I’ve got a brilliant idea, what should I do?

Hi Aunty B,

I’ve heard of people selling start-ups but have no idea how the process works. I’ve got a brilliant idea (business case all noted down) and unfortunately can’t get funding to get it going and being in a full time job (and a Mum), I can’t devote enough time to marketing it so that it could possibly fund itself.

I’ll probably regret it if I sold now and it ended up being a decent addition to its industry (with room for growth) in that industry, as all of my research suggests. So what are my options apart from selling?

If I was to sell the ‘start-up’ how would I go about it? Is it possible to include sell-on clauses when selling a start up?

Thanks

Dear Thanks,

Good on you. You have an idea. Join the tens of millions of people who have an idea every morning at breakfast. Sorry to be cruel, but the value of an idea lies in applying the ideas – ie in the execution. Your idea at this stage is worth nothing. 

Your options are this: keep finessing it, keep making contacts in the industry, keep developing the plan, keep meeting people who could possibly finance it and keep dreaming.

Look for a business partner who has complimentary skills. Share the idea and see if they can start the business with you working on it part time. Is it possible for you to cut your full-time job back to four or even three days a week?

Keep trying to find money to fund it. Yes, it means you give away equity but it also means you can draw a salary from day one.

You ask how you would go about selling your start up. Your business is not even a start up: a start up is a business that has been running for one to five years.

But yes, if you did manage to find someone who wanted to buy your idea, it is possible to include any clause you want – if the buyer agrees to it.

My advice to you is to acknowledge that you have an entrepreneurial streak and plan one day to start your own business. Keep working on plans, keep educating yourself about business and keep looking for the opportunity. The timing is never absolutely right – and while now is not the time for you to jump, the time will come!

For me the time came when I was 45 and my youngest child became a teenager and told me to “get a life”.

Good luck,
Your Aunty B