Reinventing the Inventor

Thankfully, there are many ways to get the word out that won't require a huge advertising budget. E-mail blasts, PR and word-of-mouth are just a few low-cost ideas. Also, plan on attending relevant trade shows to present your product to potential retailers, sales reps and distributors.

5. Educate yourself. A good businessperson never stops learning. Even if you don't have a business background, there are many resources available that'll help you teach yourself smart business practices. Do your research, read relevant business books and keep up with business-related publications. You'll be amazed at how much you'll learn about all aspects of running a business -- from product development to finances to marketing to sales and so much more.

6. Consider licensing. If you love to develop products but don't want to deal with running your own business, licensing your idea may be the route to take. But recognize that you'll still need to take a business-wise approach. Companies won't be beating down your door to license your invention. This'll take effort on your part, including the development of a working or presentation prototype, research about potential licensors and creation of market data and a professional presentation. This way, you'll be taken more seriously by potential business partners.