mortgages buyer agent – The Steps from Product Idea to Product Success

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The Home Buyer’s Agent of Ann Arbor helps their home buyers save thousands on their mortgages.

The Steps from Product Idea to Product Success
by: Matthew Yubas

Michelangelo once said that his statue of David was embedded in the block of marble and he merely chipped away the edges to reveal it. Is your product idea inside your mind just waiting to come alive? Or, is your product already formed and you need only to smooth out the edges?

Using my Market-Step process your idea will come to life as we progress in the following steps from idea to launch:

Self-Evaluation
Concept Evaluation
Prototype Evaluation
Product and Market Planning
Product Development and Marketing Tactics
Product Launch, Marketing and Selling

Please use this roadmap as a navigational tool to guide and monitor your progress. (See www.Product-Coach.com > Articles for a graphical flowchart.)

Getting Started

* Protect Your Idea (Chapter 4)

When you have an idea, you need to protect it. The first line of defense is to set the date of conception. Start by documenting your idea in an inventor’s notebook, but don’t file a patent until you evaluate its marketability.

Market Research and Evaluation

* Self-Evaluation (Chapter 9)

Start the Market-Step process by evaluating your product idea’s marketability. Your product idea is marketable if and when it solves a problem, meets a need or want, overcomes competition, and generates a profit.

* Concept Evaluation (Chapter 11)

The second step of the Market-Step process is to determine if people like the concept of your product idea. To test your invention, you’ll need to uncover which people or companies are your future customers. After identifying potential customers, ask them to evaluate how well your product idea solves a problem, or meets a need or want.

* Prototype Evaluation (Chapter 12)

The third is detailed evaluation by giving people a prototype to examine. A prototype is a working model that looks, feels, and functions similarly to the finished product. I’ll lead you through the process of creating a prototype that resembles what your customer wants. Then, I’ll show you how to get detailed feedback by interviewing potential customers.

* Funding Your Idea (Appendix F)

Do you need to raise money to develop and market your product? Initially, you’ll need money for expenses such as market research, equipment, and prototype development. Raising money is a normal part of doing business when you start, grow, and expand.

* Patent Review (Chapter 13)

You performed a preliminary patent search earlier. Now it’s worth your time and money to perform a detailed patent search and possibly file for a patent.

* Self-Market or License (Chapter 14)

What do you do with your new product? Your choices are to either self-market or license it. In some cases you can do both or sell the rights. Self-marketing means turning your idea into a marketable product that you intend to sell directly to an end-user, and/or through a distributor or retailer. Under a licensing agreement, a business will produce and sell your product in exchange for royalties.

Path A: Self-Market Development

If you’ve decided to self-market, follow the remaining steps on Path A. If you’ve decided to license your idea, see the next section for Path B.

* Product and Market Plan (Chapter 15)

Plan your work and then work your plan. The fourth step of the Market-Step process involves planning product design and marketing programs. Product design results from combining your innovation with needs and wants you’ve discovered through research. Market planning involves positioning, pricing, and communications.

* Product and Market Development (Chapter 16)

In the fifth step you’ll develop your product in stages (i.e., alpha, beta, commercial release). You’ll use the beta product to obtain feedback to confirm functionality and eliminate bugs before final production.

* Product Launch, Market and Sell (Chapter 17)

In the sixth step you’re ready to move into production and launch your product. This is the most exciting part of your project. You’ve given birth to your idea and are bringing it out into the world. And as you would with a child, you’ll need to nurture and grow your product, with marketing and sales strategies and tactics.

Path B: Licensing

You’ve determined that licensing is for you. Follow the steps in Path B to license your product idea.

* Licensing Proposal (Chapter 5)

Before approaching a company or product agent, organize your marketing research into a proposal. Some companies have their own forms to fill out; others ask to submit in your own format.

If you feel comfortable presenting and negotiating, seek companies on your own to license your product. Otherwise, find product agents who will seek companies and negotiate on your behalf.

If the company likes what you have, you’ll then negotiate a licensing agreement, then carry out the obligations, and collect royalties.

Going Forward

Now that you have an overview of the steps, my book Product Idea to Product Success, takes you through the details of the Market-Step process, one step at a time.

* This article can be freely published as long as it is not edited, author information is present, and copyright notice is posted.

About The Author

Matthew Yubas is a Product Specialist who assists inventors and entrepreneurs to turn their ideas into winning products. Mr. Yubas is a Certified Professional Marketing Consultant for the Small Business Development and International Trade Center. He has earned a B.S. in Engineering and an M.B.A. in Management. For more information and free articles, see his website: http://www.Product-Coach.com.

Nearly all home buyers make a series of simple to prevent mortgage mistakes that cost them $1,000′s each time they purchase a house. We will discuss the most common home buying mortgage missteps in this article.

Home Buyer Mortgage Mistake Number 1: Shopping for a mortgage after finding the home

Thinking about the mortgage financing should be the first priority once you’ve decided to buy a home. The average US home buyer puts finding the mortgage last on the list. This is a very costly mistake. Don’t jump in looking at a bunch of houses just yet. Don’t contact a real estate agent. Don’t discuss what neighborhoods to live in. Don’t do any of those “emotionally charged” steps in home buying. Getting the cart before the horse is one of the biggest mistakes first time as well as veteran home buyers make.

The biggest problem with mortgage shopping last rather than first is “falling in love” with a house you simply cannot afford. Buying and then trying to fudge the numbers makes a bad decision worse. Do not expect the real estate agent or builder to be the voice of reason when it comes to home buying. More often than not, they are guilty of pushing you to make this devastating decision in the first place.

I have seen otherwise smart folks do the most unintelligent things when it comes to home buying simply because they didn’t have an experienced voice of reason to temper their emotionally charged set of decisions.

Home Buyer Mortgage Mistake Number 2: No Research

I recommend at least 3 months before even looking at homes, you start your education on your mortgage options and researching companies. Get a free credit report to know your credit scores and start interviewing mortgage providers. Do research on the companies you are considering. Check the BBB and your state’s licensing websites. Search online for reviews and complaints of the loan officer and his company.

These rather simple steps can keep you from applying with a crooked mortgage provider which can save you untold $1,000s. Do not skip this step! Getting the wrong financing with the wrong company can do more to damage your home buying and home owning experience than any other single factor.

Home Buyer Mortgage Mistake Number 3: Taking loan officer referrals from the real estate agent

Never take real estate agent referrals when it comes to finding a mortgage company. Real estate agents may have some sort of “relationship” with the loan officers they refer. Either they have an actual relationship…wife, husband, girlfriend, boyfriend, mom, dad, or they have a “financial” relationship. Neither of these relationships will be disclosed to you so you can’t really evaluate the merit of the referral.

Being an insider for 15 years, I can’t tell you how many agents only refer their wife (who mysteriously has a different last name than they do). Or, the number of agents who asked me what I’d pay them if they referred buyers to me…this is illegal, but that doesn’t stop them.

Yikes!

This mistake can cost you a ton of money and is easily avoided if you follow the researching tips mentioned earlier.

Now you know the costliest blunders home buyers make and how to sidestep them. So you can go into the marketplace sure you won’t fritter away time or money the next time you buy a house.

Rob K. Blake, mortgage expert and author, educates mortgage shoppers on finding local providers by state like Missouri Mortgage Brokers and Lenders and provides reviews of national companies like ABN AMRO Mortgage.

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