How to License Your Million Dollar Idea

This is a great resource for moms who want to start a homebased business . . .

Turn your great idea into a great big fortune!

We all have great ideas, and every day, ordinary people turn their simple, clever ideas into products or services that earn them millions in royalties. So what separates those who earn money exploiting their ideas from those who don’t?

The answer is in your hands: this audio book by Harvey Reese gives you all the information and all the motivation you need to turn your ideas into money without investment or financial risk. Available atwww.TheBookPantry.com

Totally revised and updated, this Second Edition covers recent changes in patent law and how the Internet has impacted modern licensing.

Author Harvey Reese, a successful new product developer, consultant and licensing agent, reveals his proven step-by-step process for formulating an idea that manufacturers are willing to pay for and gives you the nuts and bolts information on patents, negotiating the deal and the licensing process. Filled with examples of successful, well-known licensing ventures, How to License your Million Dollar Idea has all the information and motivation you need to grow your idea into a fortune.

Creating a Business Plan

      It seems for many people, the hardest part of creating the business plan is actually getting started. You know that it is important. You know why it is important. But you just have a hard time getting the energy and motivation together to actually begin on it. If this sounds like you, I hope this can help.

All you need is a little organization, structure and motivation.

      You need to know what the different elements of a good business plan are so that you know what it is you are actually trying to create. This is always easier than sitting with a blank screen or blank piece of paper and wondering how to even begin.

Focus

     Your focus is a very important part of the business plan. Who is your audience? Who are you writing it for? What are you trying to convey to them through the business plan? A business plan can be a very powerful communication tool so you need to keep all of these things in mind while you are writing it.

     When you know what you are trying to write about, you can focus yourself to be sure you include the proper points in your business plan. Remember you need to describe your business, what its purpose is, what its goals are and how you plan to achieve those goals.

Read other plans

      Looking over sample business plans and reading over those of successful and established companies can not only show you what a successful plan should look like but will give you ideas and a basis for creating your own. You will see the elements and steps involved and are able to recreate them for yourself and your own business. 

     Brainstorm and take notes while you read other plans. See the questions they answer in their plans and ask yourself the same questions about your own business then jot down the answers so you can add them to your plan. For example

1.    What is my product or service?
2•    How much will it cost?
3•    How does it compare in the current market?

     When you take your time, stay focused and learn as much as possible about what goes into a business plan, you can create a successful one that will help your company grow and achieve its goals.

Go here for resources to help you get started on creating a business plan 

A Government Entrepreneur Grant?

    When someone plans to put up a business, one of the many worries is cash for the business’ capital. This is true even if you’re putting up an internet business or a physical business office. Many entrepreneurs find raising of funds as an arduous task. Building the inventory, paying for registration fees, renting or purchasing space, and purchasing the needed equipments require working capital. One of the key sources of capital is a government entrepreneur grant.

    The best way to look for entrepreneur grants is through the internet. If you find it hard to do it online because you’re not familiar with it, you can always ask your local government for information regarding the grants.

    Grants are given for many purposes and for starting a business you must choose an entrepreneur grant. If you’re lucky enough, you can find grants that offer business consultation, loans, and services for free. Oftentimes, local governments award entrepreneur grants to businesses that can potentially hire more employees.

Resources:

SBA’s Office of Women’s Business Ownership
202-205-6673
Call for nearest branch of the this office, which offers workshops, conferences, and financing information. The SBA also has over a dozen publications for women-owned businesses.

National Association of Women Business Owners  Provides seminars, workshops, and information to women entrepreneurs.

Offices which frequently sponsor programs or even whole departments geared to women business owners:
Small and Minority Business Trade and Commerce Agencies
Governor’s Offices
Chambers of Commerce
Mayor’s Office

Franchising Opportunities for Mom Entrepreneurs

   Congratulations for being one of the people who have realized what it would really take to succeed in this world. What does this mean? Well, you are one of the people who have realized the fact that entrepreneurship is the true answer to success.

    Most people nowadays think that the only way they can succeed in life is to go to a good school, graduate, get a job, and get promoted until they are at the top of the company. Well, here’s some news for you: even executives do have some people to answer to.

     The ones truly at the top of the corporate chain of command are the ones who started the business in the first place: entrepreneurs. You see, entrepreneurship offers you the chance to be the boss. Entrepreneurs get the real money while executives get salaries.

    But how do you get to be an entrepreneur? Well, you’ll need to resolve yourself and make a decision to take a risk. What you need to do is start your own business and strive to be the best.

     If you think about it, you will realize that Bill Gates had to start somewhere, didn’t he? You need to start somewhere too. Most entrepreneurs open up small size businesses. These businesses often cater to their immediate community. However, these types of businesses rarely become big. In fact, most businesses like these often die out with their owner.

     Another disadvantage with businesses like this is the fact that the risk factor of failure is much greater. By starting your own business, you will have to establish a name and reputation, something that isn’t really done easily or quickly.

     So, most entrepreneurs turn to franchising opportunities in order to get their business going. Franchise opportunities help entrepreneurs by providing them with the name and reputation that comes with a big corporation. Franchise opportunities help entrepreneurs get started in the world of business.

     Inexperience is often the downfall of entrepreneurs. Most do not realize the complexities of running your own show. Franchising opportunities help entrepreneurs by giving them direction on how to do business their way. This means that you will be able to get tips straight from those who have already made it.

     Franchise opportunities, to entrepreneurs, are keys that can help them penetrate a market ruled by big names. You see, these big names have established themselves long ago and trying to compete with them would be next to impossible.

     Here’s a story of how a franchise opportunity transformed one man’s dreams. If you watch discovery channel, you’ll probably have encountered this name: Tony Tan.

Tony Tan was fresh out of college and worried about money. During a field trip to an ice cream factory, he happened to notice a franchise opportunity for the ice cream. Being very business-minded, he took that franchise opportunity and opened up his own ice cream shop.

When he opened his business, it was during the summer. Naturally, many customers came and business grew. During the rainy season, however, nobody bought ice cream, so he thought of serving burgers and snacks. These burgers soon had people flocking from all over, and his business grew and grew. Now, his food chain, Jollibee, is actually dominating McDonald’s in the Asian market. He won the Ernst and Young Entrepreneur of the World award in 2004.

     If you doubt this information, you can actually research “Tony Tan” or “Jollibee” in the internet, and you’ll see how and ice cream franchise opportunity led this entrepreneur to compete with the golden arches.

And that is one example of how franchise opportunities help entrepreneurs.

How do entrepreneurs choose franchise opportunities?

     Well, there are a number of considerations. First of all, there’s the question of capitalization. Exactly how much cash do you need to get a franchise? Then, there’s the question of profit: How much will you make by using the franchise?

     Another question would involve the legal freedom by which you are able to use the company name. Questions also involve the amount of help you might get if you avail of the franchise opportunity.

     As an entrepreneur, you should study the different factors of a franchise opportunity before taking advantage of it. After all, even though you have to take risks, you have to have assurances, right?

     Here are some resources you can contact if you’re wondering whether that idea you dreamed up while doing laundry might develop into a successful franchising empire:

Franchise Solutions for Women 800-898-4455 womensfranchises.com

US Small Business Administration 800-827-5722  sba.gov

Center for Women’s Business Development Center    202-638-3060 cfwbr.org

International Franchise Associations 202-628-8000 franchise.org

Women’s Business Development Center 312-853-3477 wbdc.org

National Association of Women Business Owners 800-55-NAWBO  nawbo.org

National Association for Female Executives 212-351-6451 nafe.com

Want to leave that 9-5 job? Click here