By Mary Bellis,
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.