Congratulations! By getting the idea for a new invention you are well on your way to building a prototype and getting yourself a patent. The next few months, however, are going to be crucial for turning those ideas into a prototype, and getting financial support is critical. The most effective way to raise these necessary funds is by developing a Business Plan, and the more detail you put into it will yield a more promising return.

So what should an up-and-coming inventor like yourself put into a Business Plan? To begin, you first need to know who you’re targeting: investors who are neither family nor close friends who will be investing their money into your invention, with a great financial risk involved, so the more details you can include, the better! Below you will find a general outline for a Business Plan:

•  Cover Page

•  Table of Contents

•  Executive Summary

•  Financing Proposal

-What funds do you currently have, and how much will you need?

V. Company Description

-If you're an existing company, explain your history and any current/pending patents you have

VI. Industry Analysis

-What is the size of your target market and how is it changing?

VII. Market Analysis

•  Product

-What will consumers like/dislike about the product? Does anything come with the product, or do you have ideas for the future?

•  Customers

-Describe your customers by descriptive demographics

•  Competition

-Who will be your major competitors? What do you do better/worse than they do?

•  Marketing Strategy

-How do you plan to promote your product and distribute it?

VIII. Management & Organization

-Briefly describe the management structure if you have one

IX. Operational Plan

X. Financial Plan

-Utilizing the information included in your Business Plan, what are your projected figures for the next 12 months and extended future?

XI. Supporting Documents