Forums: Discussions for entrepreneurs and small business.

I am a filmmaker/inventor. My brother & I have been inventing for years but never had the knowledge or funds to go further with them. Due to the poor economy,film work has diminished. We thought this would be the time to explore some of our inventions.

We picked one that would be a small & very inexpensive  silicone/plastic product to make that would serve Hospitals, Hotels & Wal-Mart patrons. I have made several protoypes until I found the one that would work as our new product.

I guess my question is what to do now? I looked into Licensing until hearing too many horror stories about companies waiting the 12 month period for your provisional patent to run out,then just stealing your product. This happened to someone I know.

O.k. So next option is to just do it yourself. Right? Only problem is I'm an artist/creator. Business forms/practices blows my mind & makes me sleepy. So, should I seek an investor/business partner to do the paperwork? Give me my product & I will have fun marketing it through commercials & working to get it into stores,but paperwork? Geesh!

My fantasy is to have it be American Made. Is that an option for a first timer with one product? China is making it too easy by their prompt & friendly email responses. American Manufacturers not so eager to contact me back, but I still hate seeing "Made in China".

I am also broke. So, here comes the funding question. Should I be looking for a local,private,angel investor since it's a first time product? Similar to selling a film where it's more of a gamble. Anybodies guess how much money it will make. Of course,I wouldn't have involved myself this much if I didn't believe in my product,but then again who ever speaks negatively of their child? Nobody!

Also need an opinion on Provisional Patents. From what I've read, I almost think they're worthless. In my case, I'm wondering if I should just have the manufacturer sign a non-disclosure,cross my fingers & try to make/sell my product as fast as I can until someone comes along & steals my idea? I expect it as with any product. Not interested in years of litigation.

I'm at a spot in the road where I hope my fellow inventors can give me some insight on which direction to go. Thanks in advance to anyone who posts a reply! I wish you all the best!

Mizell,

You have asked a lot of good questions. The answers to many are a matter of choice based upon your individual preferences, experiences,, desires, etc. We believe there is a optimum sequence to follow and since each step has choices that affect the next set of options, it's impossible for me to give you answers to every question at this point.

I will comment on two statements which should get early attention:

1. Anybodies guess how much money it will make. 

         While I understand the basis for your comment - this is something that needs  to  be much more tightly defined, as do the anticipated costs associated with realizing the results.

2. I am also broke.

      Virtually any direction you choose (and the process for arriving at an informed choice) will require some capital resources. I've seen many people make poor choices that have expensive and painful long term consequences because they lack financial resources.

Your first (next) step should be directed at acquiring some financial resources. You don't have to acquire all the funds to become a profitable company at this point - so you may want to concentrate on acquiring enough capital to move forward to the next business phase while you're preparing to acquire another round of capital.

I hope this helps, If you'd like to discuss your specific situation (in confidence) send me a PM or contact me directly.

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Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com

Thank you Robert for your professional reply!

Your right and I'm not the kind of guy to risk my house on an idea. Seen too many shows on people who had too much drive,but not enough sense.

I will work on a business plan trying to narrow down what the costs will be and then approach investors for a smaller amount to take the next step.

Thanks again!

Mizell,

Developing a fundamental business plan for your product is a great step.

I realize that some folks are driven to "bet the farm" on their idea - and others that believe that such commitment is the measure of a true entrepreneur. However, I'm not one if them, so I appreciate your position. Remember there are many possibilities for bringing capital into a business - you'll want to choose the one(s) that are optimum for you and your business.

Again, feel free to contact me if you want to discuss your specific situation.

-------------------------

Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com