Hi! I'm Dane Carlson, and welcome to the Business Opportunities Weblog. I've been publishing this website, by myself, and sometimes with the help of others for over twelve years now. You'll notice two things about this site right away:
According to IndependentRetailer.com, it’s a common problem when you mix kids with cans of soda; they take a sip or two, then leave the can open to either go flat or attract bugs. Either way, the product is ruined and it’s money wasted.
That’s what led Russell Reed of Tupelo, MS, and his wife Donna, to come up with the idea of the “Flavor Savor” cap: a reusable plastic cap that snaps on a can of soda or any bubbly beverage, saving the carbonation and flavor for up to 36 hours.
“My wife and I were talking about the kids and how they spill and waste their drinks,” Reed says. “She asked if it was possible to put a lid on canned drinks. I didn’t know, but said I’d look into it.”
Reed then did some research and undertook a patent search and found nothing like it on the market. So he spent $13,000 to patent his idea, and had his patent pending for six months when he came across a similar item online. Then he knew he had to beat the competition on price.
He did so. His competitor’s lid retails for $2.99, while his sells at a checkout for only 99 cents. Even better, his wholesale price is just 40 cents, giving retailers a healthy markup on an impulse item. “We launched at the ASD show in Las Vegas in March and have moved 500,000 lids since then,” Reed says.
Right now Reed sells to a handful of distributors, plus any brick and mortar stores who call for the item.
Photo by Flavor Savor.