Learn everything you need to know to sell your inventions to stores
- Do you have a product idea that is smart and innovative?
- Are you an inventor with great ideas?
- Are you trying to figure out how to get your products into retail stores?
If so, watch this short training on this topic. Most inventors are stuck in the idea phase. They have brilliant ideas but don’t go anywhere with them. If you need to get your invention into retail stores, you have to choose how you are going to get started.
Some things to think about are…
Will you start a company and launch your new product yourself by investing and creating and launching and selling your product on your own? Or are you going to rent your idea to another company to have them do it?
Learn how to get your inventions into big chain stores
There are various options available to you! And you need to assess which option makes most sense to you before you launch this product out into the world and into retail chains.
In this new training video, I discussed some tips and strategies on what you should do, what steps to take next and which of the options makes the most sense based on your personality and where you are today. So if you want to learn more, you should definitely check out the video!
Wishing you so much happiness and success,
Karen Waksman, Retail MBA Brands
Inventions to Retail – How to Get Your Product Invention Past Idea Stage & Into Retail Stores! Transcript For Video Listed Here…
Things that you need to know before you start selling inventions to retail stores
Before you begin selling your inventions to stores there are some things you should know.
When it comes to getting your product or invention into stores there are an options to consider if you’re still, in the idea phase. You’ll need to decide which path is right for you. One option is to rent out your idea to a manufacturer or someone who will produce and sell the product on your behalf. In this case you won’t own the company or brand; someone else will. Market the product for you. Instead you’ll receive a percentage ( around 1 5%) of each unit sold as royalties. This process is known as licensing.
Licensing and Funding
Licensing can be a choice if you lack the funds to build a business or establish your brand. Perhaps you’re not in the manufacturing industry. Don’t have the resources, for such endeavors.
Starting a business or pursuing licensing options, for your idea can be challenging due to time constraints. However renting or licensing your idea to a company can be an alternative. The downside of licensing is that manufacturers may not choose to pick up your product for reasons and if you do secure a licensing deal there are important considerations to address such as legal matters and ensuring reliability. Unfortunately once you’ve licensed your idea you relinquish control over how the product’s handled. Inventors often become anxious when they see their beloved ideas being altered or tweaked into something they perceive as inferior. Therefore it’s crucial to include stipulations regarding quality and other factors in the agreement.
Selling Inventions to Stores
Selling inventions directly to stores can also pose some challenges. It requires navigation and strategy. However it remains another method for promoting your product by building out your brand and establishing relationships, with retailers.
Here’s the paraphrased version:
So basically what this means is that you’ll have to start your business and take it seriously. You can actually go ahead. Create your logo find a manufacturer invest some money or even seek help, from friends or investors. Then you can get prototypes made and samples. After that you can approach retailers either by yourself. Hire someone to assist you with that process. It does require some effort on your part. And for some of you the idea of renting out your invention might not be appealing all; instead you’d prefer starting your company – which is perfect for those individuals.
Additionally if you’re an inventor who wants to sell their creations to stores and are willing to put in the work themselves I have a training system that explains exactly how to do so. I’ve had the opportunity to work with inventors in the past. Can assure you that you won’t feel stuck or alone in this journey. There are resources today that can guide you on product packaging, pricing strategies, communication with buyers (in case its territory for you) and much more. So if developing and bringing your product to life is something you truly desire know that there are avenues, for support
There are ways to get your products into stores whether through licensing or, by developing your product and introducing it on your terms.
However the key here is to take action.
Over the years I have had the opportunity to educate product companies worldwide on how they can generate income from their products. I have been teaching in this field for a decade now starting with working with inventors for the five years.
Selling inventions to stores requires some strategic approaches
One of the challenges faced by inventors is that many of them struggle to take action. They come up with ideas. Find it complex to move forward with them. They often require some form of accountability or support system that encourages them to bring their products to market. This is a scenario, in the inventor community, which’s why there are numerous Inventor Help companies available who are willing to assist you in pitching your product on your behalf. However it’s important to note that this doesn’t always guarantee success. It’s not necessarily a thing either.
Here’s another approach you can consider. In my experience one of the reasons why people and inventors well, as product companies struggle to move beyond the idea stage and into retail stores is because of a lack of accountability and taking action.
If you have an idea it’s important to stick with it and not give up easily. Even if you initially try to license your idea but face rejection from sources don’t let that discourage you. Keep pushing until someone says yes or alternatively consider starting your company to bring your product to market. Enough once your product gains traction in the market you can also explore licensing opportunities, with companies.
It’s essential to remember that there isn’t one path when it comes to selling inventions. You don’t necessarily have to remain in the idea phase in order to get your product licensed. Some people choose to sell their products to retailers and then pursue licensing agreements afterwards. This approach can often lead to success as compared to solely relying on licensing.
If you provide evidence of your concept and actively promote your product, in the market companies are more likely to offer licensing deals.
Learn how to approach, pitch & sell inventions to stores
So there’s no wrong way to do it. But the trick is don’t quit .Keep trying different things until you get the job done and that’s the one thing that I had a lot of struggle with. A lot of inventors I worked with so many years and I love them so much. But they really weren’t taking action. They came up with ideas but they didn’t do anything about it.
Don’t be one of those guys.
And so if you’re willing to learn how to either of these things, we have training systems for all options for licensing and or for selling your products to retailers. And if you want to learn more about that, you can go to retailmba.com. And again we have training systems on how to license and or how to sell to big companies and so forth and retailers and such. So all of that is listed in retailmba.com if you’re actually ready to get on and take action.
If you become a retail store vendor it is a tremendous opportunity for your invention to sell
Otherwise, good luck with your product and invention. And I hope that you please don’t quit and don’t let anybody’s rejection keep you away from making money with your ideas. Somebody brought that idea to life. A lot of people have done that and they’ve made many, many millions of dollars and you deserve the same. So just don’t quit.
Again, this is Karen Waksman, Retail MBA. Hope that provided value for you. If you want to learn the exact strategies on how to approach, pitch, and sell to retailers yourself, take a look at retailmba.com. Otherwise, subscribe to this channel. Keep in touch with us. We’d love to hear from you or be on the lookout for the next training we create. Again Karen Waksman, Retail MBA, and hope this helps. Thank you!
Step-by-step training on how to sell to major retailers
We explain exactly how to do that and how to get started today. I’ve taught tens of thousands of companies on how to get your products to the stores. And so we’re here to support you. Or please subscribe to our Youtube channel and or be on the lookout for additional training that we create.
We are here to expedite the process of making money with your physical products and that’s what we’re all about. Take a look at our advanced training, live events, certification programs and so much more.
In this training, I will discuss some of the things to think about when approaching a retailer to sell your products and become a vendor. Hope it helps! 🙂
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Thanks so much.
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