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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?"

So, although a detailed business plan may not be required for an online business, I am going to include it here so you can at least look at and consider each section and determine yourself if it applies to your business.

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.

Suggested Retail Price: Base the suggested retail price on comparable market prices and other relative assumptions and factors. For example, if the invention combines the task of two or more existing products on the market, provide the cost of using those products separately and then demonstrate how your invention is priced such that it saves the consumer time and money. A good example is a food processor. You would provide the cost of knives, cutting boards, and the time it takes to cut everything. Whereas your invention, the food processor, is priced less than all of those things combined, plus you have the added value of convenience and time savings.

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