Creating Successful Products From Ideas

Alright, I want to discuss some of my personal inventor hangups…let me know if I am alone or if you experience this as well:

1.  Focus:  Too many ideas = nothing gets done.  It is like a disease…everything I look at can be improved.  There are a million great ideas.  Currently I have about 6 or so that I am working on that have real potential, but it works kinda like this:  Try downloading a large file online.  No problem, goes pretty quick.  Now download 10 large files at once…it slows to a crawl.  This results in frustration and nothing getting done.  jumping from one idea to another.  Pointless.  So, what is someone to do about it?  FOCUS.  Easier said then done.  We all want to hit the home runs.  Each idea is a risk, and we jump back and forth because when we hit a small wall with one invention we work more on the other.  In reality, even if each invention only brings in a small amount of money, it will bring in nothing if it is not done. 

2.  Money:  Yes, ideas are cheap, but once the idea starts to mature, at some point money becomes a big factor.  Are you willing to risk a lot of money on your idea?  This is where tough decisions need to be made.  If I put a lot of money into every invention I have right now then nothing would be left for bread and water!  So, what is an inventor to do?  Tough decision…I run into this all the time.  Do you believe enough in your product to risk it all?

3.  Network:  Everybody needs a network of people to work with that can get things done.  I am just now building the network I need to bring multiple products to market.  My network/team will include people I trust, know can get things done, are go getter’s, and the best in their field.  I have the designer, he is the best.  I have a natural products marketing specialist, some metal manufacturers, and a patent attorney.  I need a venture capitalist, product management specialist, PR company, to name a few…

So, there are more, but these really irk me.  I will keep updating this site with progress. 

Last week was the 1 year anniversary from the conception of Hahn Unlimited!  We came a loooong way.  To follow the slogan of this blog, let’s go through a quick outline of what was accomplished:

IDEA: March 2008 the IDEA of a new company was born. I decided to start the process knowing nearly nothing.

INVENTION:Shortly after deciding on building the business I chose an invention to use, the forceps in this case. I went through the process outlined in this blog to develop a prototype.

PRODUCT:Now the forceps are a real patent pending product being sold through Practicon via an exclusive agreement.  A great product sold through a great company!

I must say, this worked out better than I could have hoped for.  Currently I am working on several promising products that I want to bring to market soon….These products range from a new dental bur design, a new type of air/water syringe, to a informative website with downloadable content.  If only I had more time or someone to help me! On a side note, I also bought a dental practice, built a new state of the art facility and relocated the office within the last 6months….what was I thinking?

I will try to update this blog more frequently as I move along with the project mentioned above. 

It has been a while, but here is an update:

• Sold several Forceps in a test market with great feedback
• Met with several distributors to discuss working agreements
• Decided on selling Forceps through Practicon via an exclusivity agreement for 2 years

The Hahn Twin Forceps were very well received and we have decided to pass the marketing and promotion on to Practicon so we can focus on new products.  Practicon did a test sale and was impressed enough to ask for exclusivity.  Practicon will see the Forceps through both their retail and wholesale division.  This is the final step for the product.  After 2 years I expect to hold the final patent in hand.  At that point either we continue the agreement or offer the product for sale.

Stay tuned for more exciting products and their development!

We have the product, now we need to sell it :) 

Practicon is selling the Hahn Twin Forceps through its catalog beginning in August.  I am contacting Henry Schein, Patterson and Benco over the next few weeks and will try to get the product into those catalogs as well. 

Dentists are beginning to call and order product!  Testamonials and reviews are great.  It will take a little while, but I am confident this new instrument will become as common as the old Miller type forceps!

If YOU are interested in getting some for your office, check my website, www.HahnUnlimited.com for a very limited special on the Hahn Twin Forceps!

So this is what it all comes down to…getting the final product and selling it.  Next week I expect to receive my initial order, packaged and ready to go. 

2 weeks ago I was able to demonstrate and hand out some samples to dentists at a tradeshow.  The reviews were great, which was a relief for me.  It all seems to be coming together now.

Now I also have begun to create more instruments.  As I have established all the channels of communication, making more instruments is easy!  Look in this blog to hear it first when I bring another new instrument out!  The fun has just begun…

As of this week the Twin Forceps will be for sale online! 

Starting August 2008 they will be for sale at Practicon.

Once the first few units are sold the journey for the FIRST product will be complete.  Another one is already in the works…more on that soon.

Check the website at www.HahnUnlimited.com for specials on the first 500 units!

FINALLY, I am looking for suggestions and comments regarding this whole process.  I now am able to take almost any metal instrument and have it made within a month since I know the process.  This is wonderful as I now am making several other instruments and it is so much easier than the first!  I would like to help others do the same and that is what this blog is for.  Please comment on what you want to know more about either via comments here or e-mail.

Thanks!

I have completed project #1!!!  The Hahn Twin Forceps have come from a simple idea, to an invention, to a final product that now will oficially will be sold through Practicon (www.Practicon.com).  I am proud to say I did every single step myself, from provisional patent, market research, manufacturer research to final patent.  I learned a lot, shared a lot here on this blog and will consider putting the process together as a short how-to manual for others (dentists?) like me.

So, this blog was a journal of sorts for product #1 - the Hahn Twin Forceps.  Here are the next few steps:

• Finish online website (Hahn Unlimited) for product presentation and sales (among other products)
• Continue to expand sales through other networks, wholesellers, retailers, dental schools, etc.
• Work on an exclusive arrangement with a distributor so that I can eliminate myself as a middleman
• Begin project #2!

Soon I will announce what project#2 will be.  While I am considering my options, this blog will continue to outline the growth of Hahn Unlimited, LLC and the Hahn Twin Forceps.  If you are interested in bringing a dental instrument to market, contact me as I have many resources now!

Well, now that it has been a few days I wanted to update everyone on my progress.  The manufacturer and I have agreed on a contract and the first order has been placed!  It should be completed within 30 days.  This took a few tries but eventually we agreed.  Bringing a new product to market can be challenging, and this part, the marketing, can be the hardest!

Currently I am negotiating with a few distributors - within 3 days I will have locked in one!  Then the fun begins.  All this negotiating will be discussed in greater detail later on! 

My website is under construction via an outsourced agent (thanks Tim Ferris), and within 2 weeks it should be up and running!  Then all I need is to finess the muse and off we are.

Stay tuned for exciting news!

Yes, wordpress 2.5 is installed successfully, finally.

Now an update on the articulating forceps:

• We have come to a mutually beneficial agreement with the manufacturer!  The first order will be placed within 2 weeks!
• We have selected the company/distributor to work with and are in the final negotiations on exclusivity.
• I have received my sales license and LLC confirmation!

As soon as the deal is done, I will post many more details.

Yes, I am in the process of upgrading this blog.  Hopefully within a few days you will see a new and improved version! 

 Regarding the progress with the invention - all is going well.  I have several companies interested in distribution but I want to select one as an exclusive distributor.  More on this once the is up, stay tuned!

 And yes, I know the darn image links are broken!!!  Not sure why yet, but I am working on it…possibly something to do with my in-progress upgrade!  Sorry.

Yes, those of you who read the 4 hour work week will recognize the term ;)  Anyhow, just a short update:  Negotiating contracts is time consuming and more involved then anticipated.  It is nice to have a lot of interest in a product, but also tougher.  I can not reveal, yet, any details of who I am negotiating with, but hopefully I will have selected a company within 2 weeks. 

The step-by-step process will follow down the line…it will be interesting!  Stay tuned…

Just a quick update.

I have sent some final samples to a few doctor friends of mine for their review.  It is too early to hear back from anyone yet…

I did chose my first distributor to submit my product to, which I cannot name yet, and feedback has been excellent.  We are discussing a possible agreement already.  I have been advised to keep my options open, and I will, but I also believe that if I can reach an agreement with a large distributor then it is mutually beneficial to sign with one.  This prevents price competition!

More to come….the fun is just beginning!

What is my goal?  Let me give you a glimpse into my plan:

Passive Income with as little input from me as necessary!

You see, I am not looking for a home run business, but will be satisfied with a few little ones that together will allow me the freedom to do what I want, when I want it and where I want it.  The 3 real WWW!

So you ask, how am I expecting to get there?  I was wondering the same a few months ago.  I am a highly trained/skilled cosmetic dentist that makes a great income, but it requires me to be hands-on, literally.  The more I work, the more I make.  The worst thing that can happen, as I have seen happen to many of my colleagues, is that you maximize your income by working like a dog, 5 days a week, and then live at that level.  Now you are stuck!  You can never cut back or you will loose your lifestyle.  It is a trap.

Now I am changing my philosophy and have been learning that I really want the opposite:  The LESS I work, the MORE I make.  And this is entirely possible.  I have taken several steps towards this goal:

1. Get informed!  Read some books like the 4 Hour Work Week by Tim Ferris.  Listen to some podcasts, and attend some seminars.  GET INFORMED.
2. Take Action.  Probably the single most important step for me.  I have read too many books on business and products to mention, yet I have taken very little action over the past 5 years.  Get over your fears and just do it.  Don’t wait till you know it all, since you never will, just start as soon as possible.
3. Implement what you learned.  Yes, follow the big dogs.  If it works for them then it will probably work for you.
4. Networkwith winners, not negatoids.  Yes, people will be negative about everything, it is human nature.  Don’t talk to those people.  Misery likes company.
5. Move towards your goal every single day, even if it is just an inch.
6. You don’t ever really fail, but rather you learn something that will help you succeed even more in the near future - be thankful.  Yes, no everything will always go your way, and that is fine.  The best learning happens from mistakes that really are just insanely good lessons. [click to continue...]

So today I received the final 12 prototypes to approve, which I will do tonight.  This week we will work on a contract and then place an order to start.  This is where it all begins!

Marketing, the most important part of any project, now becomes critical.  Having 12 prototypes allows me to send some out as I have outlined before.  My goal at this point is to keep it simple…the less work the better - I want this project eventually to almost run itself, either through private labeling, selling large quantities to distributors, or even selling the entire company…all options are still on the table.

“Tell a Friend about us!”

I want to write a blog entry specifically about my marketing plan as I have learned over the past few months that:

Idea: Free

Invention: Expensive

Successfully marketed Invention/profit: Priceless

Ideas are a dime a dozen.  Some of us spend the time and effort to move our ideas into an actual invention or product.  Now what?  There are many wonderful products in the world that nobody knows about and that will never make any money.  You had all these lofty dreams about your idea and once you actually created the product you can’t sell it.  From what I have been learning this is more the norm these days. [click to continue...]