How To Turn Your Product Idea Into A Business

I've always had a mind for business. In fact, my favorite television show is Shark Tank. I'm pretty sure I've seen every episode! I've never had a lack of drive or passion and my years of competing in 5 consecutive Olympic Games attests to that. I often wondered and even worried if I would ever find something that moved and inspired me in the way my athletic career had done. Over the years, I've learned that many of the most successful companies are those that fill a void or satisfy a need in the marketplace. Statistics show that 75% of all pregnant women will experience swelling in their ankles and feet during pregnancy. Even though doctors recommend women wear compression socks to alleviate these symptoms and several other side effects, no one made a compression sock specifically for the maternity market. So my question was, "Why not?" There are millions of pregnant women who experience these uncomfortable symptoms. It's precisely for this reason that I created Tootsies Maternity Compression Socks. I'm a Certified Personal Trainer. Last year, a good girlfriend of mine was pregnant, and as I was leaving the gym one day following a session, I stopped to speak with her. She complained that her ankles and feet were so swollen and that she was experiencing a lot of soreness and fatigue in her legs as so many women do, especially during their third trimester of pregnancy. I just so happened to have a new pair of athletic branded compression socks in my car that I recently bought and suggested she try them to relieve her discomfort. Throughout all my years of training and competing, I wore compression socks as a means to help with blood circulation, soreness, and recovery, so I knew they were exactly the right product for her. Suffice it to say, the following day, she contacted me to let me know how much relief she felt in her legs. I suggested she go to the maternity store and find a more stylish, non-athletic branded pair of compression socks. Much to my surprise, she said such a thing did not exist. I did a bit of research online and went to several maternity stores myself, just out of curiosity. Sure enough, everywhere I went, including several national chain maternity stores, whenever I asked if anyone ever came in asking for compression socks, the answer I was repeatedly given was some version of "All the time! We send them to the local sports store/ medical supply store/ drug store." My brain started churning and the idea for a fun and fashionable line of compression socks that was specially branded for the maternity market became a reality. It’s a perfect marriage of 3 things: 1. My athletic background and experience. 2. A need-based item that doctors recommend for pregnant women. 3. My desire to own and run a business that had personal meaning and passion for me.  The idea was to position our product in the maternity space to satisfy the needs of pregnant women suffering from swollen feet, varicose veins, fatigue, and soreness at the times when she is shopping for other maternity items. Once I had an idea that seemed like it would work, the next step was to turn that idea into a thriving business.  

Here's how I turned my idea into a successful product and business, and how you can, too:

 

Motivation

I have a Psychology degree from Stanford University and a master's degree in Sports Psychology. I know firsthand about focus and concentration, positive self-motivation. Finding your motivation is crucial. If you are not an already organized person, setting realistic, time-based goals and sticking to them is critical.  

Utilize Strengths

I have an eye for fashion and breaking trends, I'm a hard worker and a fast learner. It definitely hasn't been easy but utilizing my strengths and staying open to learning from other successful people has guided me a great deal.  

Know your Market

I have a very small team that I'm working with right now but there is a definite space in the market for this product, and we are making great inroads. To date, Tootsies can be found in brick and mortar retail maternity stores, online retail stores, several hospitals, a plastic surgery center, health and wellness facilities, through a private label opportunity, and we have several bigger deals in the works. Don't restrict yourself to the obvious sales venues, get creative.  

Keep Learning

My biggest advice would be to talk to other entrepreneurs and take notes. I'm learning so much about branding, social media, marketing and advertising, and am quickly learning that without these elements, the path to success is a very narrow one. I have a favorite quote that I have been using as a guide, and it says, "Sell the problem you solve, not the product." It has really helped to give me clarity and focus.  I continue to watch my weekly tutorial on Friday nights (Shark Tank), and I believe that one day we will make our debut! There's so much to learn and so many mistakes to be made along the way I'm sure, but making it to 5 Olympic Games wasn't all that easy, either. I fell and got back up so many times during my career, so I'm bringing the same drive and passion that I had on the athletic field into the business world. I am always looking to learn from other entrepreneurs who have much more experience, but I hope that the experiences I have as far as dedication and discipline will take this venture a long, long way. One thing is for sure, I've found my motivation!