Business expert Leigh Riley offers some valuable advice to those innovators looking to capitalise on their ideas - the key is to move fast and think big.
The talent that is beating a path to my business door right now is unbelievable. I don’t know if it is Australia’s clean air, abundance of quality food, water, education and opportunity, or simply a combination of all these factors that has our shores laden with brilliance. Despite this, Aussie culture does seem to breed a lack of confidence which can be exacerbated by a lack of support. It can feel quite lonely on the pioneer path, but the problems to solve for an innovator are similar no matter what your market.
Here are three offers and some helpful hints to get you started.
Start with the end in mind
Take a business approach from start up to step down. That means having a vision and direction with a strategy ‘to be first to market’ in engaging your preferred target audience. Carve your market share quickly and never underestimate your competitors who will be quick to move into your space if it is lucrative. You’ve done a lot of hard work for a reason, and you’ll want to be rewarded financially for the effort and risk you’ve endured, but there is only a short window of opportunity to create your corporate footprint, so make it count.
Offer 1: Utilize my PROFITS™ Keys system (defined in my book “Your Business Succession”, it costs $35, but if you pay for postage, I’ll give away copies to the first 10 people who email me mentioning this article) to put yourself on a path of success through to exit.
Protect your Intellectual Property
If your innovation is unique, it must be patented to boost your business valuation and protect the uniqueness of your product from being copied. Anything really good will undoubtedly be copied even with a patent in place, because intellectual property thieves know exactly how much they can modify a new idea to legally re-produce a modified version and move in on your market share. You have only a short space of time to gain credibility and market share before competitors move in on your territory.
Make a big splashy noise about your new product
Launch your idea with a compelling up-beat story that attracts attention from media and purchasers to boost your business profits. You have to spread the word about your new product, and the best way to get the word out is to leverage from others that can help share your story. Gaining some coverage on programs such as ABC’s “New Inventors” can be a great way to spread the word about the new product without spending a lot on advertising.
Develop a Public Relations campaign to engage all types of the media with press releases to magazines and newspapers that your target audience frequently reads. Radio and TV interviews are also helpful to inform your market quickly. Don’t neglect to utilize the internet with YouTube and with other social media to demonstrate your offering as this medium has overtaken traditional media for people researching to source solutions.
Build a budget
Calculate the costs of marketing, distribution and selling costs to establish market price of your goods. Track and plan expenditure against your results. If you don’t have the budget to launch this with a splash, bring in parties so that you can.
Align your distribution team to leverage coverage
Install a lean but effective Sales and Distribution team that are positive toward your vision with passion for your product. You’ll want them to proactively chase sales by implementing a sales strategy aligned to your corporate vision.
Stay ahead of the curve
Research and develop your product ongoing to remain the market leader. Remember competitors frequently lack your creativity and at best will usually only be able to replicate a modified version of your offering. If you continue to improve your product, competitors will always remain one step behind.
Fund your future success
If you don’t have the capital to support your strategy the way you must to succeed and banks are not willing to take the risk on your new innovation, then seek out government grants and capital raising opportunities to assist with funding a strategy to promote your product.
Offer 2: If you’re not sure how, seek out skilled people that do. Your first step to find help might be to check out this series of capital raising seminars running around the country right now at http://www.eventbrite.com/org/475150936
Never give up your dream
Dare to dream, and drive your passion to make it become a reality. You get one chance to get it right, so run forth with ‘informed’ reckless abandon! It’s the only way to build your business into a valuable asset that will one day sell.
Government grants may help
Offer 3: The Exit Experts has access to number of grant opportunities you might like to explore to source some assistance with getting your innovative products off the ground and running sooner. Help is just a phone call (1300 499 225) or email away.
Here’s to your successful innovation!
Ask “The Exit Experts” how you can take control of your business, for profitable exit through most circumstances. www.YourBusinessSuccession.com ph. 1300 499 225
- Analysis: Employer/employee divide constraining growth
By Adam Zuchetti
- Helping employees back to work after illness or injury
By Adam Zuchetti
- 7 steps to engaging business leadership
By Adam Zuchetti