Plan of Operations : Think of this as how you are going to spend a day at your business. How will work get done, from taking orders through to delivery? This can really help you to understand how your business will work and any potential problems or room for improvements.
In my previous article, I talked about how you can plan your business startup. I defined a business plan as a written description of the future of your business. This is a document that indicates what you intend to do and how you intend to do it. I further explained that if all you have is a paragraph on the back of an envelope describing your business strategy, you have written a plan, or at least the beginning of a plan.
An effective Invention Business Plan is an inventor's best tool for efficiently navigating through the invention process. As an experienced inventor, I've learned that an idea is not perceived as a viable business opportunity until it can be effectively communicated on paper (or any other readable format).
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.