5 Tips For Cashing In On Your Idea

5 Tips For Cashing In On Your Idea

We've all woken up at 3 a.m. with an incredible idea. A plot for a novel, a new design, or an invention that could really improve the quality of life. Great, but how do you cash in on that brilliance? Inventor Lori Greiner, who has created more than 350 products and holds more than 100 patents, shares her secrets.

  1. Know your competition, and see how you can do it better. A better price, a better product, better quality —  whatever you can do to offer something even better than what is already out there helps your success.
     
  2. Learn all you can about the best way to retail your product. Think about where it would sell best.  Should it be in a retail store, or on a TV shopping network?  In a catalog, on the web, or possibly all of the above?  See if you can network with others to get your foot in the door. Then find the correct buyer in that retail outlet and convince them why your product is better than anything else out there.
     
  3. Study up and familiarize yourself with social media, PR and marketing.  Be creative. Find ways to get your brand and product out there.  Social media allows you to do this with no expense.
     
  4. Act on opportunities.  Getting a foot in the door, or having someone offer to help or test your product, is invaluable.  Don’t do anything to hurt those initial relationships.  This will lead you to many others.
     
  5. Don’t overprice your product and knock yourself out of the market before you’ve even started.
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