Several solutions are available to those with an excellent concept, and they do not want to bear the hardships of beginning and maintaining a business. Someone gives over all rights to an idea, receives a check, and enjoys the payoff. This alternative may be tempting to someone working a fulfilling full-time job who does not want to give it up.
People can take steps that are simpler and less scary than becoming a full-fledged entrepreneur. Either they want an instant payoff or ongoing income.
You may pitch your concept to a possible partner even if you’re not a person who can or has the time to write a full-fledged business plan. If the partner is intrigued, here are a few things to do to add more dimension to your proposal.
Know Your Idea Well
Go as far as you can and perform some legal research to determine whether your innovation is patentable or whether it can be manufactured without infringing on previously filed patents. You can start by conducting an initial patent search. Furthermore, the better, the more information you can obtain concerning regulatory difficulties or required legal processes.
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Pin the Target
A potential investor or partner will be more confident in your business or service concept if it has already been tested and proven successful, thus exhibiting similar enterprises.
Look for member listings on a trade group’s websites that represent the industry you will sell your product. The key is to demonstrate how your company concept will outperform the competitors. You may be able to provide additional features, lower pricing, a more inventive distribution mechanism, better marketing, or other advantages.
Understand the Investor
That implies you must give actual data based on market research while attempting to promote a company concept, do not concentrate solely on the product, service, or business. Remember, the reason that an investor is interested is to generate money. Wherever feasible, emphasize the benefits to your potential partner of collaborating with you or purchasing your concept. Provide both cautious and optimistic sales, expenditure, and profit figures so that the listener or reader doesn’t assume you’re making up statistics.
The Sell Sheet
When marketing company ideas, especially if you’re presenting an altogether new venture, show your possible partner research that demonstrates why your concept may be successful.
Your sale sheet should include the following :
- The product’s solution to a problem, issue, or demand
- The characteristics and benefits of the product
- The market for your product
- Your invention’s legal standing
Conduct online polls of potential purchasers, host one or two focus groups, or rely on industry data that indicates a specific company model may change soon. The more objective information you can give to a potential partner or buyer of your concept.
Just Pitch It
A contract that offers you and the manufacturer precisely what you desire is considered perfect. Keep the following factors in mind, though. Provide your research, statistics, and other objective data. And demonstrate that you’ve done your homework by mentioning any local business licensing requirements.
Finish by emphasizing the key aspects you offered in your introduction and omitting the majority of the figures you are given, save for the investment and profit possibilities. Finish with a call to action so that your listener or reader will take action.