Do you want to know how to sell a business idea? When you first hear of ‘doing business’, you may think of products like concrete, tangible things like food or clothes, etc.
The thought of starting a business involving huge numbers of goods or products might be overwhelming, thereby preventing many people from even trying it out at all.
But have you ever had a great idea that you felt would have taken off?
Ever thought about using that idea as a commodity instead?
Selling ideas for money is nothing new.
Many modern inventions involve patents, which allow inventors to make money out of their innovative ideas.
However, selling your business idea is not a simple cut-and-dry deal.
To get paid for your ideas, you first need to develop them into something the market will take interest in.
This article will help you in your first steps to selling business ideas, and how to patent an idea and sell it.
This is your ultimate guide on how to sell ideas to make money.
You may have a great business idea, but until you do something about it, it would never be more than just an idea worth selling.
Many great ideas in the minds of people actually have little market value, or some may have already been thought of by other brilliant minds.
Sometimes, however, there are unique ones that are great in theory, practice, and business, thereby worthy to be sold.
Maybe your idea is one of them.
Before you go pitching ideas to investors, check the records and current trends first to see if your idea truly is original and if it suits the current demand.
Here are a Few Tips For Brainstorming Your Perfect Million-Dollar Idea.
Check The Records
Before putting your all into an idea, ask yourself this question first: Has someone else thought of your idea first?
With regulated trademark and copyright records today, it’s easy to check who has thought of what and which ideas are protected by whom.
Make sure to check any existing records before learning how to patent an idea and sell it.
If it’s already under someone else’s name, move on to a different one.
Check The Trends
What inventions are making headlines today?
With the overload of information, it’s hard to keep track of what’s the next biggest thing.
This is why it’s important to always stay updated with the trends of the times.
See what types of ideas are making it big in the corporate world.
You can choose to formulate a similar idea with your own special touch.
Alternatively, you can also go against the tide and make a business idea that aims to change the trends and sell it!
Either way, being aware of the rest of the world contributes to your grand idea-formulating scheme.
Check The Demand
Some ideas are amazing in theory yet can fall flat in reality.
This is especially true in the corporate world, where everyone pays attention to demand.
A groundbreaking idea may not make that stunning breakthrough if there isn’t a large enough customer base for it.
After all, this is still a business venture.
If you plan on brainstorming for revolutionary business ideas to sell, see if the world is ready for them.
If the world is indeed ready, go on.
Otherwise, it’s best to wait and formulate a more appropriate idea.
Think Of Problems
If you think of problems a lot, then you can convert that thinking into selling ideas for money.
In fact, the purpose of many existing inventions is to solve certain problems of the current times.
Groundbreaking ideas can come from simple problems if you look hard enough.
If you’re feeling a bit more ambitious, you can also look to the larger part of the world and find a unique solution to a large-scale problem.
You won’t be just making money for yourself.
You’d also do the world a favor.
If you want your great idea to become profitable, you will also need to know how to market your idea.
There are important steps you need to take before you start pitching it to potential investors.
These are the things you’ve got to do before you even step out into the corporate world with your idea.
Here are the Preparatory Steps on How to Sell a Business Idea
Develop Your Idea
Most investors won’t bother with rough drafts, especially when other inventors spruce up their ideas.
Develop a prototype and be as specific as you can get.
The more you’re able to picture the final product in your head, the better your chances are.
Remember that investors most likely won’t complete a half-baked idea for you, so make sure that the image in your head is as detailed as it is ever going to get.
Get Help With Your Idea
You’re going to need some sort of assistance along the way.
If you aren’t good at drawing prototype blueprints, you will need a graphic designer to put your ideas into visual space.
Should you need a tangible prototype of your idea, having engineers and other qualified personnel by your side will give life to your brainchild.
If you feel wary and fear that these people might steal your ideas, be one step ahead and have them all sign non-disclosure agreements to keep your idea a secret… for now.
As soon as you are entirely sure of what your idea entails, hold your legal claim on it.
Consult the trademark and copyright office in your country, and check if you have all the requirements on hand.
Copyright your idea and register patents for the idea and prototype as soon as you can.
This will make sure nobody else gets to cash in on it.
If it is not possible to apply a trademark for your idea, then you must pitch and sell the idea immediately before anyone else can.
Where To Sell Ideas
Once your idea is concrete and locked down, it’s time to make a trip to some corporations and sell your idea.
After all, everything has the right time and place, and the place is especially important when it comes to pitching an idea.
This is because not every company buys innovative ideas.
Here are some suggestions on where to sell ideas.
Narrow Down The Field Immediately
At this point, you should already know what your idea is and how it works.
In choosing a company to pitch it to, you eliminate the obvious.
Don’t bother marketing an idea about car parts to an investment company.
Instead, filter through your choices first to make things easier and faster.
Stick to similar sectors to give you a diverse yet logical array of choices.
Consider Both Public And Private Corporations
While you need to be picky about the sector you pitch your ideas to, you can be less stringent on whether the corporation is public or private.
These types of companies have their own advantages and disadvantages.
For example, public corporations are often big companies that sell a lot of shares, while private corporations don’t have to follow certain government regulations until they reach a certain size limit.
Which type of corporation you consider will depend on your wants and needs in the world of selling business ideas, especially since different types of corporations will offer you different compensations for the same idea.
Find Companies That Are Also On The Lookout For New Ideas
There are companies that are always looking for new innovations, and these are the ones who will be ready to listen to you about your idea.
Pitching ideas to investors who are already looking for such ideas will make everything easier for both you and the investor.
In finding such eager investors, you can use the Internet to search for websites that group them together.
These websites are particularly helpful since you’d be able to easily narrow down your choices through them.
Pick Your Target
Once you have a pool of similar companies in the same sector, it’s time to take your pick.
Get an overview of the companies you have in mind, and consider all the factors you can think of.
Where is the company located?
How large is it, in both organization size and customer reach?
Does it have a current product line that goes along with your current idea?
That last question will be vital in your final choice of a target corporation.
However, don’t forget to also consider the other two factors, since the size and location of the corporation will affect how much leverage you have over the company.
Check Your Intended Audience
Certain companies have policies to be more open to buying ideas than others.
Before you try to catch a company’s attention, take a quick look at their policies and see if you’ll be a match for their own corporate goals.
Aside from that, check the corporation’s reputation, and if it has bought ideas before.
If possible, reach out to other inventors who have worked with the company to get a general idea of how you will fare in selling your business idea.
Make Your Presence Known
Opportunities often don’t come directly to you.
Instead, you have to go and get that opportunity.
Once you’ve found a corporation that you think will be a good match for your idea, do anything in your power to get through their door.
Contact the corporation’s research and development department and book an appointment as soon as you can.
Getting that appointment might take a while, but you must be persistent.
You’re near your goal, and all it takes is a knock on an office door or a call to the right person.
How To Sell Ideas
After all those steps, the journey is truly just starting.
Now it’s time to step out of your comfort zone and into the corporate world.
It’s truly time to sell your business idea.
Once you know which ideas to sell, and where to sell them, it’s time to learn how to sell an idea to your intended corporation.
To sell an invention, though, most of the work lies on the first impression and the sales pitch.
Before you meet the corporation’s men with the money, you’ve got to know how to pitch an idea.
Preparation Is Key
Don’t waste your investor’s time.
Give everything you’ve got in preparing a professional presentation.
After all, in the business world, first impressions really do matter.
While your prototype should already be at its best possible form, it can’t speak about everything for itself.
To sell an invention, you’ve got to make a matching presentation that would make people buy it.
Don’t put together a presentation at the last minute.
Take the time to make their time worthwhile.
Put On A Show
This presentation will make or break your idea in the eyes of an investor, so it has to include anything and everything about the idea, like its features and target market.
Tell them what problem your idea solves, and exactly how that idea solves it.
Include also a detailed business plan involving your business idea, elaborating on how the company will produce and market your idea to the public.
If your prototype is advanced enough, you can demonstrate the product in its full glory for the best effect.
This is how to market your idea, and you should do your best during this time.
If your presentation and prototype blew the company away, chances are you might be able to tilt the scales in your favor.
Now is your chance to voice out anything you want in exchange for your idea.
Do you want to give away all the rights to your idea for a huge sum, or do you wish to keep some to receive continuous royalties?
Be persistent in what you want, but always give some leeway in case the company appears rather wary.
You wouldn’t want a deal to get away just because you got a little greedy.
Take Your Time
Remember that your corporation of choice also has its own interests in mind.
If the first offer it gives is not exactly what you want, you can choose to either back away or sleep on it for some time.
In the meanwhile, consider your next steps and possibly hire a qualified consultant to help you out.
If you impressed your audience and have been guaranteed that you will get paid for your ideas, it’s best not to rush things when considering exactly what you want to get.
Seal The Deal
Once you’ve properly consulted with someone and thought it through, don’t wait a day more.
Contact the corporation and get that deal.
Make sure to thoroughly recheck the terms of your negotiation, and make sure that this is definitely what you want.
If it is, don’t let this opportunity get away from you.
Seal the deal, and seal the fate of your million-dollar idea.
If Things Don’t Work Out, Say No
If the resulting deal just isn’t fair in your eyes, don’t take it.
Should this unfortunate situation arise, politely notify the corporation that you won’t be taking up their offer.
Despite this, thank them for dedicating their time to you and your idea.
Don’t burn any bridges, especially if you plan to still work with the company in the future.
Instead, just acknowledge that you won’t be taking their door of opportunity, and move on.
Maybe you can still work with the company in the future, though, so keep their contact details with you from now on.
While you won’t have to restart the process all the way from the start, since you already have an idea, you will have to start looking for an intended audience once more.
You may also want to edit your presentation since there is always something to improve upon.
Once you have another corporation in mind, it’s time to start selling the idea once again.
However, if you are dead-set on working with the first company, then it’s time to start brainstorming for something you will agree on more.
Learning how to sell an idea is not as simple as most people would assume.
It involves careful preparation from the moment you think of something to the moment after you pitch that idea.
Learning how to pitch an idea also is not an over-and-done deal either, as seen by the many things you will have to cover in presenting your idea.
It is an exhaustive process.
Even if you aren’t selling tangible commodities, there is still a beginning, and end, and quite a long in-between.
At the end of the day, selling ideas is still a business venture, but it is also a learning experience.
While your main goal is to of course sell ideas to make money, you should still absorb every step of the way.
If you thought of your idea for a certain purpose, always remember what that purpose is, even if that idea is already bringing in a lot of money for you.
After all, for all you know, maybe there’s another million-dollar idea hidden right beside the one you just sold.
And if you plan on selling many ideas as a business of your own, as many innovative minds have done, then this will be useful when remembering how to sell a business idea.
When and how, in the past, have you tried selling your business idea?
How did it work out for you?
Do share your experience with us!