After determining if the idea is ready to go and filing a patent application, the next step is heading to the bank, right? Idea Design Studio breaks down the money making process just a little more to help it all make sense. Keep these things in mind when making your financial plans.
- Making money – There are several ways to make money off of your great idea. The three basic ways include selling your idea, or your intellectual property patent outright, licensing your invention and renting out the rights to make, use, or sell it, and doing it all yourself. The team at Idea Design Studio can help with all three of these paths.
- Licensing – If you chose to go the licensing path, create a list of people who may be interested in the product. Send a letter to each one, tailored to their company and explaining how your idea will benefit them. Remember this is a business arrangement and acting in a professional manner will make you more attractive to businesses.
- Business plans – Idea Design Studio strongly suggests having a business plan, which can be simple or complex, depending on your plans. The plan is a written document that talks about the goals of the business and a plan for achieving them. A simple outline would include a description of the business, a marketing plan, a financial plan, and a management plan, reminds Idea Design Studio.
- Raising cash – If you are able and willing to work really hard to finance the manufacturing of your invention, there are several things you need to know. There are several resources available for funding, such as finding investors or applying for grants, loans, and government programs. It is a huge undertaking to do this if you are not independently wealthy, but with hard work and a good support system it is possible.
Find out other the many other ways in which Idea Design Studio can help you with your invention and making a profit.