Advice For Inventors From a Star of ABC's 'Shark Tank'

Lori Greiner shares her secrets to success.
3:00 | 10/05/12

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Transcript for Advice For Inventors From a Star of ABC's 'Shark Tank'
Ever had an idea that you're convinced that make you millions but didn't know how to take it from your imagination to reality -- -- some advice is -- Rainier and venture investor and start the ABC hit show shark tank which airs Friday night on ABC. Laurie thank so much for joining us so great to be here with you know and I just ask you before we -- -- -- -- -- -- -- -- I don't watch tonight but let's put it this -- you should they let it looked like. That's great he voted or -- dating and I hope you're okay everything's -- are yet. Since you've got a great idea and you think this is -- real moneymaker what's the first thing he needs -- Well I think -- -- -- -- it does make sure it's a great idea and most people make the mistake of asking friends and family and they say of course yes great idea we love it. But I think what you really need to do is get out there pounding pavement have a prototype and -- to people you don't know. And see what you think this would you -- it right and you have to find out your competition is yet to figure out there someone else -- already peddling a similar product yes I recommend it because you don't -- -- put your heart -- -- something you have to stop because its -- So I recommend going to an intellectual property attorney and having a patent -- -- to see if that product already exists and it is. And if you find out that it isn't anything you know what that -- -- to have real moneymaker here what's the next step. Well start to figure out how to make it. What a -- me can I make it here in the United States -- need to make it somewhere else. What had factories and who would make it for me and then figure out. Where you're going to make -- hand what it's going to cost you have to find someone who will sell it. First I mean you have to figure out if you're gonna sell it directly or wholesale I think it's in very important obviously -- pre sales right meaning you go you pitch it to stores retailers -- -- for -- planning Q. With that prototypes he -- sales that you have to picture experts what that price is going to be. Because you can't sell it without telling -- cost -- talk about -- -- -- -- leaves that before that pricing is so important yes how do you figure you obviously want the most money you can get for your product. How to figure out that the -- While there are price points out there that we now our price points that the consumer really wants to write and it's always know anything -- -- -- Things under fifty become more considered anything over fifty dollars is considered purchase and so -- so I always recommend. The better the price the easier it is to have people you -- the Pratt and what multiple of your costs the price. Well it depends their different margins for different -- but an average would be keystone which means double moves -- the cost -- ten. -- -- -- -- -- And -- that you really have to take it towards what's the individual parents -- what's all that time. It used to market your product rightly so hot getting out there and let apple know about it. Honey -- yes very important while I say figure out what retailers -- -- -- there's a lot of different ways to reach your product today with the advance great. Online sales. There's home shopping networks. TV networks is DR TV which is direct response. And of course the very traditional brick and mortar which means stores that are -- -- locked in to see the product you have to work with those late night shows in all of this have anything your product honestly just call up -- We'll get. Well now I don't know if you -- it do it direct response by and it's something where you actually have to produce the commercial and and I recommend going with the -- response company. And then they buy air time and they need to attack us but that's -- risk here way to go about nine at ten me it really so what do you think what what what's your advice. While you know I'm a big fan of QVC in -- where I mean big success myself. I think -- -- have a demonstrable product it's good to get home shopping network which would be QVC's arms shocking that type of thing and how they pick the products that as well use submits a plan to their buying offices and they determine whether or not they'd like to do it. I course I think shark tank is a great form people -- love the show that I am on and we have investors that come before us. I -- that investors and if people come before us and we invest in their product ideas right so that's another great thing you know submit to shark tank. And I think also -- you can try -- -- your -- site online social media forms in which yet the word out there that's a big one nowadays to write a tendency people really selling things through social media I do see people I think it's a great way to get -- -- start to build your -- -- yet following. I guess starts mom no -- -- starts the tops of starts long work hard and you'll get out there Laurie and -- thank you so much. Robinson's brace -- -- Andrea Aaron me. Watch tonight shark -- the body and how last year -- find out what happened here at what they look like and.

This transcript has been automatically generated and may not be 100% accurate.

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