The internet is filled with a countless variety of online business ideas, each having a great amount of potential to generate profit on investment. There are two ways in which business ideas are implemented and turned to successful products. One way is setting up a new business and implementing the idea or the other way is selling the idea to a company or an organization that will produce the idea and launch it as a new product.
Selling ideas is best suited for people who think out of the box and have that “killer idea” with them however lack the time, business knowledge and financial resources to develop the idea into a marketable product.
Inventing a mind blowing idea can be great but it won’t sell itself, you will have to do the selling part. Read on to find out some of the strategies that can help you sell your online business ideas.
Conduct a market research: Any new invention is valuable to its creator however it is essential that you know the feasibility of your idea. Perform a market research to know your buyer audience, competitors and the cost to convert the idea into a marketable product. Take the help of family and close friends to assess your idea and get their support and feedback though you are at the initial stage.
Prepare your idea: Bring out a detailed analysis of how your idea works on a paper. Let the analysis include specifications, features, benefits and the potential market for it. Create a prototype which will convey what you intend to deliver. Apart from prototypes, you can also create pictures, videos or a presentation representing your idea. When you are selling an idea, you are selling yourself. You are the brand for your idea. Express your idea in a clear and concise manner supplementing with emotions. Buyers should see your idea as a benefit to them. If you have design ideas, you can present your new designs (preparing sketches) than telling buyers about your designs.
Choosing big companies to sell: If you wish to sell your idea to big reputable companies, choose the company which buys ideas. These companies are professional as they know how to buy ideas and have process and procedures when buying ideas. Big companies can be a great place to sell but you need to be trusted by them. These companies won’t trust because they fear you are likely to sell the idea to many people. They refuse to accept that you know well about their industry and the idea implementation. So seek companies that have an experience on how to buy ideas and where you are likely to be trusted.
The buyer perception: The prospective idea buyer shall view your idea in their perspective. Online business ideas unlike physical products cannot be seen and bought. As the buyer, they will analyze you and the possibilities of your idea. They will evaluate your idea for return on investment, value addition to the company and the market response to the idea. At the same time they will assess you for trustworthiness, credibility and the fulfillment of the idea requirement as desired by the buyer.
Accept new ideas and remove obstacles: It is ultimately the buyer’s satisfaction with the idea. Do not hesitate to focus on the concerns put forth to you. An early analysis of the pros and cons of the idea can prove a helpful solution in making the idea easy to support.
The decision to sell: Every invention is an intellectual property, so you need to protect your idea from unauthorized usage. The intellectual property right protects your invention. Innovation development centers can help you get patents rights for your invention or design patent rights if you are going to sell design ideas. Let your reports and presentations be protected with copyrights. You may sign a non-disclosure agreement with the prospective buyer before discussing your idea with them and ensure a third party presence throughout the deal.
A great idea becomes worthy when sold at the right time. If you aren’t capable, entrust the responsibility to another person who can handle it effectively. To sell your idea, you may consider these or adopt different strategies; however your aim is to move ahead with the idea and implement it fast.