Need investor help for your perfume?
Here's how to manage the money men!
Look at this situation. You have a well developed concept for a perfume, the scent, the packaging, and the market. You've researched it. You've put hours into the planning. Everything is ready to go – but you don't have money. It's the typical starting point for many successful promotions.
Because you have all the details worked out (all except for the money!) you think if you could just find a few people with money, the perfume could be produced and marketed and everyone would make money. Sometimes it does happen like this, on nothing more than a handshake.
But not always. Issues arise. Who controls the accounting? How are the books kept? Who selects the vendors? Is anyone getting kickbacks for placing orders? Are legitimate profits being sucked out of the business by tricky invoices? Do you have the right and the power to see how your money men are managing the financial side of YOUR business? [I could go on and on about this – through experience!]
The sad result that (really!) can happen is that your perfume sells well but, due to some major ignorance on your part, in the end you are left bitter, broke, and sorry you ever got involved with these people. It doesn't have to be this way.
I've been giving these possibilities quite a bit of thought. My "entry point" for this meditation was a new look at a celebrity licensing contract I've been offering for sale for a number of years. My ad never attracted many buyers and I thought a little editing might spark up demand. The big question was, "who cares about what's in a celebrity licensing contract?" I doubt if I'll ever meet a celebrity much less work with one. If I don't expect to work with a celebrity, why should I think you might?
Then it struck me. Remove the celebrity (referred to as "OWNER" in the contract as the celebrity "owns" the rights being licensed) and remove the marketer (referred to as "LICENSEE" in the contract) and the entire contract can be seen as a negotiated arrangement between a creator (like yourself!) and a marketer (like your potential investors!). Or, to spin it the opposite way, as you, the marketer, and your investors "the creators" (they create the possibility that your project will fly.)
Now this contract becomes exciting. It's a battle of wits, each side trying to protect their interests while extracting as much as they can from the other side. If you bring investors into your project your negotiations with them will be similar. Consider just these few issues —
- Who will have the final say over development of the fragrance, its production and packaging? You or the investors? (Get it in writing!)
- Who will have the final say over advertising and marketing decisions? You or the investors? (Get it in writing!)
- Who will select the vendors to be used? You or the investors? (Get it in writing!)
- Who will keep the books and will you and YOUR accountant have full access to them? (Get it in writing!)
- Who will own the trademark (the name of your perfume) after the promotion has run its course? (Get it in writing!)
- Who will be responsible for any taxes owed? Any customer service problems? Any queries from government regulators? (Get it in writing!)
- Will the venture purchase product liability insurance? Will it protect you? (Get it in writing!)
The list goes on – for 42 pages.
In fact, this celebrity licensing contract is really about covering all that must be done right and all that could go wrong in a marketing venture between two parties operating at arms length. If you bring investors into your project be careful not to assume "we're all in it together."
I know when you are starting out, getting attention from someone with money can be awe inspiring. It's easy not to want to rock the boat and just allow yourself to be led. But this celebrity marketing contract gives you a huge bank of knowledge you can use to guide your investors and protect your own interests! This is what got me excited when I re-read the contract. The celebrity's fame was forgotten.
Hope I haven't said too much. I could go on and on on this topic.
Thanks for reading another of my messages!
Steffen Arctander's Perfume and Flavor Materials of Natural Origin was first published in 1960 and is the classic, authoritative reference for natural products used in perfumes, scents, flavorings, foods, and medicine throughout the world. Part One defines and describes processing methods used to extract or refine the products into usable form; Part Two includes more than 500 monographs on the natural raw materials used to produce perfumes, flavorings, etc. Appendices include a classification of important materials by their scent, and worldwide production figures for major products. Fully indexed, the book also includes 62 pages of photographs, making this the standard reference work on natural materials for perfumers and flavor chemists. The preface contains practical descriptions of available materials, their origin, production and processing methods, appearance, odor and flavor type with brief notes on their main constituents, replacements and common adulterants.
Perfume is famous for the markup it can achieve, even for a middle market fragrance. While "everybody knows" that perfume costs next to nothing to make (not completely true) the making of it is often considered an esoteric secret. "Creating Your Own Perfume With A 1700 Percent Markup!" details how a 3-person company with no experience created their own fragrance in response to a marketing opportunity that was too good to pass up. The book explains exactly what was done to create a fragrance for that opportunity but it is far more than a history of the author's project. "Creating Your Own Perfume With A 1700 Percent Markup!" lays out every step in the process of creating your own perfume, either as a do-it-yourself project – and without the benefit of automated equipment some compromises and workarounds are required – or full bore professional production under your supervision. Either way you will be producing a quality fragrance at a remarkably low cost. Do you have a marketing opportunity that would be wildly profitable if only you could obtain your fragrance at a ridiculously low cost? "Creating Your Own Perfume With A 1700 Percent Markup!" is the guide you need to do it.
A really great name, a special name that is just right for a particular perfume or perfume marketer (or entrepreneur with money to invest!) can be worth a ton of money. But few individuals with great ideas ever manage to cash in on those brilliant ideas. Instead they wait while others "discover" their idea, acquire legal rights to it and make all the money while they are left out in the cold without a penny having been earned for what was once THEIR idea.
If you are struggling to name your perfume and are looking for a name that will have real value, "Naming Your Perfume And Protecting Your Name" will help you weed out low value names and point you to names that have better marketing value plus the potential to become valuable assets in themselves.
If you have a great name you want to protect but no fragrance, "Naming Your Perfume And Protecting Your Name" will guide you through the simple steps you must take to acquire a legal right to that name before someone else grabs it! Best of all, "Naming Your Perfume And Protecting Your Name" shows you how to gain strong legal protection for your name without a lawyer and without spending more than pocket change.
Never had an idea for a product name? Never thought much about perfume? "Naming Your Perfume And Protecting Your Name" may stimulate your interest in a whole new game that, when played well, can make you lots of money without your having to leave the comfort of your home office.
You can build a perfume business of your own using this business plan as a guide. By following its detailed strategy you learn to identify motivated groups of potential perfume buyers. Members of these groups are near the tipping point of desire for a new perfume. You don't know these people and they don't know you but you know a marketer they trust, one who does not currently sell perfume and might never think of selling perfume were it not for your approach. Here is where you step in with a professional plan, promotion, and perfume to take advantage of this ripe opportunity for mutual profit. Before your first promotion has peaked, you will already be developing a relationship with your next marketing partner. Following this plan, you will gain more and more profit with each new marketing partnership.
Now when you make your own perfume you can make it fully "commercial" meaning you will be creating a product ready for regular, continuous sales to friends, relatives, and the public! If the fragrance you've made has already won praise, why not share it with others? Some might pay you for it and want it for their web stores or retail boutiques! Creating your own perfume from dropper bottles: Methods, mechanics, and mathematics guides you through steps that can turn your hobby project into a perfume business. Discover how close you are now and how little more you must do to take what you made with essential oils and dropper bottles into a business of your own! For an introduction to this book, watch this video.
When you name a perfume you create a valuable asset – the name itself. To sell your perfume you want the most effective name possible. But a good name can have value beyond the edge it gives your sales. In naming your fragrance you are creating a trademark and a trademark can have value independent of the product. The value of that trademark can vary. Much depends on how well, in naming your perfume, you follow the trademark "rules." How To Create A More Valuable Name For Your Perfume first helps you develop a name that will be effective in selling your perfume. It then prods you to make use of certain techniques that can turn a good name into a great trademark, strong and valuable. If you have questions about how to protect a name, How To Create A More Valuable Name For Your Perfume will answer many such as:
- Can you protect your name yourself or do you need a lawyer?
- Can you register a trademark without a lawyer?
- What does it cost to register a trademark?
- How do I enforce the rights I have established?
How To Create A More Valuable Name For Your Perfume covers both state, federal, and international protection.
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