Entrepreneurs – You’ve Got That Eureka Moment, How Do You Capitalize On Your New Idea?
Entrepreneurs – You’ve Got That Eureka Moment, How Do You Capitalize On Your New Idea?
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.
Entrepreneurs Youve Got That Eureka Moment How Do You Capitalize On Your New Idea - To learn more about this author, visit Lee Lister's Website.
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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.
Entrepreneurs Youve Got That Eureka Moment How Do You Capitalize On Your New Idea - To learn more about this author, visit Lee Lister's Website.
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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