Do you have a great idea you’d like to bring to market, but have no idea how to get it there? Well, Lori Greiner, household inventor extraordinaire, Queen of the QVC network and ABC’s hit show Shark Tank, knows exactly how you feel. Lori has invented approximately 400 products and earned more than a half a billion (YES BILLIONS) in retail sales! So … if anyone knows just about everything a person goes through during the entire spectrum from idea conception all the way to money in the bank, it’s Lori. And now Lori is launching a new book in March 2014 called Invent It, Sell It, Bank It to help those of us who would like to learn from her wisdom and experience (click here to order it on the QVC website and in bookstores soon). Lori recently gave Entrepreneur Magazine readers a few tips on how to score big with your invention idea. Lori says to:
- DO YOUR HOMEWORK- doing some marketing research will give you educated insight into whether your idea is really new and whether there is a market for it.
- PROTECT YOURSELF – It’s a good idea to speak with an attorney and decide if you need patent protection from copycats.
- FIND OUT HOW MUCH YOUR PRODUCT COSTS – If your idea costs too much to make, people may not be willing or able to buy it.
- SELL IT YOURSELF BEFORE YOU MANUFACTURE IT – Arrange for the sale of your product before having it manufactured and end up having a lot of inventory to sit on. THANKS LORI!!