There are factors you should consider before investing in a patent. The patent covers you in the USA only so if someone in China knocks off your product you have little recourse. Patent suits also cost a lot of money if you are going to sue for infringement.
It’s easy to get scattered whenever you start writing up a business plan outline. Maybe this is your first crack at it and you aren’t sure which way to begin so you start writing about your business and everything you have to offer. If you’re doing just that so far, then that’s good! Keep that part up! Not a whole lot of people will tell a business plan writer that either, to babble on and on about what their business is and does and aspires to do. I recommend starting off discussing what you do know, rather than struggle your way through the seven steps that is the business plan process trying to put together an answer even if you aren’t sure of it.
Running MyCorporation has been one of the most exciting and fulfilling experiences in my life. I love having my own business, being able to watch it grow and develop – it’s like having a third child, minus the screaming and diapers. My experiences with MyCorp are also why I always encourage anyone with a good idea to take the plunge and become an entrepreneur. Unfortunately it isn’t as easy as saying “All right then!” and filing some paperwork – business ownership brings about plenty of apprehension. My encouragement is typically retorted with a quick “Well, what if I get sued?” or a “But what if I never make it off the ground?” These are serious concerns, but there are ways to help beef up the legal protection around yourself, your family, and your assets.
