- 1). Research your idea. This is the most important aspect of your business plan. Know your market by getting as many opinions as you can on your idea. You can do this through focus groups or collecting data on similar and rival products. You should also determine if you can patent your invention or if it can be formed without infringement of other filed patents; you can also explore manufacturing.
- 2). Create a professional presentation. When you get all of the essential information, you will have to present it to possible licensors. In addition to a three-dimensional model, you should make a clear-cut sell sheet to give all information you have collected. It should be one or two pages and plainly explain the following: the problem, challenge or need the product meets, the product's features and advantages, your product's market and its legal status (patent pending, copyright or trademark info). Additionally, write an introductory letter to go with your sheet--this introduces you, tells why you're contacting the individual or company and arranges a time for follow-up.
- 3). Identify your targets. Figure out the most fitting contacts for your opportunity. Some experts recommend making a list of at least 50 prospects--the more prospects, the better. A more concentrated list will bring you more valuable results. If you have a product, consider local shopping areas and write down names of manufacturers who make related items. Another way is to find the trade association that serves your product's industry. Online databases can also be an excellent resource.
- 4). Prioritize your targets. When you have your list, prioritize them based on which ones will be most suitable with you and your product. Things to consider include size, geography, comparable product line, access to a decision maker, company policy and manufacturer standing.
- 5). Make the sale. Now all you have to do is sell your product or service to a manufacturer and customers.
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