This is the second part in a five part series on how you can profit from your invention or idea. The first part described Stage 1, the Invention Stage. There were three steps illustrated in part 1:
1. Find a need and fill it
2. Record the invention in writing
3. Research the invention

I will now describe the concept of the Business Stage and the first two steps in this stage in this part 2 of 5 of this continuous blog. These two steps are:
Step 4. Complete a Feasibility Study
Step 5. Complete a Strategic Plan.

Stage 2-The Implementation (Business) Stage

This stage requires considerable business knowledge and skills to complete effectively. There are seven (7) steps in Stage 2. These are steps four (4) through ten (10). As I described in Stage 1, I present options for you to consider to assure each step is completed. In Stage 2, you will undoubtedly NOT want to complete many of these steps yourself. The key is that the steps must be completed, but not by you. You will be able to explore numerous options for each step and pursue the options that best suit you and your personal situations.

4. Complete a Feasibility Study. This is to determine if it is feasible (possible, likely, etc.) to create enough profits from the implementation of the invention to reward all involved parties enough to want to pursue the process. The results of the study should provide you enough information to determine if you want to invest your time, money, effort, and thought into having all of the remaining steps completed to final implementation. The results should also indicate whether you would be able to entice others to participate in the business stage.

The Feasibility Study does not have to be a formal document, but it is very important that it be documented. It entails investigating, organizing, and making best estimates of: How much money and time will be required to deliver the invention to potential customers to complete the process of generating profits from implementation; and How much profit will be available from implementation. This will involve having to investigate the costs and time for prototype development, for production, for packaging, for advertising, for financing, for delivery, for sales, and for running the entire business to fruition.

Personal Options for you. You will find that this is your main stumbling block, because it requires you to think in an entirely new way and have the full knowledge of and understanding of the game of business. The process of inventing calls for "Thinking out of the Box," and full creativity. However, the business process calls for controlled thought and discipline to operate within the rules of "The Game of Business." This is where you should seriously consider getting help from others. This is the real beginning of the implementation stage, is not taught in schools, and requires different skills, purpose, and perspective. Hence, the reason you may have such difficulty crossing this bridge.

Some sources of help are possible partners, whether with financing or not, operations employees, and/or professional firms that specialize in this area. If you want to know more about the process to either better control it or even do it yourself, you will want to get an Advisor, Mentor, Guru, or Business Coach to take you through the process.

5. Complete a Strategic Plan. The strategic plan determines HOW to implement the business to attain the rewards, described in the feasibility study, which determined IF it was possible to reap enough rewards in the first place.

The information gained from the feasibility study will be used to develop the detailed strategy of HOW, WHEN, WHERE, WITH WHOM, and WHY the implementation (business) stage will be accomplished. The Strategic Plan will detail how the final profits will be attained from the business of implementing the invention.

The Strategic Plan, also, does not have to be a formal document, but it is very important that it be documented. However, it is a much more detailed process. If you are still in control, the plan should be developed to best suit your goals.

The Strategic Plan will reveal numerous options to you and the cost to benefit relationships of many of the key steps, to allow you to pick and choose the best path, for yourself.

Personal Options for you. You will want to be actively involved in developing the Strategic Plan because you have such a big vested interest in the invention and the eventual rewards. These are all business issues that require one or more people with considerable business knowledge, skills, and wisdom to complete. Thus, you should seriously consider getting outside help. Unfortunately, you may frequently feel that you can do this yourself, and proceed on using the famous "Trial and Error" (with emphasis on Error) method, resulting in a very high percentage of failures, extracting considerable expense in time, money, and health from you. Several studies have shown that fewer than 5% of all start up businesses succeeds, and you can, if you do not watch out, fall into this same program with a 95% chance of failure.

This is where you can make some very prosperous choices. The possibilities are unlimited and some are:

1. Sell the invention to a business firm outright,

2. Sell the rights to use the invention with royalty rights, or overrides,

3. Lease the rights to manufacture and sell the invention,

4. Contribute the rights of the invention to a business as an ownership share,

5. Use the rights of the invention to form a business of profiting from the implementation,

You will want to decide what course is best for you, considering the nature of the invention, the nature of your protection for the invention, your business skills, your motivation to become a part of the business stage, and your time schedule.