Reinventing the Inventor

You should also develop a sales plan. In other words, know which distribution channels you intend to use (direct sales, catalogs, online, retail stores, etc.) and/or which stores you expect to carry your product. View the feedback you get from industry professionals (store owners, buyers and managers) in this early stage as a gift. If you incorporate their feedback into your product and packaging design early on, you may save thousands of dollars in the long run.

2. Understand the value of a patent. Many inventors rush to file for patents before doing anything else. While a patent can be a valuable tool to protect your product, it's not a requirement and isn't necessarily the first step you should take. Be sure to closely evaluate whether you actually need a patent right away or if your money might be better spent on developing and manufacturing your product and getting a leg up on potential competitors in your marketplace.

3. Use smart business practices. Every day, you make purchases, decisions about investments and insurance, and pursue many other activities that keep your household running. Use the same common-sense perspective when creating a business to support your product. This means shopping around for the right manufacturer, presenting yourself professionally when selling your product to potential retailers or distributors (whether in writing or in person) and keeping a close eye on your financials. A basic understanding of profit margins and markups is essential, and tracking every dollar of your income and expenses is critical.

4. Get the word out. If you create it, they will not necessarily come. That's because the general public doesn't know about it. And with retailers controlling shelf space -- where your product must compete with the store's own branded products -- they're reluctant to give up that space unless there's strong evidence of consumer demand. You need to create awareness about your product so consumers will seek it out and buy it. That requires some marketing savvy.