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All posts for the month July, 2019

Read the Complete Article at: http://onestopinventionshop.net/blog/2019/07/check-out-invention-for-sale-websites/

{Don Debelak’s new book, Turning Your Invention into Cash is now available on Amazon for $3.49. Go to Amazon.com and enter inventions Don Debelak to purchase. From the author of Entrepreneur Magazine’s Bringing Your Product to Market.}

Inventions for sale web sites have been around for years and their have been many with numerous up and down financial swings like Quirky. I came across this recent story, July 8, 2019 about an inventor who benefitted from Ace’s Hardware’s Grommet invention site that I thought I’d pass along to my readers.
By Ray Boone KSL TV | Posted – Jul 8th, 2019 @ 7:48pm

RIVERTON — The key to a happy retirement is planting a seed. Wilson Svedin’s spent his finding a purpose — watering a passion.

“I guess I’m the kind of person that just likes to be doing something,” he said. “It’s therapeutic for me.”

Svedin’s passion is for plants. Every day, you’ll find him spending hours in his yard, tending to his garden.

“If you don’t give them the attention they need, then it doesn’t work,” he said.

His backyard is filled with vegetables, flowers and trees — he says he’s been working on sculpting the space the way he wanted it since he and his wife moved in during the 1970s. But for Svedin, his love of breathing in bouquets began when he was just a budding sprout.

“My grandfather was a terrific gardener, and I always enjoyed walking through his yard and admiring the flowers,” he said. “My father had about an acre of ground dedicated to vegetable gardens, and so I learned how to work there. I don’t know if I appreciated it as much then as I should have, but I certainly do now.”

He’s put down roots in his retirement, absorbing every hour with horticulture.

“It’s given me some more time,” Svedin said. “I get to spend more time doing what I really enjoy doing.”

And more time in the yard meant more points in the present to ponder his problems — more time fighting his foe: grass.

“Anybody that has any experience with gardening knows that it’s difficult to keep the grass from encroaching in the flowerbed,” said Svedin.

Invading his irises — and his weapon was weak.

“I used a shovel a lot,” Svedin said. “That’s very labor intensive.”

Retirement may be about relaxation, but he wouldn’t unwind. Instead, he put his mind back to work — Svedin became an inventor.

“I saw what I wanted accomplished, and I saw how it could be done with one single tool,” he said. “I made up a prototype, and it works.”

He came up with something he calls the “Kwik Edge”: A tool that cuts the grass edge, rips out the roots, and scoops soil back in. It may not look like much to the untrained eye, but fellow
gardeners flipped. In Svedin’s words, it’s “gone crazy.”

He’s got his own commercial and his own website. He sells on Amazon, and even on the shelves of Ace Hardware stores.

“I attended the Ace Hardware show, at their invitation, there in Chicago,” said Svedin. “They set me up with a company called ‘The Grommet.’”

They staged a launch for Svedin’s product, and Ace Hardware stores from “coast to coast” started stocking the tool. Business became so big that it started to cut into his gardening time.

“It became a full-time job,” he said. “But then I decided I wanted to get my time and my life back.”

Svedin signed on with a warehouse to handle much of the workload, ensuring that he’ll always have ample hours to spend digging in the dirt.

“Now my biggest problem is keeping inventory,” he said.

If the key to retirement is planting a seed of passion, the landscape of Svedin’s life has bloomed into a bouquet of business — but every day, you’ll find him right out in his backyard, enjoying
the fruits of his labor.

“It makes me feel good to be out breathing the fresh air, working with the soil,” he said. “I’m happy right here.”

Besides Ace Hardware, True Value Hardware hosts open buying days. Its fall open buying days are coming up, check out https://www.truevaluecompany.com/About-Us/True-Value-Foundation/Open-Buying-Day for more information.

The post The Grommet – A Good Spot for Inventors appeared first on One Stop Invention Shop.

Read the Complete Article at: http://onestopinventionshop.net/blog/2019/06/is-your-product-ready-to-introduce-key-evaluation-points/

{Don Debelak’s new book, Turning Your Invention into Cash is now available on Amazon for $3.49. Go to Amazon.com and enter inventions Don Debelak to purchase. From the author of Entrepreneur Magazine’s Bringing Your Product to Market.}

Recently I discussed 10 points to consider in a preliminary product evaluation and how to determine if you should move ahead.  This newsletter discusses how to evaluate a product idea after it is developed further to see if you should keep spending money through the final product design and then product introduction. 

When you start out with an idea you have a vision of what
the product will be like.  After working
on the idea for a while, the product starts taking shape and you have something
people can react to that will indicate how the product will sell. You are
entering a phase where you may be spending a lot of money, and may need to get
investment partners.   So you need to
take a deep breath and revaluate where you stand.  Inventors tend to move forward with lots of
enthusiasm at this point. But that can be a big mistake as now is your last
stopping point before a major investment.

This newsletter will have a summary of the five points, the
next five newsletters  will cover each of
the five points in more depth.

How effective are your patent claims? Many, many
times inventor’s patent claims are scaled back by the patent office and they
end up not being significant.  The way to
judge a patent claim is how many qualifiers or steps there are.  When the first claim (the most important
claim) has four or five points, a competitor only needs to only be different in
only point to not violate the patent.      Does the product have good value when compared
to competitive products? People are solving the problem your product addresses
in some other way.  If your product costs
the same as other solutions, but does a much better job, then you are providing
value.  IF it costs less that is even
better.  But your product can cost more,
the iPhone is certainly more expensive than other products, but then it has to
be worth the extra costs.  You can often
see if customers see that your product offers value by showing your product, even
if it’s just a brochure, versus other products and then simply ask people to
rate the products based on which one they feel has the highest value.Can you make the product for 20 to 25% of the
expected retail price? Retailers typical mark a product up 50% so that means
your wholesale price is 50% of the retail price.  My experience is that it is difficult to make
money if you can’t sell your product at wholesale at a price twice as high as
your manufacturing costs.  If you sell
direct the same 25% rule applies as you will have much higher sales and
marketing costs to bring your product to market. Many inventors ignore this
rule, but it is not a good idea as they ending up spending lots of time, money
and energy without making any money. Can you afford to manufacture the product with
“world class” fit and finish? This is one area where the invention world has
changed dramatically over the years.  In
the past inventors could get by with a more handmade or rustic look.  Not anymore. 
You will find  that people simply
won’t buy a product that looks like it was made in a blacksmith shop.  But getting the professional look can call
for large tooling expenses or other expensive equipment and it might be more
money that you can afford. I found that often SCORE  (www.score.org)
Service Corps of Retired Executives frequently has manufacturing experts on
their staff that can help you if you don’t understand how to find the right
manufacturer. Their services are free, and while they won’t do the work for you
they are very useful mentors.Do you have an effective marketing and packaging
strategy?  New inventors almost always
totally ignore packaging and marketing till they have spent a ton of money
getting ready to manufacturer without ever considering how to package and
market the product, including what type of distribution to use.  Selling the product is very difficult, and it
is an area where inventors run into stiff resistance.  When you approach a prototype company to sell
your product, of course they will help you out, you are paying them.  The same principle applies to manufactures
and anyone else you pay.  But in
marketing and distribution, you are asking people to invest their own money and
resources in your product, and they won’t do it unless they believe the product
will sell.  I fell you iron out your
sales and distribution plan before spending money on your product, and have a
clear idea how you will sell your product and who you will approach to sell
your product.  Without effective
marketing, all the other money you spend will be wasted.

The post Is Your Product Ready to Introduce – Key Evaluation Points appeared first on One Stop Invention Shop.