Selling business ideas is not easy, but it’s definitely not impossible either. In fact, it can be one of the most lucrative ways to make money in the internet era. The trick is figuring out how to position yourself so you are only investing in profitable opportunities.
That’s where this article comes into play! I will go over all the things you need to know about selling business ideas and then give you my best tips for success.
Create a business plan
Before you even approach large companies with your idea, you will need to have an excellent business plan ready. This should include what the company you are selling to is looking for in terms of products, how you would promote these products, and what kind of compensation you expect for this job.
It’s very difficult to sell someone else‘s product while still working there! You must be confident in yourself and in your own product before asking others to buy from you.
Running out of things to say can make people feel like they’re talking to a wall, which isn’t good for business relationships or self-confidence. Plus, most bosses don’t appreciate being talked down to, especially when you’re asking them for money!
Business plans play an important role in helping you get through that first rejection. If a potential employer wants to see one, then that’s a great sign you’re thinking about entrepreneurship correctly.
Expose your business to potential customers
Even if you have no intention of selling your business, exposing your business idea or service can still help you in many ways. By sharing your business with others, you are creating exposure for yourself and your product/service.
By bringing in new customers, you increase foot traffic into your business, which helps promote engagement and perception of your company.
People who use your services or products will spread word-of-mouth about you and your company, generating more business.
Furthermore, by having direct contacts at large companies, you are able to expose your business to larger audiences that may be receptive to your business model.
By being open about what you do and how it benefits people, you start building trust.
Find a partner
Finding your business partners is the most important thing you will do as an entrepreneur. You will be investing in your company, and yourself, for years to come if you are not careful here!
Business owners often struggle with this step – finding people that want to work with you to help grow your business.
It can be tricky trying to find people that share your vision and are willing to go after what they believe in. This is especially true when it comes to selling business ideas to large companies.
Most entrepreneurs never get this stage because they don’t have anyone to collaborate with or take risks on.
There are many ways to develop relationships with other businesses and individuals in your community, but none of these matter unless you actually invest in collaborations.
That means going beyond just talking about projects and products and instead working on things together. It could be hosting an event together, sharing resources, or creating a pre-sale pack for each other’s product.
Finding someone who shares your passion and has good leadership skills is key to success at this stage. They must also be motivated by money — which isn’t always the case for some founders.
Making friends through social events is a great way to connect with potential collaborators or future colleagues.
Prepare your business for opening a sale
Before you even approach a large company about buying their organization, you need to make sure that your business is prepared to sell! This includes ensuring that your business is run efficiently, investing in necessary tools and equipment, developing strong relationships with key people at the company, and having a clear plan of action if this proposal doesn’t work out.
You don’t want to spend all this time preparing to close the deal and then find out there are still things that needed to be done before the sale can go through.
Furthermore, most companies will require your firm to put in place some kind of succession planning process or framework. This typically involves hiring an external professional services firm to help coordinate the transfer of leadership as well as employment agencies to aid in the recruitment of new employees.
These steps can sometimes take weeks or months to complete, so it makes sense to start prepping your business years ahead of when you actually have the conversation about selling.
Create a website
A business idea without a way for people to find out about it is pointless. You will not get far trying to sell your product or service to someone who does not know you exist. Therefore, one of the first things that should be done if you have an interesting business concept is to create an online presence.
This can mean creating a small website, writing an article on a popular site like Medium or Yelp, publishing comments or answers on social media sites such as Facebook, Instagram, and Twitter, or any other number of possibilities.
Whatever you choose to do, make sure it is consistent and clear. Your potential customers will look at this web page as your face to the world. Make sure it looks professional and doesn’t contain anything vulgar or offensive.
In addition to all of these, you must establish solid contacts in the industry to help promote your site.
Buy marketing ads
Marketers are always looking for new ways to spread their brand’s message to potential customers. By buying an advertisement in a direct response media channel like Yelp or Facebook, you can promote your business by adding a picture and some text.
Direct response advertising is designed to get people to take action. For example, if your business is offering a discount, an ad about the business’s anniversary may push someone to visit the site to find out more.
There are several different types of advertisements that sell businesses have used to grow their brands. Some of these include car commercials, television advertisements, online advertisements, and printed materials such as flyers and brochures.
By investing in digital advertising channels like SEO, social media, paid search, and email marketing, you will not only strengthen your business’s image, but you will also increase traffic to your website and help them connect with other users.
Offer a high starting price
The second way to sell business ideas is to find a company that already has an existing business model or process that you could improve upon or add features to, then create a proposal based on those things.
The key here is to not pitch what you want to do, but rather to identify the strengths of the current system and then propose changes or additions to make it better.
This can be much more effective as companies will feel less pressured when you offer them your suggestions instead of telling them what they should be doing.
They may even ask you for some inspiration so that you can get started!
It’s important to remember though that no one else has ever done what you are proposing before so there is risk in offering these concepts.
You must be very confident in the viability of your proposals if you are investing time in marketing and selling them.
Running into significant opposition or skepticism can cost you large amounts of money and energy so don’t underestimate the importance of strong research and preparation.
Distribute your business plan to your potential clients
Even if you have no idea what you want to do, selling is a great way to make money. Starting with something simple is the best approach.
Selling isn’t just for people who are already successful, however. Anyone can sell and be very rich!
All it takes is having a strong self-image and confidence in yourself, as well as an understanding of the basics of marketing and sales.
The more knowledge you have, the better able you will be to pick up the skills necessary to succeed as a seller.
That’s why I’d like to suggest reading my article about how to test market your own product or service.