Happily I've discovered a process to take almost any product idea or invention I have and turn it into a reality. Even better, it's easy to then sell these new products on autopilot while you come up withy our next big idea or sip mai-tais on the beach. I had to share it!
I know it can feel like all the good invention ideas are already taken - but I can't emphasize enough how with the power of the Internet - there REALLY has never been a better time to invent than TODAY. I look forward to having you join me on the road to becoming a modern-day Edison : )
ANYONE can invent new products in the new Internet economy. Learn how!
Let's break down the problems we are going to help you solve on the road to becoming a modern inventor. This course will dive deepest on selling your inventions on Amazon as their automated Fulfillment by Amazon (FBA) program is exceptional for passive income selling and their marketplace has massive demand in the US and globally.
Get to know your instructor's invention story before we dive in.
Become an invention idea generating machine! Hacks and ideas to put your subconscious brain to keep your mind working on your next big idea. I forgot to mention stream of consciousness journaling and brainstorming as another good one you should try adding to your toolkit.
Here we do initial research to confirm the feasibility of producing our product at scale. If your invention is food related, you will want to check out "co-packers" that are usually FDA approved for food prep as well as packaging. If it's more of a software concept, post a project on Upwork to see what developers think. The video will focus more on manufacturing of physical products. An additional tip is to avoid sharing email or business card initially and also insist on collecting approximate estimates before your designs are finalized (they will continually ask for designs).
Here we do just a little bit of math to see how profitability of your product looks and how investing in a first production run looks as an investment. Ultimately we're trying to answer the question, is this a good (financial) use of your time and money.
One of the biggest game changers for the modern inventor is being able to design literally any product without specialized design skills and for very little money.
A couple notes I didn't cover in the video:
1. Packaging - it’s really important to think about and research the best and most cost effective packaging for your product. You may leave this out from your initial manufacturer inquiry, but certainly before you finalize who you are working with you will want to confirm what your packaging will be for each product and how much that will add to your unit cost. It's usually most cost effective to ask your manufacturer for what packaging options they offer and/or what they recommend.
2. Labeling and inserts - think about your packaging as extending the great experience for your customer. You don’t have to have super fancy expensive packaging like Google or Apple but creativity can really help here. If you are able to include a little insert or note to customers - Amazon doesn’t love these so you need to be careful and hide them if possible - but these can a great opportunity to personally connect with your customer, improve the all important word of mouth factor, and maybe even get them to sign up for an email list or follow you on social media.
3. Made in country disclosures - depending on the country you live in and will be selling in, you may need to include visible "Made in China" (or wherever else) disclosure. Do your own research here, I’m definitely not a lawyer.
We've finished our product planning - now it's time to get our invention made!
Setting up Fulfillment by Amazon (FBA) so our money machine can work while we sleep (or come up with our next big idea).
Keys to a successful launch on Amazon and setting yourself up for long term success with your marketing strategy. A couple additional notes:
- Crowdfunding - using Kickstarter, Indiegogo or something similar CAN make a lot of sense to test the demand for your idea and give you a powerful marketing channel, but don’t underestimate the cost of creating a high quality pitch video or the time required to make the campaign successful. If you have a big audience already you can pitch to or you think your product has a story that has the potential to go viral definitely look at crowdfunding. But be realistic and know that most of these campaigns are not successful. And if you do go the crowdfunding route check out the Amazon Launchpad program.
- Setting up a business - personally I’ve found it really helpful to setup a single LLC for all my different invention experiments, though this is not necessary and you can still take tax deductions etc if you run everything as a “sole proprietor.” The difference though is personal liability… a limited liability company protects your personal assets in the event of a lawsuit or other legal issue. I’m certainly not a lawyer or tax account though so make sure to do your own research!
Schools out forever! Time for you to get out there and graduate from "wantrepreneur" to entrepreneur!!
Tom started his career as a business consultant working for a large firm with fortune 500 clients. After discovering that he was allergic to working in a large company, he started a financial services business and began independent consulting with startups and smaller businesses helping them to grow and manage more effectively. On the side, Tom found his muse by designing physical products (aka inventions!) and selling them online for passive income.