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Business Plans for Independent Inventors

Advertising, Public Relations, Management and Financial Management Plans.

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How you advertise and promote your invention may make or break your business. Having a good product and deciding against advertising and promoting it is like not having a product at all. Many independent inventors operate under the mistaken concept that the invention will promote itself, and channel money that should be used for advertising and promotions to other areas of the business. Advertising and promotions, however, are the life-line of a business.

If on a shoe-string budget invent your own plans for advertising and networking as a means to promote your new business. Start by writing short, descriptive copy (text material) that clearly identifies your goods, its location, and price. Use catchy phrases to arouse the interest of your readers, listeners or viewers.

The Management Plan

Managing a business requires more than just the desire to be your own boss. It demands dedication, persistence, the ability to make decisions and the ability to manage both employees and finances. Your management plan, along with your marketing and financial management plans, sets the foundation for and facilitates the success of your business.

You will discover that employees and staff will play an important role in the total operation of your business. It's important that you know what skills you possess and those you lack since you will have to hire personnel to supply the skills that you lack. It is important that you know how to manage and treat your employees. Make them a part of the team. Keep them informed of, and get their feedback regarding, changes. Employees oftentimes have excellent ideas that can lead to new market areas, innovations to existing products or services or new product lines or services which can improve your overall competitiveness.

Your management plan should be able to answer the following questions:

  • How does your background/business experience help you in this business?
  • What are your weaknesses and how can you compensate for them?
  • Who will be on the management team?
  • What are their strengths/weaknesses?
  • What are their duties?
  • Are these duties clearly defined?
  • Will this assistance be ongoing?
  • What are your current personnel needs?
  • What are your plans for hiring and training personnel?
  • What salaries, benefits, vacations, holidays will you offer?
  • What benefits, if any, can you afford at this point?
Next: The Financial Management Plan
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