Preliminary Steps Inventors Should Take After Your Big Idea!

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If you invent products or have a start-up that's ready for retail, the Get Retail Ready podcast is THE place to hear stories and gain knowledge with the Get Retail Ready guy Jim DeBetta! Jim is a renowned retail selling expert having sold over 100 million dollars worth of products to the world's leading retailers! Knowing the ins and outs of preparing to and selling to major retailers takes knowledge, experience, and enthusiasm. Join us each week to get the inside scoop on how to make YOUR invention a success! www.weknowbusiness.info The Inventors Launchpad – Roadmap to Success Series is presented by Inventors Launchpad in beautiful Tampa Bay, FL and hosted by Carmine Denisco. Carmine is an accomplished Author, Entrepreneur, Inventor and Co-founder/Managing Partner of Inventors Launchpad. Along with his business partner Rick Valderrama has changed the face of the invention industry and look forward to helping inventors from all over the world move their ideas forward. For more information please visit www.inventorslaunchpad.com

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Podcast Notes

1You Tube Transcription
0:00
hi everyone and welcome to the inventors
0:04
Launchpad Network
0:06
I am carmine the disco your co-host for
0:09
today's show which is getting retail
0:12
ready with my friend and co-host Jim
0:16
thebetta I have him on the line now hey
0:19
Jim you over there I'm here I'm not in
0:22
the path of any hurricanes so I'm here
0:25
I'm staying put I know it's a it's
0:26
insanity out there especially right now
0:29
in South Florida so hopefully everybody
0:32
is making plans to stay safe and you
0:35
know get where they need to be or get
0:36
what they need if it's even available
0:38
you know so they could be ready yeah
0:41
yeah it is uh it is a little crazy down
0:43
this way they've already for anyone's
0:45
listening to this later on it's uh it's
0:49
a early September and we got hurricane
0:52
Irma Berra barreling down upon us down
0:55
here in Florida and the very close
0:58
schools I have vowed to ride the storm
1:02
out in the eye I'm gonna I'm gonna be
1:05
reporting from from the eye of the storm
1:07
Jim well this may be a may or may not be
1:09
a last podcast you know looks like
1:15
there's another one like Jose or
1:17
something that's behind yeah it's just
1:20
gonna be one of those years it looks
1:21
like it's scary I mean it you know
1:22
Atlanta we don't really get okay we get
1:24
tornadoes which I think I mean obviously
1:27
they're all bad but 20 toes like they
1:29
could sneak up on you and they wreck
1:31
everything and they're gone in a minute
1:32
like a hurricane stays around and you
1:35
get the rain going up your being through
1:38
a few hurricanes they stay around the
1:40
flooding it usually is one of the worse
1:42
things because you the waters rise
1:44
you're on the water and you know wind is
1:47
one thing which is bad enough but when
1:49
you get flooding or 10 15 20 inches of
1:52
rain it's gotta go somewhere you know so
1:55
which is it's a scary thing oh yeah yeah
1:57
well you know tornadoes and these
1:59
natural disturbances not that there's
2:03
anything good about them but it's the
2:05
it's the constant bombardment of knowing
2:08
I mean they're predicting these storms
2:09
they're seeing them so far out now I
2:11
mean this has been almost two weeks
2:13
they've been following these hurricanes
2:15
and it kind of weighs on people's nerves
2:17
after a while you know I don't know how
2:19
they did it back in the day without
2:20
radar I mean would they just wake up at
2:22
night and all sudden there was a
2:24
hurricane barreling down on them you
2:26
know I mean I don't think you had more
2:28
than a day a couple days notice and even
2:30
then they weren't sure where it was
2:31
gonna go I remember that as a kid we're
2:33
like yeah basically the day before is
2:35
when the news really started playing it
2:38
up now I mean this has been four days
2:40
here and you still have a few days away
2:42
I mean the good news is that at least
2:44
people have the chance to react and to
2:48
you know get out of harm's way if they
2:49
want to not like you the smart people
2:52
you know get ready yeah I'll stay here
2:55
I'll hang out see what happens I have to
2:57
save these inventions and all this
2:59
equipment I can't leave that 3d pretty
3:01
good the greater good my 3ds printers
3:05
running it adds another 24 hours to go
3:09
no it's crazy Jim I mean the shelves are
3:12
empty all the gas all the gas stations
3:13
are out of gas shelves are empty it was
3:15
insanity down here I mean those lines
3:18
and lines and you know it's kind of it's
3:21
dissipated now because there's really
3:22
you know there's nothing left everyone
3:24
has already evacuated and it's it's
3:26
pretty crazy but you know that's one
3:28
thing that you know I think a lot of
3:29
inventions come out of these type of
3:31
crazy weather patterns you know you see
3:35
some inventions and stuff that come out
3:36
of these kind of crazy things yeah and
3:38
they're usually like next year like
3:41
after this or these hurricanes all pass
3:44
through people are not gonna forget them
3:45
anytime soon but somebody or multiple
3:48
people will come up with inventions that
3:51
help people during these situations it
3:53
could be how to store things how to you
3:56
know safety items it could be anything
3:57
but people will definitely react and
3:59
like you said unfortunately these things
4:01
are gonna happen but there's really
4:03
nothing wrong with trying to come up
4:05
with something especially if it's really
4:07
helpful to people it's not like that
4:09
gouging like you know you see like a gas
4:11
couch or water gouging pricing I mean
4:14
these are people that are just coming up
4:16
with smart ways to help people maybe
4:18
themselves they'll say I wish I had this
4:20
or I wish this was available to me uh
4:24
something inevitably will come out of
4:26
this from the invention
4:27
no I think it's awesome if you could
4:28
save lives or save piece of people's
4:30
personal property it's like buying a
4:32
fire extinguisher you're not hoping
4:35
there's a fire but it's yeah it's gonna
4:37
have they're gonna be fires so you might
4:39
as well have something to deal with them
4:41
you know so so coming with that you know
4:43
some some people you know they've
4:44
written through these hurricanes Houston
4:46
which was terrible and and what's
4:48
happening here in Florida and and going
4:50
on and and I have an idea what would be
4:52
let's go through some of the steps of of
4:54
you know bring in an idea that we have
4:56
to market I mean so you know we think of
4:59
something what's the first step you
5:00
think that somebody should do yeah I
5:03
mean and this is one of the most
5:04
commonly asked questions as you know
5:05
what do I do I have an idea what's next
5:09
for me and the first thing you have to
5:10
do people hear the word patents and
5:12
trademarks all the time and they jump
5:14
all over it but the first thing you have
5:17
to do is make sure that somebody else
5:18
does not possess a patent or have a
5:20
patent pending for your product and
5:22
again as we always say come on we're not
5:24
we're not patent attorney so we try not
5:26
to write be definitive on this stuff but
5:29
I can tell you you know from doing this
5:31
for all the years that I've been doing
5:33
it that if you do not check to make sure
5:36
that there's a patent on something you
5:38
could spend a ton of money potentially
5:40
on your idea only to find out that it's
5:43
somebody else's idea and so what they
5:45
should do and what the mistake they make
5:47
is they just go online so they'll go to
5:49
Amazon right and they'll say hey Jim I I
5:52
have an idea for a product but I went on
5:53
Amazon or I went online and I didn't see
5:56
it so I've got this idea and I want to
5:59
pursue it and like well did you check
6:00
the US Patent and Trademark Office
6:02
website did you do a little patent
6:04
search oh no I didn't do that and I tell
6:06
them I said well here's the issue
6:08
it may not be sold online right now but
6:11
that doesn't mean that somebody doesn't
6:13
hold a patent for it maybe they just
6:14
never commercialize the product they
6:16
didn't finish making it maybe they died
6:19
maybe they just gave up on the idea but
6:21
they hold a patent you got to check
6:23
those sites first that's the V number
6:25
one step you want to make sure you're
6:26
free and clear to do business yeah so
6:29
there's and there's millions of patents
6:31
as we all know so there is patents out
6:33
there that are still in effect but the
6:35
product isn't being made so if you get a
6:38
patent it doesn't mean you have to make
6:39
the product right yeah I mean
6:41
there are people that just file patents
6:42
they enjoy it and they'll also try to
6:45
sell them huh there's a market for
6:47
patents you know an intellectual
6:49
property trademarks you see people
6:51
selling names even when companies get
6:53
bought and sold some of their biggest
6:55
assets are the names I mean like you
6:58
know and you think you some cool
6:59
products like art the Snuggie I mean
7:00
it's not worldwide brand recognition
7:03
so that's valuable so people it's like
7:06
domain names remember years ago people
7:08
were buying up domain names through
7:09
websites and then you go to get it and
7:11
there's some big companies that will
7:12
ping millions to get a name or their
7:15
name you know like I'm not gonna say
7:17
it's Nike or Apple but somebody could
7:19
have bought one of those names and then
7:22
you know Nike comes along as is we
7:23
really want Nike calm they'll pay a lot
7:26
so the smart you know innovators took
7:29
advantage of that bought a lot of
7:31
domains and sold them so yeah that's
7:34
that's the first it same thing with
7:36
trademarks before you go and spend money
7:37
on naming your product or developing a
7:40
website with the name or collateral
7:41
printed materials with you name it you
7:43
gotta make sure that the name isn't
7:44
trademark so that's the first and most
7:46
important step hmm so you're doing some
7:48
research obviously and and just to point
7:50
out though if you do a patent search or
7:52
you do find out something's out there
7:54
and you have a better a better way of
7:57
doing something or the products not
7:58
being sold
7:59
don't don't hesitate you could all you
8:02
could always reach out to that person
8:04
that holds the patent right bring them
8:05
in as a partner give them a percentage
8:06
license it figure out a way if you
8:09
really believe in your idea and your
8:10
invention and somebody does hold a
8:12
patent it doesn't hurt to reach out to
8:15
them and see if you can bring them in or
8:16
do something some is there a way to do
8:18
that people do that absolutely and
8:21
you're smart to at least pursue it again
8:23
there's some legalities and how you
8:24
would transfer intellectual property but
8:26
yeah some people may just not want and
8:28
they'll sell it for next to nothing
8:29
Wow the other thing that people don't
8:31
realize is that like say with design
8:33
patents right somebody just didn't
8:36
invent something new they just created a
8:38
new design for it so maybe your product
8:41
is different in design than that
8:44
existing patent and so that's when
8:46
you're an attorney they can try to
8:48
discern the differences between you know
8:50
what you can potentially get a patent
8:52
form what you can't there's a lot of
8:54
opportunities so you're right
8:55
just because somebody holds a patent
8:57
doesn't mean that prevent you all tamale
8:59
from doing business yeah yeah I mean you
9:03
know you might have a better way of
9:04
doing things or that patent was formed
9:06
ten years ago where the technology that
9:09
you've developed that helps that product
9:10
work better or whatever it is is there's
9:13
always people always want to make money
9:14
or they want to see their patent in use
9:17
so I think some of those guys may be
9:19
open to working with you if you have a
9:21
good idea all right yeah worth the shot
9:25
all right cool so doing research is your
9:27
first thing I mean obviously before you
9:29
put any money resources into something
9:31
would be doing some research seeing
9:33
what's out there Patent Office and also
9:35
obviously if it's for sale yeah and then
9:37
you know kind of piggybacking on that
9:39
which was really the second step you
9:41
should just do some market research in
9:43
general so let's just say you've got an
9:45
invention but it's an improvement on
9:47
something okay so you that's when you go
9:50
online shopping or you go into stores
9:52
and you see what else is out there
9:54
that's similar it might be almost the
9:57
same could be completely different but
9:59
in the same realm so if it's like a
10:00
kitchen tool or utensil or something see
10:03
what's out there that's similar because
10:05
in order to you for you to potentially
10:07
have success with the product you should
10:09
know what your competitors or potential
10:12
competitors are doing because if there's
10:13
a big market for it
10:15
chances are there's an opportunity for
10:17
you to be yet another product or new and
10:19
improved product in that category a lot
10:21
of people kind of I don't wanna say they
10:23
skip this they just look quickly but do
10:26
you homework there because you can kind
10:28
of learn what prices products sell for
10:30
what they look like what benefits and
10:32
features they have right so that so
10:35
while you're doing that patent searching
10:37
and trademark searching on your own
10:39
initially you should be doing some
10:41
market research to see who else is out
10:42
there yeah and again don't be
10:46
discouraged and Jim you could jump in
10:48
and tell me I'm crazy which happens all
10:49
the time by the way jump in it don't be
10:52
discouraged if that product is out there
10:54
you may have a better mousetrap just
10:57
because that products out there doesn't
10:58
mean that your product can't saw so we
11:00
look at cell phones there's multiple
11:02
brands of cell phones there's bicycles
11:03
cars yes to be first to market right I
11:06
mean something better not to be though
11:08
retailers
11:08
want their customers to have a choice so
11:10
you got a mass merchant any.com there's
11:14
always three five ten fifteen brands or
11:17
versions of something for many product
11:19
categories right I mean don't when you
11:21
go shopping don't you do you just want
11:23
to be told you can only buy yeah one to
11:25
one brand of toothpaste or you know like
11:27
you said you know one pair of shoes or
11:29
one brand or whatever whatever it is
11:30
that you're buying we want choice and
11:33
the retailer's know that so if they have
11:35
choice because there could be just
11:37
different features or benefits of that
11:39
product or less expensive models of that
11:42
product so yeah you want to not get
11:45
discouraged just because something's out
11:47
there that's similar doesn't mean that
11:48
you can't also get an opportunity with
11:51
your product in that category as well
11:53
yeah so basically you don't need to be
11:56
first mark we get a lot of people here
11:57
at the launch pad I don't know if you
11:59
run into inventors or a product
12:01
developers they want to be first to
12:03
market they need to be and it's always
12:06
fun to say you were the first one to
12:07
think of something but that doesn't
12:09
happen too often anymore I mean very
12:11
very seldom myself I run to somebody
12:13
who's actually got an idea that's never
12:16
ever as been very rare it's very rare
12:19
and actually sometimes it's it's a
12:21
detriment because there's no if it's
12:24
really truly a new thing I mean
12:27
obviously the the risk reward here is
12:29
great because if you have something else
12:31
I mean I think of like air conditioning
12:33
or you know even cell phones or whatever
12:36
TV somebody had to be the first and that
12:38
person probably made a fortune yeah but
12:42
that doesn't mean that when you go to a
12:44
retailer if there's no category for your
12:46
product idea then there's no there's no
12:49
retail buyer so you know if you like you
12:51
said we're talking about say toothpaste
12:53
right there's a toothpaste buyer and all
12:56
the drug chains the mass merchants have
12:59
whatever widget and there's no product
13:02
category for it and I go to a retailer
13:04
with it they may not even know what to
13:06
do with it they don't know who to assign
13:08
it to what buyer who's gonna look at it
13:11
it doesn't mean they won't accept it
13:13
doesn't mean they won't want to do
13:14
something with it but it it makes it
13:16
more challenging there's also no
13:18
consumer awareness of what it is so if
13:20
you come out common with the new type of
13:22
tooth
13:22
everyone knows what toothpaste is but
13:25
your widget nobody may know what it is
13:27
so you may have to spend money marketing
13:29
and branding just to get the word out
13:31
that this thing even exists so but on
13:34
the flip side if it becomes popular you
13:38
know you can be really well off from it
13:40
yeah I agree and it's something like
13:43
that where it's truly a new product not
13:45
only do you have to have a great product
13:46
but you have to actually get out and
13:48
tell people they have the problem that
13:50
their product solving so yeah it takes
13:53
some time with a brand new product to
13:55
market so sometimes as we were talking
13:58
about it's okay to be second third
14:00
fourth there's only the product it works
14:03
yeah you've got the bird you get them
14:06
from their misstep so I don't want to
14:09
say mistakes and you ride their
14:10
coattails if somebody's created a
14:12
pathway to brand make a brand awareness
14:15
of a product now you come out with
14:16
version two you know everyone's been
14:20
made aware on someone else's dime and
14:21
now you just kind of ride that a lot of
14:24
people do it and sometimes the second
14:26
third versions are better than the first
14:27
right so yeah and that kind of leads
14:31
into the next step right so now you've
14:34
got that down right you let's just
14:36
assume you did your patent search
14:38
formally or informally you're free and
14:40
clear to go right you've done your
14:41
market research you see that the hey
14:43
there's a market for this thing right
14:45
and that can be done through surveys it
14:46
can be done through focus groups online
14:48
research whatever there's a lot of ways
14:50
to do it a whole nother conversation but
14:53
let's assume that there's a market the
14:55
next thing inventors should do but don't
14:58
often do is get quotes from a few
15:02
different vendors for every part of the
15:04
product development stage and so what I
15:07
mean by that is okay so now you have
15:08
this widget what's it gonna cost you to
15:11
make it what's it gonna cost to get the
15:13
product design what we call the CAD
15:15
files that the formal
15:16
blueprint of the product made so you
15:19
could flush out make sure that it can be
15:20
built right at bio factory you have to
15:23
get product quotes for prototypes you
15:24
have to get factory codes what does it
15:26
cost to make each piece and I'm not
15:29
saying obviously investors have to get
15:30
those numbers but what they do is they
15:32
get excited they rush to the first
15:35
person
15:36
they talk to don't do any real homework
15:38
and then it gets built incorrectly or
15:41
they don't like the design or they
15:43
ultimately have to go back to the
15:44
drawing board but getting quotes because
15:47
a lot of people will ask me comment
15:49
they'll say Jim what is he what you
15:51
think it's gonna cost me to get my
15:52
invention to market I don't know you
15:55
know they can you give me a framework
15:56
yeah it's gonna be thousands but it's
15:59
probably gonna be tens of thousands I
16:00
don't know depends on what it is right
16:02
if it's got moving parts and electricity
16:04
it's gonna cost more than if it's just
16:06
like a solid whatever okay but you have
16:10
to get quotes so this way you understand
16:12
what it is you're in for yeah no I agree
16:15
how and and again how important is that
16:17
it's let alone all the design and
16:20
product development all those things how
16:22
important is the actual cost when you
16:24
want to go to retail well you know I had
16:28
this discussion with somebody and this
16:29
comes up a lot - where there are these
16:32
formulas that people kind of push back
16:35
to me they said well whatever you pay
16:37
for the product you've you know you've
16:38
got to have this you know five or six
16:40
times markup and you know and again this
16:43
is another discussion but in short I
16:46
mean look if you're an inventor and
16:48
you're by yourself and you're running
16:49
your business from your home you don't
16:51
need to have the same profit margins as
16:53
a corporation does who overhead and
16:56
employees and other expenses if it's
16:58
just you carmine and you're doing this
16:59
at home and you may and let's say it
17:02
cost you five dollars to make your
17:04
product all set and done in the factory
17:06
with a package on it you don't have
17:08
these restraints that say you must
17:10
resell to retailer for $12 or $15 or $9
17:14
look you can you could make a few bucks
17:16
and be fine right because your expenses
17:20
are low down the line obviously you want
17:21
to plan and get your numbers straight
17:23
and trying to predict what your cost
17:25
will be for other things in your
17:26
business right you got to market you
17:28
gotta sell you have all overhead
17:29
yourself eventually but there is no rule
17:32
you just have to come up with a price
17:34
that the market will bear right
17:36
so with what if your widget if everyone
17:38
else is selling these widgets for twenty
17:40
to thirty dollars you could sell yours
17:42
for forty or fifty but it better be that
17:43
much better huh but you could also sell
17:46
it for fifteen dollars right it just
17:49
depends you
17:50
to kind of see and compare your new idea
17:53
to what's out there and then see is it
17:56
less valuable more valuable is it in
17:58
line with what the other products are
18:01
and believe me the retail buyers will
18:02
tell you they'll say you know what we
18:03
don't see this at this price we see it
18:05
at that price and at that point you know
18:07
you're starting to formulate what it is
18:09
that you could sell it for
18:10
but again market research right yeah
18:13
that's true and the great part about the
18:15
Internet and the logistics and things
18:18
that are happening now is yeah you can
18:20
sell it on your own and you don't need
18:22
to mark it up as much so you can you
18:24
don't have as many expenses and other
18:27
items that a big-box store has so
18:29
certainly you can you can sell it and
18:32
test the market at a lower cost after
18:33
you sell a few hundred thousand of them
18:35
or a thousand you can go when you go to
18:36
a buyer yeah they're gonna want to see
18:38
sale so that that may help the way to do
18:40
that and that's what you do I know you
18:42
specialize in this movie called
18:43
short-run manufacturing a lot of people
18:45
what they do is they go on websites and
18:47
they find out from factories that they
18:49
need to get ten thousands into twenty
18:50
thousand of something made and that
18:52
kills a lot of great invention ideas
18:54
from ever seeing the light of day
18:55
because they say wow if it costs me five
18:57
dollars each and I need ten thousand
18:59
fifty grand
19:00
whereas what you guys do maybe it's
19:04
hundred so maybe it's just a thousand
19:06
that's that's a lot you know spending a
19:07
few thousand or five or ten thousands a
19:09
lot better than spending fifty thousand
19:10
especially the first time we're green
19:12
right because you could work out the
19:14
kinks a lot of times that version one it
19:16
may be fine but you know maybe you find
19:19
that hey you know I wish I didn't buy
19:21
20,000 because I I could have just added
19:24
this or change that I'd be okay and so
19:29
that's that's a huge service that you
19:30
offer that you allow people to test the
19:33
waters and I love testing and retailers
19:35
love testing right no I'll go all-in
19:37
like they used to in many cases oh I
19:39
agree and you know what's great about it
19:42
is is we we've done hundreds of products
19:44
and I can't think of one that the
19:46
inventor or the retail or somebody after
19:49
that first ship and after that I first
19:50
sailed they wanted to make a small
19:51
change even if it was just a change to
19:53
the packaging yes and that's that's even
19:55
more common than anything because you
19:58
know and again this is getting into the
19:59
technical stuff but you know if you file
20:01
a patent in a certain way and then you
20:04
the product you know your patent may or
20:06
may not be as valid and again that's
20:08
stuff I'm not 100% sure and then the
20:11
laws and rules change all that stuff but
20:13
but still I know there's there's
20:15
potential issues there but a package is
20:17
a package right and if you can make it
20:19
more impulsive or it's easier to read or
20:21
you change the colors a lot of times
20:23
buyers will say you know what the
20:24
package is too big or I don't like you
20:26
know it doesn't call out what the
20:27
product is quickly so you could if you
20:30
do a short run get through that first X
20:33
amount of pieces version two has this
20:36
new and improved look and now you might
20:38
get even more self through that's right
20:40
yeah packaging is uh and you know again
20:42
disagree that we're not packaging is one
20:44
of the most important things you can do
20:46
right I have been quoted on the internet
20:48
and other ones just saying that if
20:51
you're gonna splurge on any part of the
20:53
invention phase packaging is one of them
20:55
yeah you're not there to speak about
20:57
your product if it's on a store shelf
21:00
right Carmen you can only be yeah you
21:02
can just go from store to store and but
21:04
you can't really do that and even online
21:07
you know I mean yeah you have videos and
21:10
there's more opportunities to show the
21:12
product off but if you're in a
21:13
brick-and-mortar situation you're in a
21:15
retail store people have to walk by and
21:18
be attracted to the package pick it up
21:20
and within five six seven seconds
21:23
understand what's in it otherwise
21:25
they're gonna put it back down and they
21:26
keep going that's right i I mean I when
21:29
I speak with our clients and I mean I
21:31
say that you could sell dirt if it's in
21:34
a good pox I mean do it there's no doubt
21:37
I mean it catches your eye we just a
21:38
quick story we went up to a large
21:40
manufacturer multi-billion dollar
21:42
manufacturer up in Wisconsin who has a
21:45
complete system I mean they it's you
21:48
walk into it and looks like a shopping a
21:50
food store it's got aisles with all the
21:53
packaging and they have this these
21:55
goggles that you wear that have lasers
21:57
that track your eye and they can track
22:00
your eye and see what packages really
22:03
that's your eye I mean it was just
22:05
multi-million dollar systems they were
22:08
package designers yeah that's real
22:10
market research right there yeah and
22:12
people say like 80% of you know
22:15
consumers when they walk into a store go
22:17
to
22:17
right yes most things like that like and
22:21
there's a lot of that stuff that is it's
22:22
a science to it right where the what the
22:25
what the package looks like how the
22:27
product is displayed where it's
22:29
displayed people think they don't just
22:31
throw stuff in the stores it's all
22:33
planned out two-inch yeah I know we
22:36
talked about the planogram which I
22:37
thought was really cool the other day I
22:39
mean that's
22:41
stores lay it out you know exactly where
22:44
you know where the money's at they don't
22:47
just say hey stock boy Jim go go yeah
22:56
man so so I mean I know we have a you
22:58
know limited amount of time but some
23:00
have the you know we have the the
23:02
research we're talking about that we're
23:04
talking about the development cost
23:05
things in that sense so I mean when you
23:07
really get into saying hey I'm gonna
23:09
make this product or what would be a
23:10
next step be that you think and then
23:12
yeah like you said this could take all
23:14
day so I'll kind of just some of these
23:16
things I mean obviously now you now
23:18
let's say you get quotes and you know
23:20
you said all right I have an
23:21
understanding of what it's gonna take me
23:22
then obviously get into crowdfunding
23:24
right you gotta raise the money we
23:26
talked about crowdfunding just last week
23:28
right and that that's a big piece so
23:31
obviously if you can raise the money
23:32
then that allows everything else to
23:35
start happening then you start building
23:37
the product with the factory right and
23:39
you can start getting the packaging done
23:41
and you can start building your websites
23:43
and making all the collateral materials
23:45
the cell sheets that you know the
23:47
presentation decks the price sheets
23:49
there's there's a lot of things that
23:50
will happen along the way but to get to
23:53
that point just from hey let's do a
23:55
search online or let's do four patents
23:58
all the way up to the point where you're
24:00:00
crowdfunding that is gonna take you
24:01:00
months all right there as you know it
24:05:00
doesn't happen in weeks it takes time no
24:07:00
no good that's one thing that I'm glad
24:09:00
you mentioned that and and I'm an
24:12:00
inventor I am I am very impatient
24:15:00
but you have to have patience in this
24:18:00
industry you can be the most impatient
24:20:00
patient person but you have to have
24:22:00
patience
24:23:00
it's just nothing happens quick yeah I
24:25:00
you tell people you know even for the
24:27:00
simplest of products I mean minimum six
24:29:00
months six to nine months you know
24:31:00
a year or more if it's more complicated
24:33:00
and remember you're depending on other
24:34:00
people it's not like you're making this
24:36:00
at home yourself if you're dealing with
24:38:00
patent attorneys you're dealing with
24:39:00
website designs you're dealing with
24:41:00
prototypers factories package designers
24:43:00
whatever fulfillment centers right you
24:46:00
got to ship the product all these pieces
24:47:00
have to be organized you have to
24:49:00
negotiate your deals with each and every
24:51:00
one of them each each one of those
24:53:00
companies is busy with other people
24:55:00
other inventors so get in line and then
24:58:00
of course you have to react when they
24:59:00
need something from you so though it
25:01:00
does take a lot of time and you're right
25:03:00
a lot of people unfortunately give up
25:05:00
they just completely give up on the
25:06:00
process way too soon and I always say
25:08:00
it's a shame because there's a lot of
25:10:00
great products that unfortunately would
25:12:00
would be great if they actually made it
25:15:00
but you better just give up way too soon
25:17:00
yeah and you know that's just I mean in
25:20:00
a lot of times during the process that
25:23:00
you're talking about Jim there'll be
25:24:00
some changes made or you may find out
25:27:00
that your idea doesn't work but there's
25:30:00
80% of it that does so you have to might
25:32:00
have to reconfigure or change or get new
25:34:00
CAD files and a lot of people think
25:37:00
they're on that same timeline but once
25:39:00
you make a change you're basically kind
25:40:00
of resetting the timeline yes and
25:42:00
usually the first prototype that comes
25:44:00
is not what you want it to be or not
25:47:00
what everybody wants it to be that's
25:49:00
most common and that's weeks and weeks
25:51:00
in b-type making right you know no it
25:55:00
doesn't fit well it doesn't the colors a
25:58:00
little off or something whatever and
26:01:00
that's fine that's good because you know
26:03:00
you want to make sure that everything is
26:05:00
the way you hoped it to be and that it
26:07:00
should be so you can sell well yeah so
26:10:00
going back to the crowdfunding side and
26:13:00
I and I think that's so important we
26:15:00
covered crowdfunding in a previous
26:17:00
episode say I have most of the money and
26:20:00
I and I'm and I'm like man this is my
26:22:00
money I'm saving for this or I got an
26:25:00
inheritance or I can take the money out
26:27:00
of the bank or do you think it would be
26:29:00
a wise move to even try crowdfunding
26:32:00
anyway just to see how the public likes
26:35:00
my product or likes my I mean one of the
26:37:00
great things about crowdfunding is you
26:38:00
do get you know the benefit of public
26:40:00
opinion but I don't know I mean it's
26:43:00
hard to say
26:44:00
I you know I I can't see why you
26:46:00
wouldn't want to at least consider
26:47:00
crowdfunding I mean it's better than
26:50:00
taking on equity partners or debt I mean
26:54:00
if you have some right somebody throws a
26:56:00
bag of money in your lap and inheritance
26:58:00
or something I guess that's the best
26:59:00
right nobody to answer to but
27:02:00
crowdfunding as we talked about and
27:04:00
people should definitely listen back on
27:05:00
our our website on Facebook or I get
27:10:00
retail ready with carmine and Jim and
27:11:00
they can you listen to that episode
27:12:00
where we talked strictly about
27:14:00
crowdfunding and why it's important but
27:15:00
yeah you know you need money to do this
27:18:00
stuff so however you get it you know but
27:21:00
there's there's less painful ways and
27:23:00
crowdfunding is is one of the least
27:25:00
painful in terms of you know having to
27:27:00
deal with partners or multiple partners
27:30:00
or you said accruing debt or having
27:33:00
equity partners so on and so forth
27:35:00
yeah the credit the crowdfunding serves
27:38:00
multiple purposes one of the things I
27:40:00
like obviously getting the event er
27:42:00
funding which is awesome but also kind
27:45:00
of its kind of testing the market to me
27:48:00
it's a great way to kill a whole bunch
27:51:00
of birds with one stone
27:51:00
I love the crowdfunding sites there's so
27:54:00
many good ones out there but they're
27:57:00
pretty strict yeah well not strict but
27:58:00
there's so many people now trying to
28:00:00
raise money that you just can't throw
28:02:00
something up there as we talked about
28:03:00
it's it takes some planning yeah so
28:06:00
people got to definitely listen to our
28:08:00
episode about this we definitely got
28:09:00
into a lot of detail I remember turning
28:11:00
around it was like 35 minutes and we
28:13:00
were like we just started on that one
28:15:00
yeah definitely check it out yeah that
28:18:00
was that was a good one I know and I did
28:20:00
get some messages back on that we had
28:22:00
fielded some questions on the
28:23:00
crowdfunding which is which is an
28:25:00
important step I really do
28:26:00
going through that and say somebody does
28:29:00
something do some crowdfunding they got
28:30:00
some good feedback we'll probably maybe
28:32:00
you ought to get through you know we
28:34:00
have a few minutes left obviously you
28:35:00
get through a few more steps what would
28:37:00
be then the next step yeah well now you
28:39:00
gotta you gotta choose your factory you
28:41:00
got to start getting this stuff made
28:43:00
right I mean obviously let's assume you
28:45:00
had the prototype made and whether it's
28:47:00
one or two versions it okay you're happy
28:49:00
Carmen it's good right
28:51:00
now we got to get it made right and
28:53:00
obviously the package has to be designed
28:55:00
and the factory that makes your product
28:57:00
should be the one that does your
28:58:00
packaging a lot of people will ask me
29:00:00
hey who what do I do whenever I get the
29:02:00
packaging done and then how do I ship it
29:03:00
to the factory I'm like no we work with
29:06:00
factories right that will do everything
29:09:00
there now a designer may not be the
29:12:00
factory design you know I work with
29:13:00
product design package designers or in
29:16:00
the u.s. mill design and they'll send
29:18:00
those files over to the factory and then
29:21:00
when the factory is like pumping out
29:22:00
each piece of your product they're
29:24:00
packaging it so when you get it all done
29:28:00
its retail ready so that's that's the
29:30:00
big step that's next then of course like
29:32:00
there's a lot of other steps that go
29:34:00
along after that you've got you got to
29:36:00
sell it you got a market you've got to
29:37:00
be on social media right I mean if
29:39:00
you're not on Facebook Instagram
29:41:00
wherever you know you're not in the
29:43:00
marketing game so you've got to have a
29:45:00
sales and marketing plan and you got to
29:47:00
have a fulfillment center right who's
29:49:00
gonna ship all this stuff if you get a
29:50:00
big order from a big chain you don't
29:52:00
want to ship that stuff out of your
29:53:00
house trust me you don't want any part
29:55:00
of that
29:56:00
yeah a lot of inventors start out they
29:58:00
do ship from home because they have a
29:59:00
website or they're on somebody else's
30:01:00
website they'll get an order here and
30:02:00
order there and that's fine it's a good
30:04:00
way to get started but ultimately if the
30:05:00
amount of orders become overwhelming or
30:08:00
you're not used to dealing with the big
30:10:00
retail you need a fulfillment house to
30:12:00
handle it so you gotta identify a
30:13:00
fulfillment house who can receive your
30:16:00
your products from overseas or even in
30:19:00
the US you got it store them somewhere
30:21:00
and then when somebody orders it you've
30:24:00
got to get them shipped to them
30:25:00
correctly according to their terms big
30:27:00
retailers have terms and conditions and
30:29:00
ways they want things ship you cannot
30:30:00
screw it up so that's you know so if you
30:34:00
do all these things that we've talked
30:35:00
about today you know again taking time
30:38:00
you know that gives you the best shot at
30:40:00
success following the steps some things
30:42:00
are done in order some things you can do
30:45:00
at the same time like right while you're
30:46:00
building your website you you know
30:48:00
you're you know you're getting the
30:50:00
factories making stuff I mean these
30:51:00
things you could do simultaneously but
30:53:00
all these things have to be done in
30:55:00
order for the product have a shot no
30:57:00
doubt and again I liked how you said I
30:59:00
mean you want to have a retail ready
31:01:00
product even though it may cost a little
31:03:00
more you have to wait huh because the
31:04:00
worst thing that can happen Jim is
31:06:00
somebody sees your product or retailer
31:07:00
and he says okay I want 10,000 of them
31:11:00
and you're sitting in your house making
31:13:00
them retail ready somehow or put them
31:15:00
into packaging or it just it just can't
31:17:00
happen I mean I know that I have seen a
31:20:00
few people that have done stuff like
31:21:00
that they look at all their friends and
31:23:00
neighbors enable like an assembly party
31:26:00
for a whole weekend that's just one
31:28:00
order yeah right so it's fine in the
31:32:00
beginning I guess to some degree but you
31:34:00
should have a fulfillment center chosen
31:38:00
time comes you move on it you get your
31:41:00
stuff there let them handle it cost you
31:43:00
more but it's worth it because you could
31:45:00
not handle the amount of orders that a
31:48:00
big retailer can throw at you mm-hmm the
31:51:00
way it's all about being ready for your
31:54:00
big break so you know if you get a big
31:58:00
break and you only get one as Jim will
32:00:00
always say you can't blow it you have to
32:02:00
be ready to take advantage of that big
32:04:00
break yeah you're right you don't get a
32:07:00
second chance most of the time not with
32:09:00
the big guys anyway so yeah aim because
32:11:00
if you just had prepared right yeah well
32:16:00
that's why and I always say you know
32:18:00
they need to contact somebody like
32:19:00
yourself or US and get in touch with you
32:21:00
I mean Jim is day this is what Jim does
32:23:00
I mean he gets products ready for retail
32:25:00
he can tell you if your prize' gonna
32:27:00
need packaging with tiny package a I
32:29:00
mean it's very important to have all
32:31:00
those steps in place he's not looking to
32:32:00
just take your product over he's looking
32:34:00
to help you I mean look yeah
32:37:00
people always say yeah you want to just
32:38:00
take over I don't have the time they do
32:40:00
I don't want to do that's your product
32:41:00
right you should enjoy it it's your baby
32:44:00
it's not my baby but I can definitely
32:46:00
help people and do help people everyday
32:48:00
get through the steps connect them with
32:50:00
the right people like you for short-run
32:52:00
manufacturing there's a group of people
32:55:00
that I work with and I've worked with
32:57:00
for a long time that I trust I know
32:59:00
they're good they help people get each
33:02:00
step accomplished and while I'm
33:04:00
overseeing it and kind of project
33:06:00
managing it and then we get it ready for
33:08:00
retail then we take you to retail but
33:10:00
that gives you your best chance of
33:11:00
success having it done right the first
33:13:00
time it cost you the least amount of
33:15:00
money right you know want to go back and
33:17:00
do it two or three times it saves you
33:19:00
time and you know there's nothing wrong
33:22:00
with reaching out for help I mean I
33:23:00
don't know
33:24:00
maybe a handful of inventors that I've
33:26:00
seen do most of the stuff on their own
33:28:00
but man they took him years and they
33:30:00
struggled and you know it's just there's
33:33:00
easy ways to do things and sometimes you
33:35:00
have to invest in your business and
33:36:00
spend a few bucks to get things done for
33:38:00
you by people that know more than you do
33:40:00
about what that is it's a there's no
33:43:00
shortcut in this I mean it has to be
33:45:00
done right the buyers see way too many
33:46:00
products QA sees way too many products
33:48:00
customers what will return it if it's
33:51:00
not done right yeah they're not gonna
33:53:00
rebuy that the big orders aren't going
33:55:00
to come so even if you think you got a
33:57:00
big order a thousand units 5,000 units
33:58:00
and you're in a retailer that's not a
34:00:00
big order you want those 100,000 units
34:02:00
you want those far and it's not gonna
34:03:00
come unless it's done right and that's
34:05:00
why not only are we doing this podcast
34:06:00
but you know that's that's why Jim is uh
34:10:00
the pro that he is because it's how it
34:12:00
goes
34:12:00
real quick Jim I know we're running out
34:14:00
of time we'll recover the rest of these
34:15:00
steps because we could have went on for
34:16:00
three hours how about the you got that
34:19:00
pill product in in the stores how's that
34:21:00
doing what's going on with that yeah the
34:22:00
prior fiscal memo box yeah as we talked
34:25:00
about the last time it said it basically
34:26:00
looks like a sleek modernized version of
34:29:00
an old pillbox where but they're pills
34:32:00
in each day of the week but it's
34:33:00
electronic and so it comes with a free
34:36:00
app and you download this app right and
34:39:00
through the app it will remind you when
34:42:00
to take your medication it will let you
34:43:00
know that you forgot to take your
34:45:00
medication it will even alert people
34:46:00
that you set up I if I for some reason
34:51:00
didn't get my own alert or forgot myself
34:53:00
I could set it to where I'll say hey
34:55:00
comment you're gonna get an alert so
34:57:00
then you could say hey Jim did you take
34:58:00
your medicine
34:59:00
huge especially Phil you know older
35:01:00
people people who can't you know react
35:03:00
themselves or their own you know that
35:05:00
you know maybe they're bedridden or
35:06:00
something and and if they forget no so
35:09:00
crucial like heart medication or
35:10:00
something so yeah we've got we got it up
35:14:00
on a vine
35:14:00
we've got it just about ready to go with
35:17:00
Brookstone and Hammacher Schlemmer we
35:20:00
have a few others that are looking at it
35:21:00
very seriously so it's that's becoming
35:24:00
it but by the way that's been over a
35:25:00
year in the making
35:27:00
mm-hmm and still we're going through
35:29:00
some refinements of it so that is a
35:31:00
testament so is all this work and then
35:34:00
it eventually it starts to happen and
35:36:00
once it starts to happen it generally
35:37:00
starts to roll yeah that's the that's
35:39:00
the fun stuff but that's a perfect
35:41:00
example of a product not taking
35:43:00
advantage of a problem but actually
35:45:00
helping people see you and taking and
35:48:00
fill in so that's why it's a great
35:49:00
product yeah good good all right man so
35:52:00
we're kind of out of time I want our
35:54:00
listeners and thank you them for for
35:57:00
listening in keep sending those
35:58:00
questions in to us get us on Facebook
36:01:00
you know Jim that we know inventing dot
36:04:00
or great to him at work we know we at
36:06:00
law I've got a bunch of site the mainly
36:07:00
we we know business dot info but
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obviously they can go on Facebook and
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find us at we know inventing and we know
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business and of course our site get
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retail ready with carmine and Jim where
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we posts each episode of our podcast and
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we want you to share your ideas come on
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comment let us know what you like what
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you don't like I mean you know we can
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take it and but you know we want to hear
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ideas for the show we've already done a
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couple based on comments and messages
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we've gotten and in the near future
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we're gonna be having some guests on and
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some special shows so we can kind of mix
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it up a little bit so yeah you know
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we're we're you know we are basing the
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show on questions and comments and
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things we've experienced with our
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clients and and retailers so this is
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basically to help all of you inventors
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out there and move your products forward
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reach out to us and let us know so again
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we appreciate you all for listening
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this is carmine disco with my co-host
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jim thebetta on the inventors launchpad
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network and the show is get retail ready
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thank you very much for listening and we
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will talk to you soon
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thanks everyone