GreyMatter
Uncommon Perspectives by Naveen Bachwani
Filed under Work | 30 June 2009 |
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Seth Godin wrote a post about the lessons he learned during his fifteen-odd years of experience as a “book packager” – a sort of producer for books. I found the thumb rules to be relevant for a wide range of new business initiatives, especially those involving intermediaries.
Take a look, and decide for yourself…
- It’s much easier to sell to an industry that’s used to buying. Books were a great place for me to start because book publishers are organized to buy projects from outsiders. It’s hard enough to make the sale, way too hard to persuade the person that they should even consider entering the market. (PS stay away from the toy business).
- Earning the trust of the industry is critical. The tenth sale is a thousand times easier than the second one (the first one doesn’t count… beginner’s luck).
- Developing expertise or assets that are not easily copied is essential, otherwise you’re just a middleman.
- Patience in earning the confidence of your suppliers (writers, brands, factories, freelancers) pays off.
- Don’t overlook obvious connections. It may be obvious to you that Eddie Bauer should license its name and look to a car company, but it might not be to them.
- Get it in writing. Before you package up an idea for sale to a company that can bring it to market, make sure that all the parties you’re representing acknowledge your role on paper.
- As the agent of change, you deserve the lion’s share of the revenue, because you’re doing most of the work and taking all of the risk. Agenting is a good gig, but that’s not what I’m talking about.
- Stick with it. There’s a Dip and it’s huge. Lots of people start doing things like this, and most of them give up fairly quickly. It might take three or five years before the industry starts to rely on you.
- Work your way up. Don’t start by trying to license the Transformers or Fergie. They won’t trust a newbie and you wouldn’t either.
I think Godin’s advice makes a lot of sense. Don’t you?
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