Top Tips for Mom Inventors

by Tamara Monosoff

What many multi-tasking moms don’t realize is that they already possess the necessary skills to become successful entrepreneurs.  These essential skills are practiced and strengthened on a daily basis such as; coming up with creative solutions to everyday problems, extraordinary time management (getting kids to school, activities, doctor’s appointments, grocery shopping, preparing meals), stamina (staying up all night when the stomach flu hits the household), all while living within a budget.  In fact, these skills are directly transferrable to launching and running a successful business.  When I hear a mother say, “I’m just a mom, I can’t run a business,” nothing could be further from the truth. And, becoming an entrepreneur has benefits such as a flexible schedule and an opportunity to contribute to the family income.

For the past ten years, I have seen thousands of people transform that initial idea into creative, money-generating new products.  And, with the resurgent economy and awesome new resources available for developing, manufacturing, funding, video marketing, selling and distributing products, the opportunity for inventive product entrepreneurs has never been better.

Every entrepreneur’s journey is unique, but like any new endeavor, the most important steps are the first ones.

Below are seven tips to get you started on the right path:

  1. Treat Your Product Idea as a Business from the Start. There is no true short-cut. With an open mind, analyze and understand the design and production costs, market size, selling price, profit potential, and competition BEFORE you spend money bringing your product to market.

  2. To Patent or NOT to Patent? A patent can be a useful tool but it is not a requirement and sometimes a waste of precious resources. Consider taking advantage of a Provisional Patent Application (PPA) first. It is a placeholder that will buy you 12 months of time before you have to officially file a utility patent.

  3. Make it Simple. Many new product ideas include flashy features from electronics to excessive bells and whistles that drive up production costs and the retail price. Creating high-quality products with fewer features–but priced right — can mean more sales and money in your pocket.

  4. Raise Smart Money. Use crowd-funding, microloans, credit lines, and new online options that fit your business. There has never been a better time to fund your business.

  5. Bring Your Product to Life with a Prototype. Start with something basic that will be refined over time. It does not need to be expensive or fancy.

  6. Be Cautious of “Opportunities.” Be careful to scrutinize companies that offer to market or license your product with sweet deals that sound too good to be true. Use the same good practices you would use to select a contractor, plumber, or new nanny.

  7. Celebrate Your Successes…Large and Small. Recognize setbacks for what they are an unavoidable — and sometimes the most valuable — part of the journey. This is an opportunity to build a business and life that you LOVE.

There are many steps along this journey but with the abundance of new resources available you can take your idea and run.  As Julie Martin-Allen, Senior Director of Showcase Events for Sam’s Club said in the foreword of my new book, “My final advice to those readers who aspire to see their products on the shelves of the nation’s top retailers; be courageous and go for it!”

For more resources on funding, manufacturing, publicity and managing your business check out The Mom Inventors Handbook, How to Turn Your Great Idea into the Next Big Thing, Revised and Expanded 2nd Ed (second edition), released on April 1, 2014.

 

Tamara Monosoff is an award-winning inventor, educator, media contributor, speaker and author of six bestselling books; including the new interactive version of The Mom Inventors Handbook, How to Turn Your Great Idea into the Next Big Thing, Revised and Expanded 2nd Ed(second edition). If you need help getting started, Tamara offers Power Mentoring Programs that will rocket you to success! Visit: www.TamaraMonosoff.com.