Hi,thanks for reading.
Im in a bit of a dilema, i have been given a business by a dear friend of my dad.
He had invented a cleaning product that is in my opinion the best the market has ever had! not mentioning names but they are nothing good compared to this product…it had even been used in buckingham palace and given the queens stamp of approval ! he has teached me the secret ingredients and method of producing this product but im at a loss where to go with it? When he was in business he did everything solely in his garage at his home & made a comfortable living from it. He ceased in business due to ill health and a marraige breakdown but was on the brink of having large interest by an american cleaning company..not mentioning no names…I am still young at 29 but i am a hard worker and committed to everything i do. I just dont know how to start having little money to start it up again can anyone give me good advise on how to go about things ?
any advise is valuable….thanks
Categorized | Affiliate Marketing 101
New Business Approach In Need Of Guidence?
Posted on January 3, 2012.
Hi. One of the first questions to ask yourself is what approach you want to take with this product. You can either take the same approach your dad’s friend did, or contact companies to see if they would be interested in the product.
You have a few things to your advantage with either approach.
First off, and most importantly, you have a physical product that has already been tested and proven to work. This saves you, or an established large company, a huge sum of money in research and development.
Secondly, it is my hope that your dad’s friend gave you a list of current customers he dealt with. It is also my hope that he gave you a few bottles of the product, that he may have had left over, as well.
Another advantage is that you have at least one contact name, of a cleaning company, that has shown interest in your product. If that is the route you choose to take, it would be an excellent place to start, by contacting them.
If you contact any company like that, make sure to have a Non-Disclosure Agreement (NDA) in place and keep a log of such signed agreements. Most big companies like to use their own NDA’s, but it is still nice to have one of your own just in case. I have attached a link to a sample NDA for you.
Another thing, is that you do not mention if the previous business owner had a patent on the product. It does not really have to have a patent, in the eyes of a big company, but to be patent-able is important to them.
If you choose to sell the product on your own, like your dad’s friend did, you can purchase enough ingredients to at least make a sample bottle of the product. With that sample, you can try networking with businesses that use cleaning products such as, restaurants, hotels/motels, cleaning companies (ex: Molly Maid), etc. Take advance orders and payment for the product. Of course, prior to this, check into which business licenses you might need.
Hope that helps!
Best of luck!