Small Business Funding: 10 Ways To Actually Sell Your Idea Before You Launch

This is a conundrum that many entrepreneurs are faced with as they are developing their ideas and putting the business together. I hear "How do I test my product or service so that I can attract investors and the resources I need if I don't HAVE the money or the resources to test my product?" You can actually do it all! Plan for milestones of beta-testing and validating every step of the way so you can continually attract the resources you need that will help build momentum. Momentum attracts investors and buyers.

Here are 10 things you can do during the planning process:

1. Start out by doing "dry testing" of your concept with live or online focus groups BEFORE you have an actual product to test. There are professional services for this but you can start by getting feedback from people you know who may volunteer for this. If you can validate the concept, move on to the next step.

2. Your product idea may need some major engineering before it's ready for actual prototype creation and testing but you can prepare a non-working prototype sooner than later. Start doing "esthetics" testing with your groups to make sure people can appreciate it visually before you invest in a working prototype.

3. Get a panel of experts together who can mastermind with you to solve any issues you may have about product design, obsolescence, esthetics, marketability, etc. Document all participant credentials and any analysis made for possible inclusion into your business plan.

4. When a prototype is available, begin testing extensively with your customers (usually buyers) and end users (consumers) BEFORE you commit to full production. You could receive pre-orders at this stage.

5. Use your prototypes to acquire letters of intent and actual purchase orders from buyers or whoever would be purchasing large quantities of your product.

6. Create Joint Venture opportunities with individuals or organizations who have large mailing lists of potential clients for when you're ready to launch.

7. As soon as possible, consider doing small manufacturing runs of your product for local or regional testing in a controlled market. When people start buying your product within that market, you have achieved "traction".

8. Document in your business plan the various stages of testing and localized selling you have established to help build investor confidence.

9. During this timeframe, create activities which will build your database of prospective customers for a future launch. Offer pre-order discounts, host a contest, offer a newsletter or something else of value.

10. Want to sell into major retail stores? Consider meeting with local buyers in your desired markets to establish a time to do a "trunk show" or a short run in that store to test the product. It is much easier to achieve large national vendor contracts when you've had success in the local markets.

Many of these activities can be done prior to product development and all of these can be used to attract investors, contracts and other resources to help you achieve success with your business!

Create Your Own Team Of Experts Who Will Work For Free

I'm very blessed to have terrific talent surrounding me and constantly giving me feedback and support with whatever I'm working on. I'm asked "how did you do that" all the time. So here's a summary of a linger piece I wrote that can be found at www.manifestsuccessguru.com:

So the old saying goes "if I only knew then what I know now".
I say "why wait to have the experience"?

Avoid the "hard knocks" that people insist on having by building a TEAM of people that have demonstrated success in the areas you're about to venture into. Think about what it would be like to have someone in your life that has been down the same path that you're about to go down, who is freely sharing with you what's in store. You'll be able to plan better, make better informed decisions, as well as save lots of time and money by avoiding the most commonly made mistakes.


What do I call my TEAM?

Make it formal and professional to lend credibility. I like ADVISORY TEAM or ADVISORY BOARD as it relates to business. Others call it MASTERMIND GROUP, and MENTOR GROUP.

Who should be on it?

Here are a few examples of the "profiles" of those who would provide a well-rounded experience

1. Someone with experience developing a business--- starting a business, experience with acquiring funding, dealt with legalities of having a business, launch, growth, exit strategies, etc.

2. Someone that has actually launched or worked with a company that has achieved your desired revenue goals in yours or a similar industry. EX: One of my companies is a fashion accessory company so I sought out the advice of Nick Graham who had founded the very successful "Joe Boxer" brand in 1987.

3. Someone that responsibly represents YOUR desired market that can give you feedback and credibility along the way. EX: My friend launched an animation company that produces cartoons promoting environmental issues. The Honorable Al Gore is on their Advisory Team.

4. Someone not related to your business but well-grounded and "wise" in other areas of life. This person will help give you perspective and support your desire to have balance in your life.

What to say?

In short, approach these people and request a short meeting where you'd have the opportunity to ask them some relevant questions about your business that they would completely relate to. Can they validate what you're doing? Did they have similar experiences they could share with you? Is there anyone else they would recommend you speak to? Any special advice they could give you?

How to follow-up?

Request that they allow you to check in with them once a month to share your progress and to seek their guidance. People generally will be honored to be able to support you at such intervals and won't think to ask for anything in return.

Not only will they get to help the next generation succeed, the relationship itself will start attracting more people, customers, capital and other resources to your project.

Let's Talk About Planning, Funding and Building Your Team For Success

Would you like to be sure of "next steps" to take with your business or idea?

Have questions about planning, team, capital, product development?
Feeling some resistance with any of the steps you're taking now?
Wondering where to find capital or how to attract the perfect team?

Everything just great and you'd like to make sure it stays that way?

I'm extending an invitation to all business start-ups to be on a LIVE Teleclass with me to discuss just that!

I haven't done this call in over a year but I've gotten so many requests lately,
I decided to go for it --- reserve your spot TODAY as I have limited spaces available.

All details are at http://www.manifestsuccessguru.com/freeteleclass.htm. It's absolutely FREE.

Join us September 19th at 5pm pst/ 8pm est.

If you are ramping up or starting a new business, you'll want to be on this call!!

If you've worked with me before, this will be a great refresher for you.
If you haven't, then I HIGHLY recommend you dial in.

http://www.manifestsuccessguru.com/freeteleclass.htm
(sign in and you'll receive call access numbers immediately via email)

Join me on the call--- you'll find out things you didn't even know you didn't know.

"See" you next week.
To your success!

Maria Simone
www.mariasimone.com

10 Simple Things To Do That Builds Value And Attracts Capital To Your Business

Here are some things you can do right from the beginning to build value in your business...it's like creating "instant equity"! These are important items if you want to attract capital, are planning to sell your business some day, want to attract large contracts and joint venture partners or perhaps a high profile individual to your team.

See what you have in place right now, and then plan for the rest:

1. Protect all Intellectual Property (IP) along the way---- Copyrights, trademarks, patents. Make sure you have the opportunity to create MORE intellectual property as you grow:
A very low cost domain service I use is at http://www.snagadomain.com (I register any name related to my current and future brand and product extensions).
Register your written and/or printed material copyrights at http://www.loc.gov
For patent and trademark searches go to http://www.uspto.gov

2. Start building a client database ASAP. You can do this even during your formation stage by offering something complimentary to people who sign in, or perhaps host a contest to quickly build your list.

3. Seek out and document Strategic Alliances and Joint Ventures--- Formal relationships with people and Companies who can help build your list, bring you new business, be able to offer value to your customers, and create marketing exposure for your Company.

4. Create opportunities for licensing agreements. Let someone "rent" your intellectual property for a fee OR you may have the opportunity to package your product with someone else's "brand" on it. EX: A child would rather have a shirt with a Disney character on it than the same shirt with no character.

5. Systematize all aspects of your business right from the beginning. Every facet of your business should be duplicatable and/or automated. This includes sales, marketing, operational functions, delivery and the product itself.

6. Will your IP become obsolete? Can you update, upgrade or easily develop new products and services around your original IP? Software and computer manufacturers do this all the time. This was not the case for gas-lamp lighters when electricity was invented, or for telegraph operators when the telephone was invented. Are you a computer manufacturer or a gas-lamp lighter? Demonstrate that you'll be able move into other market segments as the market shifts.

7. Whatever your product or service is, seek out opportunities to create RECURRING REVENUE for your Company, examples would be: Warranty programs, leases, memberships, refills/replacements, usage fees.

8. Have famous, well-respected, and/or high profile people on your team when possible or at least using your products. It's great for instant visibility and credibility!

9. Issue press releases along the way and create PR opportunities such as getting written up in magazines when you can. Keep the buzz going at all times. Announce new product launches, new team members, a joint effort with a charity organization, etc.

10. Ask for and document all testimonials, product endorsements, and letters of intent to be able to show to prospective partners and investors. These could be replaced by actual sales contracts and purchase orders in the future.

Application of these items requires very little effort yet will take your business to another level.

To your success!
Maria Simone
www.mariasimone.com

Celebrating Cities After 9-11

On 9-11 2001 I was visiting SF and getting ready to head out to NY to visit family as I watched the tragedies of the day unfold. This was especially hard for me to experience, not only as an American but as a native New Yorker who was watching a part of her city implode and knowing that there were people she knew who were tragically being involved in all of this.

I remember frantically trying to get a flight out and back to NY , not fully comprehending how much of an impact this had had on our entire air transit system.
When I was finally able to get into Manhattan a few days later, I scrambled
up the subway steps to see the damage. I needed to see what had happened to my city. I looked down the block--- as close as I could get to Ground Zero that day ---- and could see the smoldering area of what once were the Twin Towers. At the same moment, I noticed the burning smell in the air, the surreal silence that had taken over the city, and the endless see of posters of missing people and tributes that were plastered everywhere.

That day I decided to somehow create a tribute to the resiliency of the American spirit, to the cities we love so much and come home to when we leave, and to give back to those cities as well.

It's still a work in progress but CityInspirations.com is evolving from those thoughts back in 2001. We make products that celebrate cities and part of our profits go back to the city as well.

Today I said a prayer for all the lives lost and lives changed that tragic day and I was reminded again of why I do some of the things I do.

To your success!
Maria Simone
www.mariasimone.com