Five Steps from Big Idea to Profit!

Five Steps from Big Idea to Profit!

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Taking an idea and building it into a business that is profitable takes a team. We asked our Expert Team to share some tips. Here are five steps to get you started from Kenny Durham , founder and CEO of Innovators Warehouse.

Step 1. Start with a Big Idea!

Innovation starts with a Big Idea of something you can do better, faster, or cheaper than the way it has been done before. But it take more that just a Big idea…

“What’s The Value of An Idea? Zero…… Ideas that are implemented and become new products and services are very valuable. The value of an idea lies in the using of it.” Thomas A. Edison

Step 2. Do Your Homework

Make sure someone else hasn’t already had your idea. If your idea is pioneering, try to be realistic about why no one has tried it before. If it has been tried but is no longer on the market do your homework and find out why. Make sure someone hasn’t beat you to the punch and already blocked you out of the market by doing a Google search and a patent search. (Google search is always a good place to start. If you find your concept on line – read the fine print – look for patent information – you can save a lot of time and money by looking on line.) Consider things like ease of manufacturing, production cost, distribution issues, and financial commitment required. But most of all, think about how your invention will make life better for others. That is the foundation of your business and our marketing message later.

“I never perfected an invention that I did not think about in terms of the service it might give others… I find out what the world needs, then I proceed to invent….” Thomas A. Edison

Step 3. Build Your Plan

If everything in step two looks good then try and construct a plan. Ask yourself if you are truly equipped financially and skill set wise to see your plan to fruition. If you’re not, which you might not be alone, try and locate the helpful resources. People are out there to help you with your Big Idea if you take the time to look for them.

“Four steps to achievement: Plan purposefully. Prepare prayerfully. Proceed positively. Pursue persistently.” William Arthur Ward

Step 4. Own your Idea

Gain ownership of your Big Idea. Patent, Copyrights, Trademarks, or whatever is appropriate.

“Before then any man might instantly use what another had invented; so that the inventor had no special advantage from his own invention. The patent system changed this; secured to the inventor, for a limited time, the exclusive use of his invention; and thereby added the fuel of interest to the fire of genius, in the discovery and production of new and useful things.” Abraham Lincoln

Step 5. Treat Your Idea as a Business

Now you’re in it to win it. Make sure you treat your project like a small business. You must surround yourself with the right team, be capitalized, and get ready to launch your big idea.

“Individual commitment to a group effort, that is what makes a team work, a company work, a society work, a civilization work.” Vince Lombardi

About Kenny Durham : Kenny Durham is President and founder of Innovators Warehouse. With 10 years of practical experience commercializing new products in every way possible. He specializes in sharing a common sense PATENT TO PROFIT approach. Through practical education Innovators Warehouse, led by Kenny Durham , is changing the way individuals and small businesses maximize their new product opportunities.

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The “Holey Rail”

May Newsletter

Innovators Warehouse Newsletter May 2010 In This Issue Land a Licensing Deal Secrets of Success www.InnovatorsWarehouse.com Featured Article IW sponsors “The Recipe” book signing in NYC Save the date! We’d love to meet you! Barnes and Noble Lincoln Triangle, May 11, 2010 7:30 PM – 9:00PM 1972 Broadway, New York, NY 10023 (Between W. 66th and W. 67th) Click here for your ticket today! The official launch of The Recipe is going to be something special. Join Amilya and a panel of experts to explore how you can create high performance teams and be the leader you were meant to be! This event is free and open to the public! Join us as we celebrate the impact of teams and leaders and share ideas on how you can be the best leader in your business AND your life. Get your autographed copy of The Recipe at the book signing immediately following the event! Press release: http://bit.ly/9upNjW Dear Amy, We have been super busy at the Warehouse! So busy in fact we flew right past our April newsletter and into May! We have some exciting new ventures on the horizon. May 11th we will be heading east to NYC to sponsor Amilya Antonetti’s book signing for “The Recipe“. Kenny Durham and Jeff Potts are traveling to Tech Town, in Detroit, MI to take a firsthand look. We will keep you posted. In June you will see me at Inpex scouting out hot new products. If you are in the Pittsburgh area give us a call! Check out our new ad for Inventors Digest. Let us know where you live and if you want us to come to your city for our 2010 Innovation Celebration. Land a licensing deal with Faultless Starch, Bon Ami, Garden Weasel. As part of our 2010 Innovation Celebration we have teamed up with Inventors Club of Kansas City and are on the hunt for new garden products for their 5th Annual ICKC National Invention Contest. On this tour we are also looking for innovative houseware technology as part of our partnership with Amilya Antonetti. Hear what others are saying: I spent countless hours trying to put together my own marketing plan, materials and contact list without any success. I was at a dead end and for my idea to make it anywhere I needed help. After working with the team at Innovators Warehouse, I feel like the ball is finally rolling. They have surpassed all my expectations when designing marketing materials and have gone above and beyond anything I could have asked for. On top of this, I feel confident they are getting my idea in front of all the right people. I’m one step closer thanks to you. David Inventor-Newburgh, NY We hope you enjoyed our newsletter. As always, our first consultation is on the house. So give us call and chat us up. We love innovation and hearing from fellow innovators! We can even build you a free no obligation marketing plan. Have a happy May! Working for you, Amy Schleicher Innovators Warehouse Save 10% Off any service! Cannot be combined with any other offers. Offer Expires: May 31st, 2010

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