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.
The Importance : An Invention Business Plan is an effective communication tool for providing a clear and tangible description of your invention while conveying its viability and value. It tells a detailed story about your invention including what it is, how it works and why your invention is a believable business opportunity. It can generally be described as an organized all-in-one depository of everything you know or have learned about your invention. It includes every angle about your invention so as to be used as a reference point for the development and/or submission of audience specific requests. Having a broad audience scope allows it to be used as a collection of information which can then be modified or adjusted according to the audience in which it serves.
When there exists a broad belief that spending beyond necessity is unwise, people will change their habits and as a result, some businesses will have to close their doors. The economy is molting into a new, leaner animal. Rather than react in desperation to avoid doom, firms should interact with the current situation with innovative and forward thinking actions.
Location: Writing down the location of your business is very important. Locations with greater customer traffic usually cost more to buy or rent, but they require less spending for advertising to attract customers. This is especially true of retail businesses where traffic count and accessibility are critical.
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