Turning an
Invention Idea into Money
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:
- Description of the business,
- Marketing plan,
- Financial management plan and
- Management plan.
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.
What If I Don't Want To Start a
Business?
Where money is scarce as it is
often the case with independent inventors - knowledge is power. Even if you are
not planning on marketing your invention yourself - having a marketing and
business plan will help you to better sell your invention to interested
parties. You will know what to say if someone asks, "Is there a market for
your invention?" If you do start business in connection with your
intellectual property a business plan precisely defines your business,
identifies your goals and serves as your firm's resume. It will help you
allocate resources properly, handle unforeseen complications, and make the
right decisions. Because it provides specific and organized information about
your company and how you will repay borrowed money, a good business plan is a
crucial part of any loan package. Additionally, where applicable a business plan
tells your sales personnel, suppliers and others about your operations and
goals.
Okay, How Exactly Do I Write One?
To help you write your plan we
have the following online tutorials with templates. Marketing plans are often
included with business plans.
One Last Thing
As you venture out into the
marketplace will be asked if you have a business plan. Do consider your plan a
professional document and be prepared to be both concise and detailed. This
document should boost investor trust in you and help you in any sales pitches you
may have to present. You will need your business plan for raising money.
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