What’s hot? What’s selling? What products fit today’s current market?
Is everyone really saving their money, watching television and wringing their hands? Should inventors stop what they’re doing, or keep on showing companies their ideas? The debate is intense. I had Kim Babjack weigh in on the topic with her opinion.
“No! Get up and go! The time is now. Freight costs are lower, manufacturing costs are lower. I have been striking up so many deals because people are coming out of the woodwork with their products,” Kim exclaimed.
I’ve noticed a lot of inventors crying in their soup right now. But it just doesn’t have to be like that.
“Gadget items are extremely popular. I just sold a new product to 3000 stores that is a fishing line cover. Novelty items are selling. Extremely low-cost products are popular. Definitely products under five dollars or ten dollars. Dollar stores are clamoring for new ideas. One new product I’ve worked on, “Freshies”, keeps your produce fresh for up to three months. The single unit cost is under thirty cents. No one wants to throw out food if they don’t have to!”
Kim also weighed in on the chicken versus the egg debate: you need to have samples in order to sell to companies, but you can’t get samples made without having a sales backing.
“I believe making product is a risk worth taking. I like having a finished or near-finished product to show to buyers. Not finished as in the packaging is complete, but finished as in, ‘I know this can be made because it IS made.’ I sold a buyer on a product six months that wasn’t made, and now I’ve struggled to get it manufactured. I hate that. The desire is there, but it just isn’t happening,” Kim explained.
Her last advice? Keep it simple, stupid. Don’t spend money you don’t absolutely need to. Focus on basics – basic items, basic packaging. Ingenuity can be basic! So strive to do so. Great products don’t need to be expensive.
Stephen Key is a successful award-winning inventor who has licensed
over 20 products in the past 25 years. Along with business partner
Andrew Krauss, Stephen runs inventRight, a company dedicated to educating inventors about selling their ideas and the skills needed to succeed. You can ask questions and get advice on the inventRight forum, check out the resource center, and listen to the weekly radio show on inventing. Get In The News, list your invention to have media outlets find you for news stories.