Season 2 of Shark Tank to air in Jan - what inventors can learn to launch their product business

Hey inventors....

As you may know, season 2 of Shark Tank is set to air this January. After the first season and a lot of cool products, the invention world is excited to see who will become famous or infamous for their unique invention and the deals they strike with the sharks.

Having been working with Kevin Harrington, the Infomercial King who is one of the sharks (the guy with the spiky blondish hair for those that often want to be sure which one is Kevin) for much of this past year, I can say that the world of inventing is much more than creating a product. It is about understanding how to build a business around your product and making money in the process. I see thousands of cool products each year and sadly most of them are just not ready for retail - either they are not packaged well, sourced correctly, priced right, or the inventors themselves are not sure about how to run a small business. This stuff can be taught but either way one must always realize that in order to "swim with the sharks" you must know some of what they know and realize how to get your shot at success. Here are a few tips that might help you with your invention business:

- When looking to work with a company to launch your invention, realize that the more work you want others to do for you the more you will pay and the less control you have over your business. Paying for help is totally fine but there are things you can do on your own and the key one is to learn the basics of business before you start one.

- Investors have one goal - to make money...and lots of it from you and your product. They are looking for great products and a business partner (you) that they can make money with. So, when seeking capital, the more you request the less control you will have over your business. The sharks often want more than a 50% stake in your business. Should you do the deal? That depends....your long term goals are critical to this decision. If you want to relinquish control of your business to seasoned pros that is fine but you will likely only receive a small royalty on all sales made of your product. This is known as licensing and can be a great source of income for "serial" inventors. If you are a savvy business person then owning a majority stake in your own business may be the way to go.

- Getting your invention to market takes time. I cannot stress this enough! It usually takes a year or more and sometimes a few to get a product fully developed and on retail shelves. Always assume things will take longer than you plan.

Hang in there inventors! Being able to create cool new products takes a special talent. Running a profitable business takes other skills. Look to combine what you know with others who can take you where you want to go for the best shot at success.

http://www.jimdebetta.com