Question

Topic: Strategy

Fun Product Idea - Now What Do I Do?

Posted by SRyan ;] on 2011 Points
Happy new year, everyone!

I decorated my car for the holidays, and a couple of people asked me, "Where did you GET that??" I told them I wasn't able to find anything like it in a store, so I explained how I made it myself.

It got me thinking... I wonder if this could actually become a product? There's a company in Massachusetts that makes (or maybe imports) those silly reindeer antlers and a red nose for your automobile. Should I reach out to them with my idea?

I have no clue where to start. And my webinar business is keeping me pretty busy, so I don't have a lot of spare time to devote to this... but I just can't let the idea die of neglect.

I'd love to hear what my KHE buddies think. Fire away! ;]

Shelley
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RESPONSES

  • Posted by Mandy Vavrinak on Accepted
    Shelley.... if it's a unique idea, before you share it, take photos with a time/date stamp. Just because :)

    Then yes, if your interest is in selling the idea to a company already in that line of products, I'd call or contact them, find out if they source things themselves or resell from China or wherever, and then see if they're interested in a new idea.

    I'd also look for other companies who might be interested in it as an extension (they offer holiday decor for the outside of your home, for instance, but this would be a first for automobiles for them) and see what they think. Ideas can be harder to sell, sure, but if its the right one, and to the right company (and for the right price!) it can be done. Good luck!
  • Posted by SRyan ;] on Author
    Hi, Gary and Mandy! Thanks for the quick responses. By the way, blunt is absotively okay with me, Gary. :)

    I hadn't really thought of selling the idea all by itself -- I kinda imagined this process:

    1. Find a designer or engineer who could help me turn my rough sketch/plan into a working prototype (or who could tell me it's an impossibly dumb thing to pursue).
    2. See if/where it could be manufactured.
    3. Get a distributor(s) who's already in this product space.

    Maybe if I begin with step 3, that company could help me with steps 1 and 2. After, of course, I take dated photos or at least make dated sketches first, as Mandy mentioned.

    Smart or naive?
  • Posted by SRyan ;] on Author
    Bookmarking alibaba.com right now. Thanks again, Gary!
  • Posted by SRyan ;] on Author
    Hi, Phil. Market research... as in, is the product already out there? I haven't been able to find anything like it, and I've been on the lookout for a couple of years.

    I'm sure you also have other areas of market research in mind, though. I'm just going off my hunch that if people are willing to spend $20 to stick a red nose and reindeer antlers on their vehicles, there are customers for THIS, too.
  • Posted by bill.hoelzel on Accepted
    I don't know what to do, but I can tell what NOT to do.

    Don't take your idea to any of those "invention submission" firms you see on TV that claim they'll "help you find a firm that's looking for your idea."

    I've read exposes about such firms, and talked to a good friend who tried working at one such place in Toronto. From what I know, such firms apparently do little more than write a report about the "market potential" for your idea, and then mail it to obvious target companies -- and they charge you about $5,000 for their "help." I believe they're preying on others' hopes and dreams.

    Avoid them -- and good luck finding your market in some other way!

  • Posted by Jay Hamilton-Roth on Accepted
    What do you want to do with the product, Shelley? Do you want to start a business around manufacturing, marketing, and distributing the product or do you want to license the idea to someone else to follow through on?

    If you're trying to test the waters, make a bunch of them, have your friends/family decorate their cars, and create a PR "event" (a parade, taking over a mall's parking lot, a car show, etc.). The point is to create demand/interest, so that licensing it to a manufacturer/distributor is much easier.

    I'd be happy to connect you with someone who helps people such as yourself take a product and get it placed/manufactured. Contact me off-forum if interested.
  • Posted by SRyan ;] on Author
    I agree, Bill! I will definitely avoid such scams.

    Jay, I honestly don't know what I want to do at this point. I'm brainstorming... getting excited about the possibilities... and trying to stay focused on my "real" work priorities. I may get in touch with you later.

    Thanks for chiming in, guys!
  • Posted by CarolBlaha on Accepted
    Google car eyelashes and see that your idea has wonderful merit. For $50 I can buy my car eyelashes and glitter eyeliner. Follow them on Facebook and you will see, yes, lots of people plunk down that kaching.

    If I was single I would buy my eyelashes in a NY minute. But the hubby doesn't want to drive a car with eyelashes. And, a copper might want to meet the gal with the eyelashes and find a reason to pull me over. Having said that-- my daughter is putting off some basics but went for the lashes on her lipstick red truck. (and no she's not living beyond her means, she's a magna cum laude finance major).

    You will have to spend time designing "packages" and then I'd focus locally with a car detailer. Or those who do signage and films. Decorate your car for St pat's day or V-Day. Think of the people who do want to call attention to their vehicles, like realtors "we love our customers!" "we are so lucky to have you!". Your decor to professionals is a tax deduction for them.

    My best advice is start small and document your success. Then go to www.carlashes.com and present your success and sell them your idea. True, you can't sell ideas, but the guy who invented the slip and slide couldn't come up with the kaching to bring it to manufacturing so sold it to someone who could. That was one story I heard today from a client so it's fresh in my head-- it's one of millions.

  • Posted by SRyan ;] on Author
    OMG, Carol! Car lashes?? Those are GREAT.

    I do have a list of kit/package ideas already, so the idea definitely can go beyond the Christmas season.

    Thanks for sharing that website!
  • Posted by SRyan ;] on Author
    Been meaning to get that book, Marcus... always afraid I'm "too busy" to read it. ;]
  • Posted by mgoodman on Accepted
    "The 4-Hour Work Week" is a great book, with really solid advice.

    The part that resonated most with me is the notion that you need to know what you're going to do with your freed-up time BEFORE you commit to fewer working hours. I'm not sure I could fill 36 hours of my week (or more) doing things that I enjoy as much as working at my current job.
  • Posted by SRyan ;] on Author
    Just got my copy of "Four-Hour Work Week." Thanks, everyone, for offering your advice! I'm sure I'll be back with more questions if I decide to turn this idea into a real product.

    Shelley

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