Two ways to make a small fortune
with your big idea
From: Bob Serling
As a serial product developer, I've invented and licensed toys, software, marketing systems and more. But few people truly understand what it takes to turn your big idea into a fortune.
So let me tell you exactly how to do that.
To lay the groundwork, here's a quick, 1-question quiz for you. Keep in mind that this is not a trick question, so just answer it from your existing knowledge:
Who invented the gasoline powered automobile?
If you said Henry Ford, then your answer is the same as what 90% of all people answer. It is also wrong.
In actuality, there were many people who all developed gas powered automobiles around 1885, but the general consensus is that Karl Benz was the first.
What Henry Ford really did was vastly improve and perfect the assembly line process. And he didn't even come up with that idea on his own. His improvements, which were substantial, were an extension of the assembly line process developed by Ransome Olds, creator of the Oldsmobile line of cars.
Once you understand this foundational principle of Extension Ideas, making a small fortune with your big idea becomes much easier. So let me clarify this principle a bit more.
The two types of product development
Most people who have an idea for a new product think that all product ideas are alike. But there are actually two different forms of new product ideas:
- Extension Ideas
- Disruptive Ideas
As you just saw, Henry Ford's idea was not a new idea, it was actually an extension of an existing process. He created a number of improvements to the assembly line process and applied his updated process to manufacturing automobiles. And it worked so well, that most people now think Ford invented the automobile.
Here's another example. If you've ever seen the skateboard toy I developed that had Tony Hawk's logo and variations with the logos of other famous skateboard icons, what you may not realize is that I did NOT invent the main toy.
What I invented was an extension of that toy that improved it and made it more fun for kids to play with. But — and this is the critical point — I still got the same royalties that you'd get for inventing a new toy, because this was a new offering to the market.
What's even more important to understand is that Extension Ideas are the easiest to profit from because they're being applied to an existing product, service or process that already has a market. And sales for that market are practically built in, so there's almost no risk at all.
The power (and the danger) of Disruptive Ideas
Disruptive Ideas are ideas for products or services that are totally new and have never been seen before. Developing products from Disruptive Ideas is a completely different ballgame. For every disruptive idea that makes it to market, hundreds more go down in flames.
Take MySpace for example. When MySpace was introduced, it was a totally unique concept. Its user base exploded into the millions almost overnight. But there were also dozens, if not hundreds, of other social media sites that crashed and burned in an instant.
And even MySpace couldn't maintain its hold on the market. Facebook came along, offered a number of key improvements (another example of an Extension Idea) and ate MySpace's lunch in short order.
So while you can make a major impact, and potentially a lot of money, with a Disruptive Idea, the risks are much higher and the chance of failure is much greater.
Now let's talk about YOU and your big idea
If you have an idea for a product that you'd like to develop — either for your own business or to license to another company for an upfront fee and ongoing royalties — I can help you make that a reality. Especially if you've tried on your own and been frustrated by your results.
I'll work with you on a 1-to-1 basis to turn your idea into a highly valuable product or service that will sell like crazy to your customers. Or draw the interest of multiple, highly motivated companies eagerly looking for new products and services to license.
In order to do this, we'll focus on two key areas:
- Product development
- Product improvement
Key Area #1: Product Development
Most product developers or inventors approach this completely backwards. They spend a tremendous amount of time and money on protecting their ideas and building expensive prototypes.
Now, while protection is important, it's actually the least important aspect of successfully developing and selling or licensing your product. Plus, when done properly, you can completely protect your idea for around $350, not the thousands of dollars most people pay for patents, trademarks and other legal protection.
And prototyping is the probably the most misunderstood area of product development. Because the finished product always ends up being significantly different than the prototype, the thousands of dollars you invest in your prototype are essentially wasted.
But by using either of the two "close enough" prototyping processes I've developed, your costs are reduced to the bare minimum. While most people invest $3,000 to $50,000 for a prototype, my "close enough" prototype for my skateboard toy cost all of $21!
More importantly, what really matters most when developing a product and successfully selling or licensing it are two factors:
The first factor is pinpoint targeting of who you'll sell or license your product to. In every case where I've successfully sold my products to my own customers or licensed my product ideas for six and seven figures, I carefully "painted the bulls eye on the target" before doing anything else.
I'll guide you through my proprietary process for pinpoint targeting and make absolutely certain you're on the right track from the start.
The second factor when licensing out your product is being able to provide conclusive proof that in the real world, customers will actually buy your product. And the more eager they are to buy, the better.
This is where every product developer I've met goes wrong. Bar none.
Instead of actually proving there is a real market of eager buyers for their product, they rely on a fancy prototype and a patent to try to convince a company that licensing their product makes sense.
But here's the thing — a prototype and a patent don't prove a darned thing. All they really do is "dress up" an idea in a better light.
But think about it this way. If you were a company looking to license a product, what would interest you more? Would you rather see a fancy prototype and a patent — or be shown conclusive proof of actual sales to an eager market that means many more sales will be easy to make?
The truth is there's simply no comparison. Proof of real sales wins the argument every time. And I'll help you create the conclusive proof you need to demonstrate that there's an eager market for your product. Plus, we'll do it at a very low cost — just a fraction of what you'd invest in a prototype that actually does nothing for you.
Important Note: While this principle of conclusive proof is meant primarily for products that will be licensed to other companies, I'll also give you a quick way of adapting it to products you develop to sell to your own customers.
This adaptation will save you thousands of dollars and countless hours that you may have wasted on products that aren't right for your market. And it will greatly improve the number of highly profitable winners you bring to market.
Key Area #2: Product Improvement
Earlier, I showed you how Henry Ford's winning idea was actually an Extension Idea, which is an improvement on an existing idea rather than a new idea.
Now, the interesting thing is that you can easily apply this same process to make your own product ideas substantially more valuable. I'll guide you through my proprietary 7-step system for dramatically improving the value of any product.
This alone will make your product far more attractive to customers, give you more proof that there's an eager market, and make it much easier to sell to your customers or license to another company for top dollar.
What qualifies me to help you develop your products anyway?
My proprietary approach to developing and selling more of your products — or licensing them for a sizable upfront fee and six or seven figure royalties — is completely different than the traditional way most people go about it. More importantly, my process has a powerful track record of success.
Here's just a sampling of some of the ways I've applied this process to generate millions in revenue.
Case Study #1: Skateboard Toy
This is the toy skateboard I mentioned earlier that I created and licensed to a major toy company. It featured the logo of Tony Hawk and half a dozen other high profile skateboarders and was sold in Toys-R-Us, Wal-Mart, Kaybee Toys, Target and thousands of drug stores and other retailers all over the world.
How did I pull this off despite having no previous experience in the toy industry? By applying the proprietary product development process I developed to overcome the lousy track record and frustration of the conventional product development process. Plus, I currently have a couple new toys and novelty items being considered by major corporations.
Case Study #2: Educational Software
I co-founded a software company, licensed the software out at first, and then sold the company for $6.4 million in just 17 months. That company is still going strong and boasts an impressive customer list that includes General Electric, Cars.com, Johnson & Johnson, Kaiser Permanente, Pioneer, Sunguard and more. Here again, I had zero previous experience in the software or education fields.
Case Study #3: Marketing Campaigns
Although I'm strongly involved in creating and selling or licensing out ideas for products and services, I'm probably best known for licensing out marketing campaigns to my clients — and for having taught thousands of people how to do this.
There's a letter I wrote that has now become known as "The $25 Million Letter". People call it this because this one-and-a-half page letter landed an agreement for a $25 million contract the first time my client sent it out. But equally important, I've taken this same letter, made slight modifications to it and licensed it out to clients in 14 different industries. And collected handsome fees and royalties each time.
I also created a licensing strategy for the late Corey Rudl that pulled in $1 million profit for his business in the first week — and a total of $2.6 million in a few months. And I made a hefty six figures just for my idea.
Or how about the 3 word phrase I created for a prominent sales training company that paid me a quick $15k to use it? Can you think of a faster way to make a serious profit than that? I could give you many more examples of marketing ideas and campaigns that I've licensed out, but I'm sure you get the picture.
If you'd like to successfully develop and sell
or license your product, here's the help you need
If you have a solid product or service idea (yes, services are just as saleable and licensable as products), I can help you avoid expensive, frustrating mistakes and either sell more to your own customers or successfully close a licensing deal. And do this in the shortest time possible.
With my 1-to-1 consulting service, I'll make sure you effectively target precisely the right customers or licensees and get all the conclusive proof you need that customers will actually buy your product. Then I'll show you how to use this to either sell far more of your product to your customers or present your product in the most effective way that lands you a sweet, highly profitable licensing deal.
My fee for this service is a retainer ranging from $7,500 to $12,500 depending on the complexity of your product — plus a percentage of the profits we generate.
While this obviously is a serious investment, don't forget that it's considerably less than the tens of thousands most product developers waste on products that never had any real hope of selling or useless, expensive prototypes and the wrong form of legal protection. So realistically, my process saves you considerable money up front. Not to mention the greater level of sales or higher initial payment and royalties you'll receive by using my process.
Here's your next step
If you'd like to sell more of your products to your customers or license your big idea to another company for sizable royalties — and achieve this with the least expense and in the shortest time possible — then we should talk.
Just use the form below to send me a bit of information about your product idea and I'll get back to you to schedule a complimentary Product Development Consultation by phone.
During your consultation, I'll ask you a few more questions about your product idea, what stage it's in, and your market. And I'll be happy to answer any questions you might have. Then we can mutually decide whether or not it makes sense to work together.
Requesting your complimentary consultation is easy. Filling out the form only takes a couple of minutes.
So take a minute to submit your request right now as the first step to successfully making a small fortune with your big idea.
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