For more information check out the Inventors Association of Georgia website.

For more information or to register to attend ToyFair 2010 visit the Official ToyFair website.

To learn more about Inpex and register to hear him speak at the Official Inpex website.

So, what is the best way to spend your hard earned money? Don’t write checks too quickly. Let me explain. There are certain steps that you need to follow to have a chance at ensuring your money is well spent. Here are a few:
– Don’t rush to file patents as soon as a great product idea comes to mind. Assess your goals (do you want to license your idea or make and sell yourself) and then decide if it is necessary to file a patent.
– Don’t go out and make expensive prototypes right away. Again, understanding the best way to show your product idea to potential buyers may be through mechanical drawings or simple renditions which may cost less.
– Don’t agree to manufacture large volumes of your product and bring them in and have them sit in your basement. I see this all the time and what a shame. Before you commit to stocking up you need a sales and marketing strategy to ensure you can sell your products successfully.
– Do go ahead and reach out to other successful inventors and learn how they achieved their goals. Getting perspective from others can give you some clarity.
– Read, read, read! There is a lot of great information available today that is so easily accessible.
– Do make sure you seek the advice of professionals who can do things right the first time instead of hiring them later to redo what you did incorrectly. No business person I know has ever done everything themselves. Instead, they always acknowledge what they don’t know and seek out help to get the answers they need. This applies to website design, packaging, marketing, sales, and many other areas.

What matters the most is that you understand that each phase of inventing involves varying levels of knowledge and some areas may deserve more of your money than others. So many inventors run out of money just when they get to the point when they are ready to sell to retailers. At this point, sales are everything and without them you have no business. You need to budget money for this effort. Also, running a product business means you will be in business for the long haul. I have seen but a few “get rich quick” situations and even then those inventors poured lots of money into their idea and indeed took massive risks. Slow and steady often wins the race…so buckle up and get ready for a long yet exciting ride!!!

Be sure to visit me at www.jimdebetta.com and learn how I help inventors learn the business of inventing!

After nearly twenty years of successfully selling products to major retail chains and catalogs, I still find it challenging to reach some buyers and make the big sales to them. So, why is it so difficult? There are many reasons and my list below outlines what buyers need from you and what you must do to connect with them.
• You must be in it for the long haul and never give up – selling retailers takes time and patience
• Buyers receive hundreds of calls and emails a month so you will not get fast responses
• You must know how to talk to buyers and understand how they do business
• If a buyer shows interest, they often have to get approval from higher ups and that takes time
• Buyers want you to be persistent but “politely persistent” and follow up in due time
• You must quickly demonstrate your products key benefits in a few words or sentences
• There are thousands of sellers but only a handful of open shelf spaces that need to be filled

Retailers plan out their store selections at least 6-9 months in advance and are always very busy. When you work in retail and spend time studying how retail stores operate, you gain valuable insight into how buyers need to buy and why it is so hard for them to choose the right products. Buyers must make money for their companies. Period. When they fail, they lose their jobs. That means that buyers must be ultra-selective and buy great products from people that know how to do business with them. Being an experienced and useful vendor means a lot to them and telling a buyer that you have the greatest product in the world really means nothing to them.

When I started in this business, it took me a few YEARS to make a handful of meaningful sales to the largest retailers. I always felt like I would never break through and often just wanted to give up. I would always say “what do I have to do to get them interested” and “why was that buyer so cold to me when I called.” Patience and persistence becomes your new mantra, and sharpening your pitch and learning their business makes you a much more potent salesperson. This is not a business for the faint of heart and one where you truly earn your place among America’s elite salespeople!

Stay with it, never say never, and do all you can to make the most of your big opportunities!

www.jimdebetta.com

For nearly twenty years, I have happily worked in the world of consumer products. When you are in a business for this long you become very familiar with how to deal with factories and how they make and test products. One of the big concerns any inventor should have is – are your products being manufactured correctly and being made to specifications that meet or exceed retailers and the US government’s requirements for safety?

Back in the ‘90’s, the factory business overseas was booming and these factories could barely keep up with the work they were getting from US companies. US factories were closing daily and overseas factories simply made those products for less money – even if the quality was not as good. Hard to resist for retailers who must work on the highest possible profit margins in order to grow and meet shareholder demands. When times are good like they were then, it seemed that US regulators were looking the other way or could not keep up when it came to carefully inspecting or enforcing safety regulations for products pouring into our country. I realize that there are just not enough inspectors to cover the millions of containers of products that hit our shores each year, but I can say first hand that most retailers hardly ever requested safety test results for products and with booming business these retailers may have decided that the word of the factories and the importers that sold them was good enough and that most of the products were safe. I believe in the back of their minds they knew that not everything was up to specifications but felt that unless the products were outwardly dangerous that they would be fine to sell to consumers. What’s scary is that unknowing inventors may not have even been aware of any safety requirements and simply had the factories produce the products – all while never knowing that there could be some harm in doing so. Because we dealt with very reputable factories, they always suggested that we test our children’s products and we did – and for me it was mostly because I would never want to know that a child was harmed on my watch!!

Today, the USA is cracking down on unsafe products after a rash of incidents from imported baby products and other products that contained high levels of lead and other dangerous chemicals. I often talk with my friend and manufacturing expert Edie Tolchin who is known as the “Sourcing Lady” and she had a lot to say about these new requirements and how important they are for inventors to be aware of.

Today, many retailers are requesting third-party verification of safety testing and that means that if you have invented a product that is consumed (food, drinks), for babies or kids under the age of 12, or even products like bedding, you may be forced to hire a testing agency that can perform tests on your prototype or sample you received from an overseas factory to ensure that it is deemed safe. In addition, many products now require what is known as a “law label” and this label must contain certain information such as country of origin and materials used and must be a certain size and shape and be adhered to the product – just like those big labels on a new mattress! This testing can costs thousands of dollars so make sure you factor this in when creating a budget for development. It also takes time to perform these tests and so you must also consider the lag when preparing to approach retailers. If the product sample is deemed unsafe or not to spec, you will then have to make the necessary changes and that can add cost and time to getting your product “retail ready.”

The Consumer Products Safety Commission website shares more information about these new laws and how you can get your products tested to meet the updated requirements.

Be sure to visit me at http://www.jimdebetta.com to learn more about me and how I help inventors!!

When you call on retail buyers, you must be prepared! When I started calling on buyers years ago, I had little knowledge about what buyers expected from me and even less knowledge about what could happen when I finally earned a face to face meeting. I spent many days and lots of dollars flying all over the country to meet with buyers – only to be told to come back when I was properly prepared. Why go through that when everyday is important to bringing your invention to life! Here are some of the “checklist” items you need to be aware of BEFORE you make that call:
• Have retail ready samples to demonstrate and if your product is electronic don’t forget batteries. A buyer cannot make a final decision to purchase a product that is a rough prototype or is incomplete.
• Have your pricing prepared – wholesale and suggested retail pricing that allows you and the retailer to earn substantial profits.
• Make sure you dress well as you can never be overdressed.
• Be on time for your meeting. I can’t believe how many people show up late for buyer meetings!
• Visit one of their stores BEFORE your meeting so you are knowledgeable about their current product assortment and how your product fits in.
• Know everything about the retailer including store count, who their competitors are, and what their goals are as a company.
• Be prepared to answer questions about your manufacturing capabilities as buyers must feel confident that you can produce enough product should it sell very well.
• Buyers simply cannot replace an item that is currently selling well unless you can convince them that your product will earn them more profit margin and provide a faster turn (how quickly the store sells out of the item) so be sure to let them know if you are currently selling your product elsewhere successfully to give them confidence – even if it is on a local level

There are many important steps to consider when preparing for these meetings but being fully prepared is critical to having that opportunity to getting your products placed.

For nearly twenty years, I have happily worked in the world of consumer products. When you are in a business for this long you become very familiar with how to deal with factories and how they make and test products. One of the big concerns any inventor should have is – are your products being manufactured correctly and being made to specifications that meet or exceed retailers and the US government’s requirements for safety?

Back in the ‘90’s, the factory business overseas was booming and these factories could barely keep up with the work they were getting from US companies. US factories were closing daily and overseas factories simply made those products for less money – even if the quality was not as good. Hard to resist for retailers who must work on the highest possible profit margins in order to grow and meet shareholder demands. When times are good like they were then, it seemed that US regulators were looking the other way or could not keep up when it came to carefully inspecting or enforcing safety regulations for products pouring into our country. I realize that there are just not enough inspectors to cover the millions of containers of products that hit our shores each year, but I can say first hand that most retailers hardly ever requested safety test results for products and with booming business these retailers may have decided that the word of the factories and the importers that sold them was good enough and that most of the products were safe. I believe in the back of their minds they knew that not everything was up to specifications but felt that unless the products were outwardly dangerous that they would be fine to sell to consumers. What’s scary is that unknowing inventors may not have even been aware of any safety requirements and simply had the factories produce the products – all while never knowing that there could be some harm in doing so. Because we dealt with very reputable factories, they always suggested that we test our children’s products and we did – and for me it was mostly because I would never want to know that a child was harmed on my watch!!

Today, the USA is cracking down on unsafe products after a rash of incidents from imported baby products and other products that contained high levels of lead and other dangerous chemicals. I often talk with my friend and manufacturing expert Edie Tolchin who is known as the “Sourcing Lady” and she had a lot to say about these new requirements and how important they are for inventors to be aware of.

Today, many retailers are requesting third-party verification of safety testing and that means that if you have invented a product that is consumed (food, drinks), for babies or kids under the age of 12, or even products like bedding, you may be forced to hire a testing agency that can perform tests on your prototype or sample you received from an overseas factory to ensure that it is deemed safe. In addition, many products now require what is known as a “law label” and this label must contain certain information such as country of origin and materials used and must be a certain size and shape and be adhered to the product – just like those big labels on a new mattress! This testing can costs thousands of dollars so make sure you factor this in when creating a budget for development. It also takes time to perform these tests and so you must also consider the lag when preparing to approach retailers. If the product sample is deemed unsafe or not to spec, you will then have to make the necessary changes and that can add cost and time to getting your product “retail ready.” The Consumer Products Safety Commission website shares more information about these new laws and how you can get your products tested to meet the updated requirements.

Although I feel you can do many things yourself while developing your invention, selling your newly developed product to major retailers can be quite a difficult task – even for seasoned sales professionals. When I talk
to inventors who have developed their product and are now ready for selling, they often ask me if bringing on a commission only sales representative (sales rep) is a good way to get started. Well, I have a number of friends who are very successful sales reps and I can tell you this – they simply won’t take on a product line and “pioneer it.” They want to work with established brands with established territories that are already producing sales and hence an income for them right from the start. Why would they take on a new product from an inventor with no company sales history or unknown brand name? Most won’t – and from a financial standpoint they simply cannot afford to develop sales for a product with no track record. It takes too long and all the while they need to pay their bills and live just like you and I.

Occasionally, a sales rep may choose to work with you IF your product is truly revolutionary and offers tremendous upside potential. If you have such a product, then you may be able to land a very experienced sales rep who is well connected with retail buyers and can get your product introduced to the big retail stores. For the rest of us, bringing on qualified sales help may require that you compensate them in the form of a small salary or a combination of a salary and commission on all sales made. Paying for quality help in this most crucial area of your business may be exactly what you need to do to propel your business into a big success story!