So you’ve invented a product and think that the world can greatly benefit from it. If you find that you can’t afford the cost of production, you can always look for investors and find a way to land a licensing deal. However, be sure to do the following before you start with the royalties accounting:
Protect your product first
Before putting your product in the market, you need to protect it with a patent first. Patents prevent other people from copying and profiting from your idea. Work with a patent attorney to ensure that you have all the right requirements to protect your product.
Know your niche
Determine your target audience by initiating an in-depth market research. Run surveys and try to sell your product to smaller markets to identify your demographic and garner initial sales. Successfully attracting consumers will make it easier for you to convince companies to invest in your idea.
Expand your network
Good PR skills are essential when trying to land a licensing deal. Meet with business people that cater to your niche and don’t forget to phone advertising agencies. Attending seminars will also help you connect with successful entrepreneurs. Building valuable connections in the industry will lead you to good companies that you can work with.
Pitch like a pro
When you find the right company to deal with, prepare a presentation that will help them understand your product’s purpose, your target market, and other key selling points. Make your presentation concise and informative to impress potential business partners.
Establish a process
Remember, the work doesn’t end even after landing a licensing deal. You need to develop an agreement with your licensee to ensure that they pay you accordingly. Consider investing in an accounting platform so you can track your accounts receivables conveniently.
Groundbreaking products come to fruition because of licensing deals. Create, go out, and find a licensee who can further improve your invention.