Inventor called and we discussed her product that is fully developed, great idea and at a crossroad on what to do… She has a full time job, has limited cash and wants to manufacture her product on her own. We discussed her options and spoke about starting slow, maybe reaching out to catalogs, building a website and generate some online sales and build a track record and at the same time, this is a way for you to gauge interest without quitting your day job and putting your bread and butter at risk.
We also spoke about how getting into retailers is difficult, not impossible having one product to pitch them with..
The other option would be to try to license it and collect a royalty with little risk to you.
Licensing means to contact a company that is in the same product category as your invention and if they decide they are interested, you can agree to terms of an advance, royalties, territories and time.
I’ll get more into licensing agreements and how to approach licensees in upcoming posts…
For help with your invention, you can schedule a call with Brian Fried, Invention Expert, Consultant and Chief Invention Officer of Inventor Smart visit brianfried.com and inventorsmart.com. Check out the National Inventor Club where you can be a part of an inventor community, including entrepreneurs and service providers for inventors. www.nationalinventorclub.com
If you’d like to promote your invention and looking for some media coverage, schedule your interview on Got Invention Show. If you have a finished product now available or a prototype, show off your invention and tell us your journey!
Looking to learn more on inventing, take an online e-learning course, Learn How to Make Money with Your Invention, or individual classes on the topic you need at inventorclass.com
Shop for Inventor merch at InventorMart.com and be proud to be an inventor with all types of apparel and accessories, pillows, mugs, phone cases with designs to express your inner inventor!