Turning an Invention Idea into Money

Turning an Invention Idea into Money


By ,

Why Have One?

If you have decided to manufacture and sell your invention yourself, or are setting up a business in connection with your inventing. You will need to create a business plan, which will be essential when you try to raise capital.

What Exactly Is It?

The business plan is a written document that clearly defines the goals of a business and outlines the methods for achieving them. It serves as a business roadmap that:

  • Acts as the management and financial blueprint for a business start-up and profitable operation of a business venture.
  • Explains specifically how a business will function and details how a business will be capitalized, managed, and marketed.

The business plan should include an executive summary, supporting documents, and financial projections. Many experts would suggest that you get started on your business as soon as you have filed for your patent. In the process of preparing a business plan, you will gain a greater understanding of your invention’s standing in the marketplace and how it compares to the competition.

What Do I Write?

The body of the plan can be divided into four distinct sections:

Be prepared to put the time necessary into the research needed to write your business plan. You will be covering a long list of details including: your inventions’s description and function, costs and profits, and how you/or someone else will manufacture it, potential size and description of markets, competition comparisons, distribution, patent status, timelines of developments, staffing, how much money you will need and more.

About rianstefan

My practical approach based on experience is to create a website for real Internet users, not for search engine spiders.
This entry was posted in Business and tagged , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s