How to Sell Your Ideas for Money
Your ideas are as original as those developed by the inventors of the Kindle and Spanx, but until you find someone willing to buy them, they're doomed to languish in the land of dreams. You have options. Keep dreaming -- or follow in the footsteps of those who work hard to sell their ideas.You may have to overcome your propensity for shyness to approach potential buyers, but your belief in your ideas makes you the ideal candidate to pitch those dreams.
Other People Are Reading
Things You'll Need
- Research
- Marketing plan
- Presentation
- Nondisclosure form
- Copyright, trademark or patent
Instructions
-
-
1
First, prove your ideas, if you want to sell them for cash. Subject your formulas, designs and concepts to testing, laboratory evaluation and analysis to verify your ideas and show those in a position to buy that the product or service you propose works and is marketable. Enhance the validity of your research by getting more than one opinion. Organize these facts and figures into a report.
-
2
Compute the cost of developing and manufacturing your idea. Compare the cost of manufacturing in the United States versus going abroad. Include costs like packaging, handling and marketing in your totals. Define your Unique Selling Proposition (what makes your idea superior to others?). Conceive a features and benefits list. Give people in a position to buy all of the ammunition they need by compiling these facts and figures into a powerful marketing plan.
-
-
3
Research your market for individuals and companies willing to pay cash for ideas. Include stores, catalogs, Internet sites and manufacturers likely to welcome your ideas. Compile information gathered in Steps 1 and 2 into a presentation that includes pictures, schematics, photos of preproduction samples and relevant documentation. Call potential buyers to set appointments to present your ideas in person. Be persistent.
-
4
Copyright, trademark and/or patent your ideas to protect them from theft. Use these marks on presentation documents. Locate a sample "non-disclosure form" (see resources) and create your own version using proper legal terminology. Bring copies of this confidentiality agreement with you to presentations. Require those in attendance to sign copies so you have legal recourse should someone decide to attain your proprietary idea without paying you for it.
-
5
Wear business attire to presentations and arrive on time. Use diverse media -- PowerPoint, DVDs, charts and graphs that merge qualitative and quantitative data into easy-to-grasp information. Make it clear to company representatives with whom you meet that you have no interest in manufacturing your ideas and wish only to sell the concept in return for financial remuneration.
-
6
Answer questions truthfully. Be respectful of other's time. Keep this in mind as you prepare to seal a deal: Once you receive money for your idea, you have no control over how the new owner uses your ideas. Be prepared to sign over all copyrights, trademarks and other rights to the buyer. Time to move on to your next idea.
-
1
References
Resources
- Photo Credit ULTRA.F/Stockbyte/Getty Images
