Morgan & Westfield is not your average business broker. While traditional business brokers and business brokerage firms have always patterned their...
How to Sell a Business Concept
What is a “business concept”? A business concept is an idea that can be used for commercial purposes and typically centers around a product or service that can be sold for money. A good example of a business concept would be the “magicJack”. The magicJack is a telephone product that enables people to make low-cost phone calls using their internet. The magicJack has been proven to work and has sold in the millions.
Can I sell my business concept?
In order to sell a business concept, it must have commercial validity. It should preferably be proven that it is commercially viable and can generate revenue. There is a common misconception that business ideas alone have value. There is a proliferation of ideas and to most people, they have little value. Most business owners are inherently idea-oriented people and most of them already have dozens of ideas that they wish to implement but don’t have the time. There are several ways, however, to sell an idea or concept that you might have.
How can I sell my business concept?
Protect your idea
If you can protect your idea with either a patent, trademark or some other form of intellectual property, then you may be able to develop significant value. Because many ideas can quickly be copied, few are willing to pay for an idea if others can easily copy it.
Prove that it works
If you can prove that your idea works even if you cannot patent it, then you greatly increase the chances that you can sell the concept. Business people are idea people and most business people have dozens of ideas but are short in time to execute all of them. If you can prove that your idea works, then you can likely sell it.
Make it turn-key
Buyers prefer concepts and businesses that are turn-key. The less work they have to do before turning the idea into money, the better. An abstract idea without a specific game plan, drawings, etc. is worth very little to most people.
Where to advertise your business concept for sale:
The most effective place to advertise a business concept is the same place where established businesses are being advertised for sale. We regularly assist people who wish to sell a business concept. If you have a business concept that has been proven, then please call us to see if we can help you.
The bottom line to selling a business concept is that you must sell more than just an idea. If it is proven and you can prevent others from copying it, then you can surely sell it. The best ideas to sell are those that can be clearly communicated and have been proven to work.