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Entrepreneurs – You’ve Got That Eureka Moment, How Do You Capitalize On Your New Idea?
Written by:Article Overview: You’ve worked hard on this great idea you’ve had and at last you are ready to start showing the world your brand new, unique product and maybe selling it in the large shops. So what are your next steps?
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Entrepreneurs – You’ve Got That Eureka Moment, How Do You Capitalize On Your New Idea?
1) Very important - get the design patented. That is very important – you are going to have to tell lots of people about your new idea. Some of them may think, in the future, that it was there idea, others may just blatantly copy you.
2) Set up your company and decide upon a great name for it. When you describe your company, ensure that you company can expand it into other products and business areas.
3) Write your business plan, defining your business, financial and marketing strategy as well as your business structure. Approach your lenders for seed money/start up funds if required.
4) Decide upon your product name, your price points and your initial target market. Your price should be attractive enough so that a potential customer or retailer can afford to “try out” a new product, but high enough to ensure that you can make a profit.
5) Get some samples of your new product made up in several different designs and colors. Use different fabrics if appropriate. If you have to use an external manufacturer you may have to produce a minimum amount – so produce the most cost effective number and design options. Ensure you get a non disclosure agreement (NDA). Each sample should have your company and product name on it – either as a tag or stamped into it. This is to ensure easy product recognition when people take it away with them.
6) Go to an appropriate trade fair with your product and set up a stand. Have plenty of literature to hand out. You should be able to gauge interest here and hopefully take orders.
7) Approach potential retail companies with your success story. Start with the smaller ones and work your way up.
8) If you get a reasonable response/orders then off to the bank with a loan request so that you can start your business in earnest.
If you wish to start slower or don't have the capital to do the trade show - then start at flea markets, product parties and mall karts and work your way up.
Good luck.
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- "Winning Business Design For Aspiring Entrepreneurs Based On Their Idea"
Re: What would you like to see be invented?
- Eureka !!
GT, you have cracked the problem. we would first buy a beeper and all the balls we buy after that would be matched to it so that they would only beep when you get close,
now where's that patent office, LOL,
Mal.
Magnetic Ads - Biz Idea
- Attn Young Entrepreneurs looking for a Business Idea.
This came to me while sitting in Traffic for about 1 hour while looking and laughing at ridiculous bumper stickers.
Note: this idea is rough but will help get the idea-momentum going.
Idea: Sell advertising on the back of cars in the form of reusable magnetic signs (about the length of 2 or 3 bumper stickers)
Most people shouldn't have reservations to participating if they get a cut of the monthly fee you charge the company advertising and it doesn't hurt their car.
An example of a Magnetic Ad:
Geico: I saved 15% on my Car Insurance. Call 1-800-U-SAVE-15
You don't have to pay the cost associated with creating the Magnetic Ad because you will advise the company that this belongs to them and you can get them in touch with someone who created reusable magnets.
So your basically managing two sides:
1. Company's that want to advertise
2. People in your neighborhood (to start) who will put the ads on their car. Bigger cars can have more than one ad.
Happy Money Making!
Re: Magnetic Ads - Biz Idea
- [quote="jvprosperity":32z4qe9w]Attn Young Entrepreneurs looking for a Business Idea.
This came to me while sitting in Traffic for about 1 hour while looking and laughing at ridiculous bumper stickers.
Note: this idea is rough but will help get the idea-momentum going.
Idea: Sell advertising on the back of cars in the form of reusable magnetic signs (about the length of 2 or 3 bumper stickers)
Most people shouldn't have reservations to participating if they get a cut of the monthly fee you charge the company advertising and it doesn't hurt their car.
An example of a Magnetic Ad:
Geico: I saved 15% on my Car Insurance. Call 1-800-U-SAVE-15
You don't have to pay the cost associated with creating the Magnetic Ad because you will advise the company that this belongs to them and you can get them in touch with someone who created reusable magnets.
So your basically managing two sides:
1. Company's that want to advertise
2. People in your neighborhood (to start) who will put the ads on their car. Bigger cars can have more than one ad.
Happy Money Making![/quote:32z4qe9w]
What a brilliant idea. Please more info about the sticker and money involve.
CEOs and Email - Slaves?
- I wonder if the emails they are responding to are filtered thru their assistants first 'cos they seem to spend a lot of their off hours responding to them.
True they are successful but I'm not sure I'd be willing to pay that price.
I'd be interested to know what's the in the typical day planner of Entrepreneurs on the Forum.
Entrepreneurs are a different breed than Paid Employees- so it would be interesting to view the contrast.
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