As an inventor, we hope that your goal is to manufacture and sell your invention, transforming your idea into a reality. As ideas become products that fill needs in the market, the greatest accomplishment for any inventor is in seeing success firsthand from a product he or she developed. Besides, it is pretty incredible to see your product on the store shelf.
When you make the decision to manufacture and sell your invention you are, essentially, making the choice to start your own business. And, with any good business, you need a plan in place to outline your priorities, finances, and goals for the future. Yes, you need a business plan.
A business plan clearly defines the goals of your business and how you plan to achieve these goals. Additionally, if you plan to raise capital or seek potential investors, a business plan is vital in showing the professionalism of your business to establish its legitimacy. If success is your destination then your business plan serves as your roadmap.
As an inventor, your business plan is your business’s guide. By outlining how the business will work on a daily basis, a good business plan will manage the business as well as lay the foundation for financial goals and marketing plans. Like I mentioned before, consider it the roadmap to how you will run your business, gain capital, market your product, etc.
A business plan is typically anywhere from 15 to 20 pages in length and provides a concise outline of your business from its purpose and description to marketing plans and financial needs.
Below are the most common components found in a business plan as well as questions to consider as you begin the process.
Statement of Purpose: What is your product and what need does it fill in the market?