Profiting from a great idea takes more than inventing and innovating skills or knowing how to run a Facebook ecommerce store. Half of the work involves being an entrepreneur and selling that idea to investors who really believe not just in the legitimacy of your product, but in its profitability. As an entrepreneur, you must take every possible opportunity to increase your chances getting your idea to work. If you are thinking about how to sell my idea successfully, these steps will help you along the way.
Know Your Audience
For me, the most important part to sell my idea involves knowing who my target audience is. If you’re trying to sell a design for a safer baby carriage, you should think in terms of what mothers would want. If you’re targeting specific companies or investors, you should think in terms of what they would think is a marketable idea. There are plenty of free market research methods available that you can use. As an entrepreneur, it is your job to choose exactly who it is you want to appeal to before attempting to sell your product or idea to anyone.
Know The Market
Be sure to research the market surrounding your product idea. You want to know all about your potential competition. The more you know about your competition, the better you will be able to respond when challenged on the viability of your product idea. Knowing your market will impress potential business idea buyers. Do your research.
Look Into Production
Your idea needs to make sense in terms of dollars and cents. An entrepreneur should do research on how their product will be produced. Manufacturers need to be sought out carefully. Next, the costs of production and materials need to be well understood. Problems may arise if unique materials are required, so entrepreneurs would do well to tackle these issues preemptively. If you ask me, a working knowledge of production is a great way to sell my idea to Ritter’s Ice Cream franchise owners or any other business.
Is It Patent-able?
The patent application process is a long, arduous and expensive one. However, it can bolster the chances of selling an idea. A patent on your product or idea shows that it is original. If you are able to get a patent and provide test audiences with a prototype, you can gather consumer feedback that could be beneficial to you. Entrepreneurs should promote the fact that their idea is patent-able. Usually, unique patent-able ideas sell best because they are deemed to have inherent uniqueness and value.
Put Together A Presentation
After all of your preliminary research is done, you now have to sell your idea. That means putting together a well-prepared, convincing presentation. Arm yourself with the information gathered earlier, and educate your potential investors on what your product does, who it’s aimed towards, the costs associated with manufacturing and if it has any patents. Investors want to know exactly what it is they’re being asked to invest in. It’s the entrepreneur’s job to have all the answers to their questions.
Pick A Company
Once you have your idea, know your target audience and have put together a presentation, you have to qualify targets to pitch an idea to. Look first to companies with competitive advantage. You should consider the size, location and current product offerings of each company you consider pitching your idea to. In addition, you may want to consider the reputation, access to the person that will give the official yea or nay and company policy overall. Consider these areas when narrowing down your list of companies to sell your idea to, and prioritize them based on your requirements.
Coming up with an idea is arguably the least difficult part of getting a product on the market. Selling my idea to someone who is willing to spend their money on producing it is the main part of this process that help me figure out what to do with an accounting degree. Entrepreneurs need to understand their own product first. Then, they can think from the perspective of their potential customers and investors. By taking each step in this article, entrepreneurs will be able to sell ideas with confidence.
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