On The Verge of Something Big
December 2nd, 2005
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You think you have everything in order. You created a plan. You’ve made the contact. Things look good. And you are just waiting for the big deal to come through.
And waiting.
And waiting.
I think The Verge is the most exciting place for an entreprenuer. But if you stay there too long, it’s a rattling place. You can become over anxious, discouraged, and frustrated because the ball is usually in someone else’s court. And sometimes it’s the ball that holds your business’s future.
I wonder if anyone can share their experiences of life on The Verge. How did you get through it? How did it work out? Did you keep calling or did you sit and wait? What alternative plans did you make in the meantime?
December 6th, 2005 at 12:43 pm
Having just experienced life on "The Verge," I have a thing or two to say about life there. I’ve invented a holiday lighting display that has been well received by industry folks and consumers. Well, I thought I had the perfect marriage between my company and a marketing firm well seasoned in handling products of this nature. Communication was exceptional, marketing plans were being arranged; distribution was in place, manufacturing, etc. That is until the manufacturer did a marketing study on a "similar" product and didn’t like the results. Well, as you might guess my product was shelved and I agreed to take my business elsewhere. This occurred after 18 months of dealing with this firm. So what did I learn? Lesson number one: NEVER PLACE ALL OF YOUR EGGS IN ONE BASKET! Sounds cliché and simple but when you have a firm excited about your product never forget the fact that they could back away from the deal at any time (shelve it). Lesson number two: HAVING MORE THAN ONE POTENTIAL MANUFACTURER GIVES YOU MORE LEVERAGE! This will help in negotiating licensing and royalty rates. But be upfront if you use this strategy with the potential manufacturers you don’t want to come across as unscrupulous. Lesson number three: PUT OTHERS ON A SCHEDULE OF COMPLETION! This is a hard one for those trying gain entry to the next level because they don’t want to appear pushy or they think/believe "that’s just the way business is done?" Remember it’s your business and you have just as much say in the process as any other entity you’re dealing with. I wish you all well when you reach "The Verge" and beyond.