From concept to market

You have a great business idea. In fact, in the 5 years he’s had this idea, he can’t believe no one else has come up with it. Just to be sure, I’ve even vaguely mentioned it to some trusted minds to see if they’d answer in the affirmative and they did. One year, you went so far as to talk to some professionals about pursuing such an idea and made sure to emphasize to each one that you really didn’t have the knowledge or financial resources to back the idea, but if someone else would to the market, you are sure that it would be worth your time and of course your money. So what gives?

No matter how many times this dilemma is raised, the answer is almost always the same: for someone to invest in you, you must first invest in yourself. Would you stick your neck out for someone who isn’t willing to do the same for themselves? If the answer is yes, call us. We have several people who would love to speak with you. If the answer is no, keep reading. . .

Now, what you invest (both in terms of time and money) can vary dramatically and should be part of a well-thought-out plan that depends, in large part, on your end goal. For example, if you want to limit your personal liability, even though you already know that a family member will finance your concept, you may only be looking to set up a legal entity from which to operate your business, and you can further delve into the idea of ​​​securing various rights. of intellectual property. Alternatively, if you are looking for a loan from a bank, you may want to approach the financial institution with a more mature company that has established some credit and therefore some credibility that will give you a lower risk image, along with a detailed business. plan. Or maybe you’re interested in working with independent investors who will take a piece of your company in exchange for some equity or, less likely, a note, but to earn their interest you need a full private offering memorandum, at a minimum. .

Whatever course of action is chosen, and even if that action includes having a hand in any or all of the selected processes, it is important that your business plan has a business plan. WHAT?! ANOTHER PLAN?! Yes, another plan. However, this is more of a technical term that focuses primarily on strategy, supplemented by time and money management. Think of it this way: how can you know where you’re going, if you don’t know how you’re going to get there?

Here are just a few key factors to consider when determining if and how you can bring your concept to market, be it a product or a service:

1. Is there a demand, need or market space for your concept?

2. Should you incorporate?

3. Are there any patents, trademarks and/or copyrights that need to be protected?

4. Do you need a business plan or private offering memorandum to attract financing?

5. Do you need to develop a business team to help achieve your goals and give your company more credibility and therefore be seen as less risky?

6. Do you need a confidentiality agreement to protect your idea from those with whom you share it?

7. Who will be your target market audience?

8. How will you market and advertise your business and/or product and how can you set it apart?

9. Are manufacturers and/or distributors necessary?

10. What other types of agreements will you need? (i.e. license agreements, lease agreements, employee or independent contractor agreements, etc.)

Seeing your idea optimized through trading can be a very rewarding achievement! Whether your idea materializes in a product that sits on store shelves and is sold by the truckload or it materializes in a window display that offers products and/or services to the public, it is certainly something you can be proud of. . However, except for the few delighted people we have met, where everything good always seems to fall into their hands, most of us have to work hard to get our due. . . or us? Perhaps with a little planning and investment in ourselves, we will one day find ourselves working smart, instead of hard!