Coming up with the great product is the first step. Discovering how you’re going to make money with it is the second – and infinitely more complicated – step.

What many Westchester County inventors and entrepreneurs don’t always realize is that having the ability to come up with a great idea – creating a fantastic new product or a service everyone will want – does not necessarily mean you have the ability or desire to implement that idea.

That’s where SCORE Westchester comes in. As your team of small business mentors, we can help you figure out what to do with your great idea. You have options. Some people choose to go into business for themselves, handling everything from the manufacturing through marketing on their own. Other people choose to sell their great product – a process known as licensing – to an already established company which then manufactures and markets the product.

Which option is best for you?  There’s no one-size-fits-all answer that will satisfy everyone. Instead, your SCORE Westchester counselor will help you work though a number of questions for your own individual situation. Those questions include:

What do you want out of your life?  Do you see yourself devoting years and years to building and operating a business, steadily building wealth and a legacy, or do you want to have money coming in without doing all of the work?

Are you prepared to run a business?  Do you have any entrepreneurial experience?  You may not have experience in running a business nor do you need it; however, it is essential that someone who wants to start a business in a given field should have practical experience in that industry.  If you haven’t, you should first work in that industry to gain knowledge and experience before trying to start a business in that field on your own. Your SCORE Westchestersmall business mentor will help you objectively assess the feasibility of your business idea. They may do this by taking into consideration your background and the skills necessary to launch the business successfully, as well as the potential market for the service or product and the level of competition.

Don’t stress it if you don’t know everything you need to know: SCORE Westchester provides extensive, free education for Westchester county small business owners. Of particular interest for inventors and entrepreneurs is the free workshop, So You Think You Have A Product on September 4th. Workshop leader Nina Mattikow will be presenting information on determining if there’s a market for your idea, researching the competition, and more. Space for this informative session is limited, so register today!

Should I sell or license my idea for a product or manufacture and market it myself?