How to Sell a Business Idea
Okay, so you’re the person with all the great business ideas? Maybe your brain works like a computer, constantly generating great business ideas but you don’t really want to be an entrepreneur yourself. It’s a shame to let all of those ideas just go to waste! There are millions of people who want to start their own businesses but don’t know where to begin.
Becoming an entrepreneur is one of the great South African dreams, but without the right idea in place, many people just can’t get started. This is the process of meeting a demand. You have something other people need, and that is the way you make sales in any business. Your business idea must be well planned and you must be able to market and sell the idea. You will need to prepare yourself and your business plan to make it happen, sometimes you must think outside the box, but it can be done!
Begin with research, and lots of it, to create a viable business plan. You’ll need to learn who your target audience really is and ask as many people as you can what they think about the idea. They may be able to add something to your idea or concept that will make it more valuable and easier to sell. You should begin immediately by getting all of your thoughts and the ideas of friends and family on paper. As you draft your idea you’ll need to put a detailed description of each facet of the business in writing.
You should know if your idea is a product that can be manufactured, which may require a patent, or if it is a true business idea that someone else can purchase the plans and start it themselves. If the latter is true, the more detailed your plans are, the easier it will be to sell. Using the research you have done and the plans you have written, create a high quality presentation of your business idea. Add to it all of the information another person will need to know and make it easy to understand.
You should include licensing information, marketing information, zoning requirements and you should be sure to cite the demand your business will fill and who the target audience will be. Make sure your presentation is accurate, concise, clear benefits to the business owner and potential clients and what kind of challenges your idea will meet. Create an introductory cover sheet for your plans with an overview of your idea. The letter should first introduce you, the idea for a business, and why you are contacting the people you share it with.
Start creating a list of people to contact and include anyone you think may be interested in learning your idea. The more people you send it to the better your prospects of sale are. The higher quality people or manufacturers you reach the more money your idea is likely to bring. See if you can find a trade association that serves the industry your idea relates to and be sure and include them on your list of prospects. Once all of these steps are achieved you will be ready to start the marketing process. It is very easy to get discouraged during the sales process.
It takes time for your idea to get out there so the right people can find it and develop an interest. No matter what you do, don’t give up! Though it may be a slow start, if your idea is good and your plans are well laid out and easy to understand, it will sell.