I need 'financial' advice plzz

[Snowflake]

:sl:

I emailed a well-known (UK based) company to ask if they were interested in buying an idea from me. I know it's good idea and the product doesn't already exist. They've asked me to send them some drawings. I can't afford to patent my product, so I'm relying on honesty on their part.

I made my first email really interesting and I'm sure they are curious. But now I dont know how to ask questions about the financial side of things. I need assurance that they will pay me and not just steal my idea. I want to sound professional without sounding like I dont trust them. But I don't know how to begin asking. Please help!!

Any advice will be appreciated.

JazakAllahu khayrun.

[Yanal]

This Is the most important question you need to know" Will I be recognized as the cretor of the product in parties or not?" if not then find another company.

[Re.TiReD]

:wasalamex

I did something similar last year I think but I was dealing with Muslims alhamdulillah. You just need a copy of the terms insha'Allah and amend them if you dont agree with anything. You should be recognised as the creator/maker as Yanal said. I think.

WassalamuAlaykum

[Snowflake]

assalamu alaykum,

This Is the most important question you need to know" Will I be recognized as the cretor of the product in parties or not?" if not then find another company.

JazakAllah khayr Yanal bro - you've got me thinking! The thing is that I wasn't looking for recognition as a designer. I'm actually in the first stages of setting up my own business but I'm too broke to pull it all together. So it was to get money for that. I was happy to just take a one-off payment but it'd be great to be recognised if that means I get royalties. Is there anything else I should know?


Sis Amatul Wadud, can you give me more details please if you don't mind? Was your idea bought? What happened etc?

Hey there! Looks like you're enjoying the discussion, but you're not signed up for an account.

When you create an account, you can participate in the discussions and share your thoughts. You also get notifications, here and via email, whenever new posts are made. And you can like posts and make new friends.
Sign Up

[Eric H]

Greetings and peace be with you Scents of Jannah;

Without a patent they can say one thing to your face and do the opposite, and there is probably very little you can do.

I like the suggestion of Amatul Wadud, find a company run by Muslims, you need someone you can trust, you can ask for Muslim rates.

If they like your idea you might be able to negotiate between all the money up front, or a smaller amount up front and some royalties.

Good luck

Eric

[Argamemnon]

I can't help you but good luck sister :)

I did something similar last year I think but I was dealing with Muslims alhamdulillah.

Years ago, I was also dealing with Muslims (it was an investment) and they stole my money; about 10,000 euros. Now I don't trust anyone, not even my own father.

[DaNgErOuS MiNdS]

I don't understand how you can ask them financial questions before when the idea is in its beginning stages. You just have to research the gap in the market you've found, who it will be targeted to, predict financial forecasts based on the nearest thing to your idea i suppose. I think you'll have better luck selling a business plan to a company then just the idea.

[DaNgErOuS MiNdS]

I can't help you but good luck sister :)


Years ago, I was also dealing with Muslims (it was an investment) and they stole my money; about 10,000 euros. Now I don't trust anyone, not even my own father.

exactly, unfortunately its the sad honest truth that we cant take someone at face value even if they are Muslim.

[islamirama]

Have everything done in writing. If they want to make deals, promises or say anything, have them make it official by providing it in writing. Having in writing will serve as a contract as well as protect you from many dishonesty. If they try to pull a fast one with writing a complex letter, have them rewrite one in simple 5 grade english level. So long as you have a copy of everything with signatures from them, you can protect yourself an take them to court if they prove dishonest. Also, be very specific in there as to what they want and what you want and everything.

[DaNgErOuS MiNdS]

I remember hearing my teacher saying something about posting your idea to yourself and then leaving it sealed.

[Snowflake]

Greetings Eric,

You're probably right. Sadly however, a muslim company doesn't necessarily mean they can be trusted either these days. I'd be happy to get a one-off payment, even if it;s small. I want to earn my fortune from my own business God willing.

Bro Argamemnon, thanks for your kind wishes. Ameen. I know it's hard to trust even muslims these days. I'm sorry to hear about what happened to you.

Dangerous bro, you know me... I'm in too much of a hurry to be my own boss inshaAllah. I don't wanna get in to business plans etc. I just want to buy some bits and pieces to get started. I could wait a while, or even borrow money from my broz. But I like the idea of 'doing it on my own'. InshaAllah InshaAllah inshaAllah!


Bro Islamirama, thanks for your helpful reply. I'm going to save it on my desktop and refer to it when I write to them.


JazakAllahu khayran to all who replied. I wasn't expecting any. So thank you from the bottom of my heart. :statisfie

[Eric H]

Greetings and peace be with you islamirama;

Have everything done in writing. If they want to make deals, promises or say anything, have them make it official by providing it in writing.

Unfortunately she is not in a position to do that, the company will not make any offers until they understand in detail what her business idea is. Once the company knows the information they are then free to say sorry they can’t use it.

If they are unscrupulous they have the details of a free opportunity.

Without a patent you then have to try and convince a court that they have stolen your idea, and courts are very expensive.

The idea of Dangerous mind is good, you write all the details of your idea and seal it in an envelope with lots of tape round all the seals. If you post it to yourself by recorded delivery, the envelope has a date stamp on it. You can then try and prove that you had the idea before the company did. You could also leave a sealed envelope with a solicitor and ask for it to be dated and recorded with a receipt.

These ideas offer some kind of proof, but could still be costly if taken through the courts.

The only other thing I can think of, is that you write some kind of a description of your idea down, but not in a complete way, and give it to the company to sign. You then say to the company I have an idea for a business opportunity for you, but before I tell you I would like you to sign this paper first saying that if you do not buy the idea from me for a price to be negotiated, then you will not use this idea yourself or pass it onto any third party.

Good luck

Eric

[Re.TiReD]

Sis Amatul Wadud, can you give me more details please if you don't mind? Was your idea bought? What happened etc?

:wasalamex

Sis my venture was slightly different. It was a book publishing one. They agreed to publish and give a one-off payment since the sales from the books they usually publish go into the publishing of other books.

They wrote out an agreement...I wasnt too happy with it and told them so, even though my venture wasnt a big one, I was still very picky and had the contract written down to the finest detail and made sure it was perfect, only when I was 100% happy did I sign....Just make sure you havent missed any small print...And be certain before you sign anything insha'Allah.

WassalamuAlaykum

[Snowflake]

[QUOTE=Eric H;1065595]

Unfortunately she is not in a position to do that, the company will not make any offers until they understand in detail what her business idea is. Once the company knows the information they are then free to say sorry they can’t use it.

I think it can work. If I say I want them to promise to pay me if they accept my idea, they can either agree or reject my request straight away. If they accept, they can then see the idea and make me an offer and I can accept or negotiate.

If they are unscrupulous they have the details of a free opportunity.

This might sound crazy, but at the end of the day if that did happen I wouldnt sue them. I havent got time to. The way I see it is, if one door closes I look for another and always feel that if something doesn't happen then Allah didn't will it for me. Also I prefer to concentrate on what I'm doing rather than what others are doing to me.

The idea of Dangerous mind is good...

:thumbs_up

The only other thing I can think of, is that you write some kind of a description of your idea down, but not in a complete way, and give it to the company to sign.

Actually the idea is that simple that if I mention it even in the briefest way possible anyone can figure it out. All I said was that thousands of housewives will thank me for it. :D

:wasalamex

Sis my venture was slightly different. It was a book publishing one. They agreed to publish and give a one-off payment since the sales from the books they usually publish go into the publishing of other books.

They wrote out an agreement...I wasnt too happy with it and told them so, even though my venture wasnt a big one, I was still very picky and had the contract written down to the finest detail and made sure it was perfect, only when I was 100% happy did I sign....Just make sure you havent missed any small print...And be certain before you sign anything insha'Allah.

WassalamuAlaykum

You got a book published?? :D:statisfie:thumbs_up

MashaAllah sis, what's it called? :p

Thanks for your advice. I might post a sample of my letter to them before I send it to them. Please make dua for me everyone.

[Eric H]

Greetings and peace be with you Scents of Jannah;

The way I see it is, if one door closes I look for another and always feel that if something doesn't happen then Allah didn't will it for me.

In an earlier post I said it was all about trust, and you are putting your trust in Allah, I have a great admiration in the way you are prepared to do that. I remember some of your earlier posts, and the hardships you have endured, I feel you have a great inner strength.

I pray that you may grow in faith whatever the outcome of your venture.

Blessings and peace be with you

Eric

[Snowflake]

Why thank you Eric! Your kind words and observation took me completely by surprise. All praise is to Allah who has kept me going. No doubt my optimistic nature is one of the countless blessings from Him. Thank you Allah for everything. :cry:

[Erundur]

I don't know that much about business, but honestly since its based on being honest I strongly suggest you save up and get a patent for your idea first.

A man asked
the Holy Prophet (peace and blessings of Allah be on him) whether he
should tie up his camel or should he put his trust in Allah and leave
the camel free. The Prophet told him to tie up his camel first and
then put his trust in Allah. (Hadith)

"No one will be granted such goodness except those who exercise patience and self-restraint, none but persons of the greatest good fortune." (41:35)

"And be steadfast in patience, for verily Allah will not suffer the reward of the righteous to perish." (11:115)