Welcome To Invent Yourself Rich
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I look forward to helping your turn your Big Idea into a successful product!
Think, Create, Prosper,
Don
I have so many ideas, how do I decide which one to focus on?
Q. I have so many ideas, how do I decide which one to focus on?
A: I’ve been asked this question a lot lately, so I’ll share with you my system for turning ideas into gold:
The 3 Rules for Making Money with Your Invention Ideas
Rule #1: Focus on established product categories. It is very important to choose an invention idea that falls into a category that people are familiar with. By focusing on established product categories, people will be more likely to understand your product and what it does, and will be more interested in purchasing it.
Rule #2: Focus on large consumer markets. It takes the same amount of time to develop a product for a niche or small consumer market as it does for a large consumer market. That said, it only makes sense to focus on a large consumer market where the potential for success is much greater.
Rule #3: Focus on products that have the “remarkability factor”. People purchase products that are remarkable. Products that are considered remarkable are often innovations or clever twists to simple, everyday products. The remarkability factor doesn’t have to be dramatic; it just needs to catch the interest of potential customers. For example, an ordinary can-opener? NOT remarkable. A one-touch, automatic can opener? REMARKABLE.
Use these rules to develop your invention ideas into successful products, and you too can Invent Yourself Rich!
Think, Create, Prosper,
Don
Should I exhibit my idea at an invention or industry trade show?
Q: Should I exhibit my idea at an invention or industry trade show?
A: It depends.
IF you have a well thought out plan, then the answer is yes. You need to
have your product, marketing plan, and distribution plan completed before
exhibiting. If you have not done this yet, then it’s probably not a good idea to
exhibit. “Thieves” attend these shows fishing for interesting ideas, and if you
are not ready to go to market, they can steal your idea and beat you to it.
Believe me – I know from experience! I took my Ab Roller to a fitness trade
show without having a well thought out plan and within a few weeks, a
company in China was producing a knock-off of my product. Thank goodness
my Ab Roller was such a big success; it afforded me the cash flow needed to
legally shut down all the copy cats.
If you do NOT have a carefully thought out plan, then you’d be better off going
to the trade show as an attendee. You can check out what other companies are
exhibiting, how they are exhibiting, talk to people, and decide whether it would
be worth exhibiting at that show in the future. You can learn a lot as an attendee.
I hope this helps. Good luck!
Think, Create, Prosper,
Don
How much does QVC charge to be on their shows?
Q: How much does QVC charge to be on their shows?
A: Nothing. QVC does business just like a regular retailer, except they are on TV.
Both QVC and HSN are known as the electronic shopping channnels. This is how they work:
- You must have a really good PRODUCT (no ideas – just products).
- You meet with a buyer, or you can use a rep to get you in the door.
- If they decide your idea is right for them, they will give you a purchase order.
- The price they pay you is based on the price they think it will sell for on QVC – usually around half the suggested selling price.
- Your product must go through rigorous QA (Quality Assurance) testing before it is approved.
- Once approved you must have it shipped and in their warehouse 2 weeks before the scheduled date.
- Your product must generate between $5-7,000 in sales per minute to be a good seller.
- YOU TAKE ALL THE RISK. IF IT SELLS OUT YOU GET PAID IN 60 DAYS. IF IT FAILS YOU TAKE IT ALL HOME.
I love QVC, but the risk is high for first time inventors because you have to have a finished production model and around $15-20,000 of inventory on hand without knowing it will sell or not.
I will be going into more detail on this topic in future videos.
Think, Create, Prosper,
Don
How can I make a prototype if I don’t have any money?
Q: How can I make a prototype if I don’t have any money?
A: If your idea is a really good idea, it’s not that difficult to get the money. Let me explain.
Besides asking family and friends for money, another approach is to go to your prototyper or manufacturer – not for money, but for a stake in your business in exchange for their help up front.
First find out how much it would cost to make your prototype. Then once you know that number, offer the prototyper double or triple their normal fee on your initial sales if it is a success. This will at least open up a conversation to find out if they are willing to take a risk with you and partner to make your invention.
If they are willing, you should each sign a simple agreement outlining the details.
THEN once you have a finished prototype or pre-production model and are ready to manufacture – the same rule applies with manufacturers. You will make a better impression if you already have an order lined up that you can show to the manufacturer. Many manufacturers are willing to take a risk with you if you can prove the worth of your idea. Some will waive the tooling costs in exchange for higher profit margins per unit.
Finally, be prepared when approaching businesses about partnership scenarios. First impressions are EXTREMELY important.
Good luck!
Think, Create, Prosper,
Don
How can I make a prototype?
Q. My invention involves electronic sounds and lights. How can I make a prototype?
A. I remember reading a great story of an inventor who had an idea for a musical gymnastic balance beam that would play notes like the piano key board on the floor at FAO Swartz. They didn’t have the money to make a real prototype so they made a video prototype.
They took a 4×4 wooden post and painted it white, and then painted a piano keyboard on it. Next they videotaped kids playing on it with music playing in the background. Later he edited the video and added music to sync up the kids’ feet “playing” the music when stepping on the keyboard.
I guess you could call it a Virtual Video Prototype. The company could easily get the idea across without building all the electronics, and he could still file a provisional patent application. This may work for your idea.
OR
You could find several products in Wal-Mart that have all the lights and electronics you need, and use them to build your rough working model.
Good luck!
Think, Create, Prosper,
Don
I have lots of ideas
This week I’m answering another FAQ:
Q: I have lots of ideas and want to start working on them. What should I do next?
A: The most important thing I can tell you to do is pick your SINGLE BEST IDEA and work ONLY on that one idea. This should be the idea that has the largest market of potential buyers
Working on several ideas at the same time will cause you to lose focus. Believe me this is something I constantly struggle with. New ideas can get you all excited, but only taking action on your best idea will bring you success.
Once you’ve chosen your single best idea, then work on turning it from a sketch into a physical product. Then get feedback from people on your product. If the response is REALLY positive (and I mean REALLY positive), create a video of you demonstrating your product and feel free to send a link to katie at inventyourselfrich dot com.
Good luck!
Think, Create, Prosper,
Don
answers to your inventing questions
Thank you for all the great questions. Starting today I will be answering the most commonly asked inventing questions through my site. And to kick it off – I am starting with the # 1 question I have received to date:
Q – “Don – Will you partner/split profits/invest in, etc… with other inventors who have ideas or patents?”
A – Yes and No.
No, I am not interested in ideas for inventions. You should all know by now that coming up with ideas is the easy part. Turning them into products that people want to buy is the hard part – and that’s what every inventor needs to do. By following the simple steps in my book and watching my videos you should have a good idea how to do this. If you get stuck then just post a question by clicking on the ASK DON tab.
Now if you have a REMARKABLE PRODUCT THEN….
Yes, I am interested in helping you bring your invention to the market, but only if you have the following:
- A finished pre-production prototype that is truly remarkable.
- You have done your research and are certain your invention/product does not exist in the marketplace.
- You have gotten feedback, people are crazy about it and they want to buy your product.
- And most important, I prefer inventions that can be visually demonstrated and sold on TV – infomercial, QVC.
If you have such a product or invention, please create a video of yourself demonstrating it. Then send a link of your video to my assistant, Katie at katie at inventyourselfrich dot com. If I am interested in your invention you will be notified.
Thanks again for all allowing me to help you achieve Invention Success!
Quoted on ScamBusters.org
This week ScamBusters, a website that calls out internet scams, featured two scam scenarios that “exploit people’s enthusiasm” – the purchase of World Cup 2010 tickets (which unfortunately didn’t exist for some people who paid for tickets but didn’t get any tickets) – and, of course invention scam companies. They wrote a nice article on scam companies, and even included a quote from me. Check out the article here.
I’m glad other people are onto these invention scam companies and helping to educate on this important topic.
** If you haven’t downloaded the free chapter of my e-book on “Steering Clear of Invention Scams,” you really need to do it NOW. Don’t let a company exploit your enthusiasm about your idea – do your homework first! Click here to go to my book page. Scroll down and you will see a link to download the free chapter. Add your name to my email list, hit submit and you will be taken to this chapter of my book.
Think, Create, Prosper,
Don
A Super Sticky Idea
Gorilla Glue & Gorilla Tape
A Magnet on Your Nose
Clic Readers
