One Simple Idea for Startups and Entrepreneurs: Live Your Dreams and Create Your Own Profitable Company / Stephen Key

Q&A with Stephen Key, Author of One Simple Idea for Startups and Entrepreneurs

There are some simple and relatively inexpensive (and quick!) ways to test your product to determine if you have a "sellable" idea. First, develop a sell sheet highlighting your product's benefits. Take it to potential retailers (store or department managers) and ask them if they would buy it. Are they interested? What are their comments?

Next, use social media - perhaps a survey - include a photograph or drawing with a brief explanation - and see if it's what people want. Or, find "angel investors" - they are typically very direct with their response - and ask them "Would you invest in this product?"

Finally, you could (and this would involve a higher cash outlay), make a small production run of your product and actually see if it sells. Retailers will happily (in my experience) offer something for sale (on consignment) if they didn't have to pay for it! Does it sell? How many in a day? Week? Month?

If you focus on moving forward with a simple idea, that can help you face your fear and overcome anxiety. Why? Because, it isn’t necessary to reinvent the wheel to start a business! It’s best to focus on a simple idea because it’s not only a product that will appeal to a large market, it’s easy and inexpensive to manufacture, and also easy to demo. Retailers view shelf space as expensive and precious. Simple ideas are desired because inventory is manageable, and placement on a store shelf is effortless.

There are so many ways to utilize talent within your own area that will help you move forward with your project for little or no money. I suggest going to, or contacting, the packaging or engineering departments of your local college or junior college. Many times, since your project delivers “real world experience” for their students, your project will be accepted as an assignment. You can receive high quality packaging, prototyping, and CAD drawings for free if you know who to contact.