Make sure you have a thorough understanding of patent law, or make friends with someone that does. Patent lawyers will take you for a ride if you don't know what you're doing. You also need to make sure you have the patent structured correctly to avoid having your idea essentially stolen.
Costs are often the biggest surprises for business. Get to know any cost you may have very well before you start anything, or you might wind up in too deep. On that note, you should set a debt limit ahead of time. In the moment, it's easy to just keep piling it on to make your idea work, but there's a point in time financially when you should decide your plan isn't working and it's safer to figure out that number right away.
"If things develops as I wish, I want a company who deals in patents and ideas, more than being the producer of products." Does this mean you're intending to design a product, then licence it to a tool manufacturing company?
I have good friends in accounting at least, and I have friends who can put me in touch with such experts. But i will try to get a basic understanding of the law myself as well. I guess i will be going to the university library and check some books out ( it is public here)
I will make it my goal to have started my company before 2014. I will spend the next year learning and preparing for this.
I have a good idea about cost and margin, since I am working in procurment now. yes that would be the long term plan, rather than investing money in expensive machinery I would work together with people who have that machinery.
Well my plan is not solid yet, this is something I want to develop and do it now while I have the time to figure out details. Hence why I asked for help here to get my mind started on the right path.
Good thinking. Licensing is way better than building the stuff yourself. If you're going to be making tools, figure out what some needs are rather than what ideas seem cool or innovative. Ask people in construction what limitations they have, or just start using tools whenever you can to try and discover holes.
(I'm assuming you're talking about those kind of tools).
I currently study economics at a top 50 business school and will hopefully be getting my MBA in finance soon. You need to ask yourself a few different questions.
What kind of business? Where? Size? Demand?
It's not easy to just randomly start up a business. Successful businesses have good plans, a good accountant, and a good attorney. But before you can do anything you need to have a business model to start getting capital for your business.
Now to get a better undestanding let me ask you a few things... What is your level of education? What experience do you have? Can you finance any of this yourself? What kind of business do you want?
To answer the last questions first: I chose a program for highschool that had math, physics and chemistry and computer science. I have one year at a university but dropped out because of financial issues. But I do read on my own, but I lack the diplomas so to speak.
I have 10 years experience as a consultant, the manpower kind though. And I also have experience as a manager. I am saving up some money to get started but I realize that I might have to take a loan or apply for a "new company scholarship" (we have those here where you get a half years wages paid to you)
The idea is to construct special and customized tools as I can see that there often is a demand for better tools in every place I have worked. Every place you look people are using tools and systems that are very generalized and does not work very well at any special task. I have built special tools and I think this could be something I would be good at. I do also have contact in different industries and I could get help from people there if I were to go in to production in a later stage.
If things develops as I wish, I want a company who deals in patents and ideas, more than being the producer of products.
Your high school education means nothing. Sad but true. One year may not be good enough, if means you are riskier then someone with an advanced degree. Reading also means nothing.
Your experience is going to be your only real asset. Make sure you emphasize that in your bio when putting together a business plan to present to a bank or investors.
In order to break into that field you may need a background in engineering. You seem to only have a general idea, you may need to get more specific. Special tools for what? Medical industry, construction, auto mechanics? What is going to set you apart from the companies who currently do the same thing. Why should a bank invest in you? What type of company are you going to have? LLC? Partnership? S-Corp?
These are the things people will ask you if you move on to the later stages of a business. There's a lot of technical crap you will need to work through. You will also need to make sure you can make money and are producing a good or service people have a need for.
I am aware of my lacking degrees. But as it is now I have no possibility to go back to school.
One idea that is growing now is to offer a whole concept with production flow, tools, machinery and perhaps even recruiting.
My work experience is a great strength since I have worked in many different places in everything from multi-national corporations to one man companys.
The basic idea I am going to develop and research is: Production flow Identifying and eliminating bottlenecks looking over tool resources and developing customized tools and machinery for the specific production. recruiting and hireing skilled work force procuring and owning patents for said machinery, or selling said patent to highest bidder.
Costumers would be companies with 10 or more employees needing to expand or make their production more efficient. The goal would be to make the most of what they have already got and make them use my companies specialized tools and machinery.
And I actually have some experience doing this at Ericsson where I was part of a group who started up a whole production flow with warehouse, production,logistics, pick and pack and writing the instructions for the assembly of the product. And I have been working with management and procurement a lot since then to. So this is something that could work out.
I will have to work on this for a while and i will take a few courses at the local university to freshen up my knowledge a little. With that I will have a very good combination of experience and studies.
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