6 Steps to Transform Your Home Invention into a Successful Business

6 Steps to Transform Your Home Invention into a Successful Business

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Some people believe that working moms are more ‘flexible’ than stay-at-home moms. But in most of the cases, full-time moms are the best multi-tasker ever. Why? In between childcare, cleaning, and cooking, these moms are cranking out inventions that could potentially make them the next big entrepreneur. Does it sound too good to be true? Wait until you hear that women entrepreneurs outnumber their male counterparts. These mothers of invention know how to stretch a dollar and turn something simple to something fabulous!

To support that, some of the recent mommy inventions that have been popular lately include: the “Baby Einstein,” “Airborne Effervescent Health Formula,” “Mothers Work, Inc.,” “Umbrella Plus, LLC,” and “The Harry Potter Series.” The question remains how did these mommies manage to produce such wonderful inventions? Here’s how:

The Product Idea Should Be Treated as a Business from the Start

Despite what a lot of people and ‘entrepreneurs’ say, there’s no true shortcut when it comes to inventing things. However, with an open mind, knowing how to analyze and understand the market size, selling price, design and production costs, profit potential, as well as competition before spending money can help you decide if you should or should not bring your product to market.

Test your product/ service in the Market 

This is considered to be the most crucial step in the product development process, but it’s often neglected by some. Likewise, a lot of creative people get so enamored by their ideas that they usually end up putting earmuffs and blinders on. Instead of doing that, try to imagine that you’re a part of a large company, such as Kimberly Clark and you’re tasked to advise your boss about the potential products that will make the most profit. The best way to learn what the people want is by asking and most importantly, listening.

Simplicity Is the Best

A lot of new products have flashy features, ranging from electronics to excessive whistles and bells that can increase the production cost as well as the retail price. Create high quality products that have lesser features, but an affordable price. This will result to better sales and more money.

Business Planning is Important

Even though a lot of people don’t plan their business, this doesn’t mean it can’t be done. Likewise, planning a business is a sure way to help you get to market faster. People especially homemakers often get lost in the process of getting started with their new ideas. Professionals like Inventhelp can get you through these phases and guide you on your entrepreneurial endeavour. Through this, you’ll gain focus, clarity, and confidence.

The Initial Launch

It’s important that you know how to launch a product/service properly. The marketing is the key to get your product available to the public. It doesn’t work in a way where you’ll just put your website live and expect your products or inventions to sell. It can take several years before you gain profit, but this doesn’t mean you should stop. Just keep going and keep doing what you love most. Think how much money and effort you’ve exerted, this will give you the inspiration to keep on moving forward.

Celebrate Your Success

It doesn’t matter if your accomplishment is small or big, it’s important to recognize setbacks and pay attention to what’s important. Don’t let the failure define you, but use it as a stepping stone instead.

Stay-at-home moms could use their creativity in finding the perfect niche. The key is, “think outside the box.”

Resources:
10 Tips For Turning Your Idea Into a Business, Huffington Post
6 Make-or-Break Steps to Go From Big Idea to Successful Business, Inc.com