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A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.

Estimated Manufacturing Cost: The ideal situation is to contact manufacturers to get a price quote of how much it would cost to build your invention. But this can be difficult if you don't have exact specifications. The other suggested general rule is to divide your Suggested Retail Price by a factor of 4. For example, if your suggested retail price is $80, then your Estimated Manufacturing Cost is $20.

Basically, consumers are hunkering down to limit spending, save money, conserve resources, and change the way they've been living. The major influence on the health of an economy is the psychological state of its consumers.

When submitting my concepts to invention hunts, licensing agents, manufacturers, retailers, engineers, and the patent office, I was asked many different kinds of questions. The questions ranged from "What problem does it solve?" to questions that required extensive research such as "Who is your target market?"

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