4hb.com Home | Letters and Forms | Library | Resources
4hb.com -- By Category -- Start and Run a Business -- How To Turn An Idea Into A Million Dollars

How To Turn An Idea Into A Million Dollars

by Barry Lycka (c) 2001

How many ideas have you had that you thought would be million dollar sellers? Most people have had at least one in their lifetime. What did you do about it? Probably nothing, and that's a shame. It isn't quite as hard to get a new invention to market as you might think. With a few guidelines, you can turn your idea into a money making endeavor.

In order to take a new idea from conception to store shelf, you need to have a few things readily available for those people who might be interested in producing your invention. Let's go over the basics step-by-step...

Cash To Back Your Efforts

It can take a lot of money to bring an invention from "just an idea" to an actual product. The costs you will likely face are those associated with hiring a professional to draw the schematic of your product, building a prototype and traveling to meet with prospective manufacturers.

If you don't have the cash flow to support such work, it will be necessary to secure a loan or other funding.

Research To Back Your Theory

When you approach a manufacturer about producing your product, they will most likely not take your word that the idea will be a best seller. Unfortunately, you're going to have to prove yourself.

In order to do so, it is best to either conduct some research or find previously conducted research that will back up your point-of-view. Show the manufacturer that there is in fact an interest in your product and they will be much more receptive to the rest of what you have to say.

A Marketing Plan To Back Your Idea

Granted, it would be unreasonable to advertise a product that is not yet available. However, marketing doesn't just include advertising. Creating a marketing plan that includes all phases of production, distribution, advertising, public relations and sales will show that you are serious about bringing this product to consumers.

Creating and placing a few news releases will further support the fact that your idea is marketable. Even if the item is not yet being produced, you can submit press releases that mention a "new invention which will one day _____". Track the response to the release by logging how many hits your Web site receives, or how many interviews you are called to participate in.

A Pitch To Back Your Research

Even with all the research, positive press response and professionally created drawings in the world, acceptance of your invention by a company will depend highly on your pitch.

When you present your proposal to the prospective company, remember this one thing... they want to know what's in it for them.

Yes, the consumer reaction to your idea is important. How you plan to market your invention is vital. However, manufacturers are in business to make money. Your pitch should definitely be worded in such a way that the prospect understands how THEY can benefit.

Following these basics will give you a solid foundation for taking your idea from the drawing board to the bank. Keep your process organized and professional and soon you'll be well on the way to your first million dollars!

About the Author

Barry Lycka can show you how to improve your chances of successfully turning your ideas into cash. Get the money, resources and inside tips you need to pursue your million dollar idea. It's easy to become a successful inventor. Just visit Barry's site today! http://dankennedybusinessolutions.com/inventor-friend-system.html.

Tags: Start and Run a Business


 

 

Library: Start and Run a Business | Communicate | E-commerce and Internet | Sales and Marketing | Money Matters | Home Office | Wisdom and Life Skills Features: Letters and Forms | Business Glossary | Diversions Other: Home | Terms of Use | Privacy Policy | Contact Us