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Business DIY – Selling Your Idea(s) November 16, 2009

Posted by Sindy in Business DIY.
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One of my business teachers once said “Ideas are a dime a dozen.” And I heartily agree. Every other morning my eyes pop open with another idea – hardly any of which have gone beyond that. But all these ideas could be making me some money – and not just a fraction of a penny for each.

There are lots of incredible ideas out there that would be an utter shame (if not a veritable crime) not to share and put into hands that can implement them. But how??!!! I hear you ask. Simple – you need to SELL the idea.

No one likes to throw money into a black hole. So think about it. When a company buys an idea, they want to KNOW that it’ll work. They want to KNOW that the money they pay for the idea will not just come back to them in profits, but in exponential profits (i.e. they pay x and they get x2 or higher back in profits).

They key to proving to them that your idea will succeed for them is research. I.e. you have to do all the leg work for them. Research what will be required of them to implement your idea, and not just equipment, but also people and the bottom line – money. How much/what do they need to implement the idea? How much can they sell the product/service for? Who would buy it? Will it be a big enough success for them to feel comfortable in spending their time and money?

But wait! There’s more. This method doesn’t just work with companies that are buying your ideas, but also investors who are investing in your own company – banks, lenders, angel investors, stock investors, (parents, neighbors, friends) etc. They want to know that their money is being put to something that will succeed. That’s what a business plan is for.

This also works on you. Does that sound confusing? Let me elaborate. I have several notebooks full of ideas – ideas that are just sitting there collecting dust. I long to start my own business, but one of my most major problems is I have no idea which one should I do? I need to select a couple/few of them and then research them. Which ones are most likely to succeed? What would be required to make them a reality? Do I even want to spend every waking moment on them?

Research! That is the key.

(Okay, you need an awesome presentation too, but that’s a topic for another day.)

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