Many corporate executives and employees are once again nervous about the financial state of the companies they work for and are nervous about losing their jobs. Certainly seems natural to worry. So, what is a person to do? They finally decide that they will take a chance and start their own business. The risk is great but they could in effect control their own fate. If they succeed or fail it will be because of their efforts and abilities (among other factors) and for many that just feels good. I know that when I decided to “take the plunge” I was nervous and had no idea what would eventually happen. I left the comfort of a secure paycheck and benefits but decided that from that point on that no one was going to eliminate me through lay offs, changes in company direction, or whatever other reasons companies have for letting people go – and often with little or no notice!

Today, people are coming to me in droves asking me to help them start their businesses and inventing is indeed a business. Most of them are financially prepared to make a break from the corporate life but realize that soon enough they will have to do something to get their business to succeed. Just something to think about…..

– You must expect to spend at least a year and likely a few before you will achieve any meaningful sales – you just have to get used to this fact

– Just developing and making your product ready for retail from day one will almost always take at least 6-9 months and many times a year or more. Lots of moving parts to deal with and the people you hire to help you get things done are likely also busy with other projects meaning that it will take time to accomplish each phase of getting your product completed

– Keep a smile on your face! I know its not easy sometimes but this is essential! Nothing great seems to happen overnight….and successful inventing is no exception.

So, knowing that time is the key and working hard are just a few key thoughts for making money in this business. It can be done and is done everyday so think of it that way. Just stay with it….and like a new plant seed eventually it will grow and bear fruit!

Jim
Don’t forget to pick up a copy of my new book The Business of Inventing at http://www.jimdebetta.com

So, what is the secret to balancing your lazy summer days and your business that you know you need to grow? Plan it out!! Here is what I do so I can enjoy the summer and yet get my work done:

– I make sure I plan out a few weeks off during the summer but I always stay in touch with work. If we go to the beach, I bring my laptop (not to the actual beach!) and check my emails early in the morning and then later in the evening when the kids are worn out and ready for bed. I get the best of both worlds – I get some fun in the sun and I keep up with my work!

– I work harder on Mondays and Fridays so I can start my week off feeling good and end my week on a high note so I can relax some on the weekend. During the mid week, I still work hard but knowing I give that extra push in the beginning and end makes me feel better about everything.

– Spend time outside on your deck or by the pool and think about where you business is now and where you want it to be at the end of the year. This means looking at what is working and what is not and making changes so that by the end of the year you can be closer to what you want.

So, the key is balance. You need time off to recharge and enjoy life but you want to stay on your work so you don’t fall behind and play catch up all the time. Reward yourself after a hard day of work and do what you can to motivate yourself when you have a slower day. Either way…find ways that work for you and love your business…isn’t that the reason you started it anyway?

Jim

**Pick up a copy of my new book, The Business of Inventing at http://www.jimdebetta.com today!

I just got back from the INPEX invention trade show in Pittsburgh and as always I really enjoyed seeing so many cool products and meeting so many enthusiastic inventors just looking for some help….and some hope! I speak at this show each year now and I always love talking about how to prepare your products for retail and with that comes one of the most important aspects of inventing – knowing that a successful inventor can help stimulate economy by creating work for others and allowing that inventor to earn a living, spend money, and potentially prosper and hopefully help others. We all need some help at one point or another and so I do my part to make sure people with ideas understand the long road ahead of them and what to expect along the way.

So, I say to any aspiring inventor – get up and find out what it will take for your dreams to become a reality. Learn what you can and then prepare for the journey. While doing so, understand that when you become successful as a small business you do more than just help yourself. You inadvertently help others. You create jobs. You spend money which supports other businesses. A lot of good comes from your success!

Jim

Visit me at http://www.jimdebetta.com

1 – From the day you come up with an idea, you literally will embark on more than literally a dozen critical steps to have a retail ready product including CAD drawings, prototyping, website creation, patent and trademark filings, factory sourcing, marketing plans, and much more!

2- Each step in the process takes time and almost always takes more time than you anticipate. For example, your web designer may say it will take them 2 weeks to design your site, but along the way they get busy with other clients, you make more changes than you figured you would and that takes up more time, and before you know it more than a month has passed…..

3- Money can stop an inventor cold! Inventing, like any other business, requires capital and most people do not have a bundle of cash from which to draw from while getting their product developed. Often, many inventors use what cash they have, when they have it, to move from step to step. This can drag out the process…

4- Selling to major retailers is a game of extreme patience! Since their are literally millions of people with ideas for products but only thousands of spaces available on store shelves, getting placed often starts with a “no” regardless of how great your product is. Retail buyers take care of their current vendors first and then they look at new products. They are also so busy that many don’t (and can’t) get back to everyone that calls on them…so the sales cycles are long.

On average, from the day you come up with an idea, expect things to take about a year under the best circumstances and often between a year and two years. I have seen people and have worked with people who have done it in less time, but that is the exception and not the rule. Plan to be in it for the long haul and know that no matter how excited you are about moving ahead that taking the careful and slower route will usually lead to better results!

Jim

http://www.jimdebetta.com

Today, it seems that everyone is into inventing. Kids, moms, grandmas, you name it! No matter who I talk to, it seems that everyone either has an idea for a product or had an idea but never acted on it. There is so much information available for aspiring inventors that there is almost no excuse to take action and look to explore how to bring your product to market.

How do you make sure you are taking the proper steps to developing your product? You reach out to those that have been there and done that…..you talk to industry leaders who know how to guide you and help you avoid massive mistakes. But most importantly, you need to take your time. Inventing is an exciting endeavor and the stakes are high. Some people can make a lot of money….many will not. The ones that take it slow, do their homework, and follow the basic steps are almost always the ones that enjoy some level of success. Expect to spend the first year (not a month or two) developing your product, creating logos and websites, developing a package for it, finding a factory to make it, etc, etc. Each phase takes careful planning and precise execution. Then, when everything is set to go, you now have to sell it! Expect this process to be ongoing and be ready to dig in as selling to retailers takes patience and persistence. Just don’t give up when you hear a no or when things get tough….sticking it out is key to reaching that success!

Jim

http://www.jimdebetta.com

Today, when having these “dead” times, I play more on social media and for me I spend a lot of time on Linked In to attempt to connect to anyone that in any way can have an effect on my business. As we know this world is still a lot about who you know and not always what you know…or at least that has been my experience. My new “connecting time” has actually become quite fruitful and I now consider it an important part of my days. Making new connections, new friends, and sharing ideas with others. God Bless the internet!

Jim

http://www.jimdebetta.com

If you have the chance and are a women entrepreneur, I encourage you to check out the rest of the Spark & Hustle tour and I will be at the ATL event speaking once again about how to sell to major retailers. Tory Johnson always headlines some well known personalities and engaging people who are living their business dreams every day. Here is their website….http://sparkandhustle.com/ so check it out.

Jim

http://www.jimdebetta.com

Ideally, having a panel of people weighing in on your invention is key so that you can learn more about how your product may be priced, what changes could be made to enhance it, and where your target market may look to find it at retail. I have seen way too many inventors quickly decide on the final version of their product simply because they are too emotionally tied to it and feel it cannot fail. Today, there are various ways of gathering critical information that can help you. These methods often save you money in the end as getting these opinions early in the product development stage can prevent you from shelling out additional money later on when your product has to be redone or worse scrapped due to the valuable reactions of others.

My friend Shelley Straitiff runs a great new website that performs in depth surveys about your product called Question Moms. I had a couple of clients run their products through her program and I have to say I was very impressed with not only the organized way she runs them but the amount of quality responses and detailed info the panelist provide. Please check our her site at http://www.questionmoms.com/ and learn how it can help you!

Jim

http://www.jimdebetta.com

I am grateful for so much but for me being able to do what I enjoy and never really minding to get to my desk and start my day is a great thing. Many don’t enjoy their work and simply “show up” for work and can’t wait to get out of there each day. I am also so happy that I have a great family and that we are all doing well…nothing is more important than that! What else? We in this country are free to do most anything we wish and have very few restrictions on our daily freedom. Talk about taking something for granted! Being able to roam around the country unrestricted or being able to change careers or eating what you want are basic things but desired by millions in other countries.

Take stock of what you got and head into this holiday season with great wishes and enjoyment of what you have…..

Jim