Are You Struggling to Create a Business Plan?

Linda M has designed a new line of dolls. She has created thirteen prototypes and has a specific company in mind that she wants to submit her idea to. She knows she needs to make a business plan next, but is struggling. The company is large and intimidating. How can she move forward?

I first recommend that Linda copyright her designs. The website www.copyright.com is very helpful. I am under the impression that one can copyright all of their designs into a catalogue for less than fifty dollars. That’s an extremely inexpensive way to protect your creativity.

Linda needs to create a sales sheet. This one piece of paper will synthesize all that she wants to accomplish with her new line of toys. A sales sheet is composed of a one-line benefit statement (or in this specific case, a story that gives some background and explains the product line), the name of the product, and one or more pictures. The sales sheet should answer the questions, “Why should we license your product? How is it original?” Writing down of all these aspects will centralize her next steps. Once she has specifically identified what it is she selling on paper, she should be able to convey that in person as well. A sales sheet isn’t only informative, but provides direction and purpose.

Practice presenting the information in your sales sheet with confidence. Brainstorm potential questions you may need to answer, and practice with a friend. I also recommend trying to find several other companies that might be great to license with, or least possible licensees. Call a company that you are less interested in first – you’ll shake out some of the nerves when you realize it isn’t nearly as difficult as you’re imagining! The longer you wait and perfect your product, the more difficult it may be to get the ball rolling and face rejection.

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