| Here are some things you can do right from the | | | | the beginning. Every facet of your business should be |
| beginning to build value in your business...it's like | | | | duplicatable and/or automated. This includes sales, |
| creating "instant equity"! These are important items if | | | | marketing, operational functions, delivery and the |
| you are planning to sell your business some day, | | | | product itself. |
| want to attract capital, customers, large contracts, | | | | 6. Will your IP become obsolete? |
| joint venture partners or perhaps a high profile | | | | Can you update, upgrade or easily develop new |
| individual to your team. | | | | products and services around your original IP? |
| See what you have in place right now, and then plan | | | | Software and computer manufacturers do this all the |
| for the rest: | | | | time. This was not the case for gas-lamp lighters |
| 1. Protect all Intellectual Property (IP) along the | | | | when electricity was invented, or for telegraph |
| way---- | | | | operators when the telephone was invented. Are |
| Copyrights, trademarks, patents. Make sure you have | | | | you a computer manufacturer or a gas-lamp lighter? |
| the opportunity to create MORE intellectual property | | | | Demonstrate that you'll be able move into other |
| as you grow: | | | | market segments as the market shifts. |
| A very low cost domain service I use is at (I register | | | | 7. Whatever your product or service is, seek out |
| any name related to my current and future brand | | | | opportunities to create RECURRING REVENUE for |
| and product extensions). | | | | your Company, examples would be: Warranty |
| Register your written and/or printed material | | | | programs, leases, memberships, refills/replacements, |
| copyrights at | | | | usage fees. |
| For patent and trademark searches go to | | | | 8. Have famous, well-respected, and/or high profile |
| 2. Start building a client database ASAP. | | | | people on your team when possible or at least using |
| You can do this even during your formation stage by | | | | your products. It's great for instant visibility and |
| offering something complimentary to people who sign | | | | credibility! |
| in, or perhaps host a contest to quickly build your list. | | | | 9. Issue press releases along the way and create PR |
| 3. Seek out and document Strategic Alliances and | | | | opportunities such as getting written up in magazines |
| Joint Ventures--- | | | | when you can. Keep the buzz going at all times. |
| Formal relationships with people and Companies who | | | | Announce new product launches, new team |
| can help build your list, bring you new business, be | | | | members, a joint effort with a charity organization, |
| able to offer value to your customers, and create | | | | etc. |
| marketing exposure for your Company. | | | | 10. Ask for and document all testimonials, product |
| 4. Create opportunities for licensing agreements. | | | | endorsements, and letters of intent to be able to |
| Let someone "rent" your intellectual property for a | | | | show to prospective partners and investors. These |
| fee OR you may have the opportunity to package | | | | could be replaced by actual sales contracts and |
| your product with someone else's "brand" on it. EX: A | | | | purchase orders in the future. |
| child would rather have a shirt with a Disney | | | | Application of these items requires very little effort |
| character on it than the same shirt with no character. | | | | yet will take your business to another level. |
| 5. Systematize all aspects of your business right from | | | | |