Intellectual Property Management Business Plan [Sample Template]

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Are you about starting an intellectual property management business? If YES, here’s a complete sample intellectual property management business plan template & feasibility report you can use for FREE.

Okay, so we have considered all the requirements for starting an intellectual property management business. We also took it further by analyzing and drafting a sample intellectual property management marketing plan template backed up by actionable guerrilla marketing ideas for intellectual property management businesses. So let’s proceed to the business planning section.

Starting a business is such a wonderful experience even though it can be challenging and demanding. The truth remains that having a product or service is one sure way of earning income and perhaps becoming wealthy.

There are loads of businesses out there that an aspiring entrepreneur can start without going through business training from Harvard, and one of such businesses is an intellectual property management services business. If you intend starting an intellectual property management services business, it is very needful that you analyze the existing intellectual property management services agencies in and outside your area.

You would be required to check the existing competition, as well as know their strength and weaknesses. Knowing the weaknesses of the existing intellectual property management services agencies mean that you would be able to learn from their mistakes and in turn come up with a better and more preferred intellectual property management services agency devoid of the mistakes and weaknesses of others.

What is an Intellectual Property Management Business?

Intellectual property management agency services as the name implies is a company that helps corporations, businesses and individuals manage their assets such as patents, trademarks, brand names and franchise agreements for a licensing fee.

This kind of venture is such that needs the effort of more than one person and it is worthy to note that this business is a very lucrative in the united states of America and in most countries of the world.

If you have decided to start an intellectual property management services agency, then you should ensure that you carry out thorough feasibility studies and market survey. A business plan is yet another very important business document that you should not take for granted when launching your own intellectual property management services business.

Below is a sample intellectual property management services business plan template that can help you to successfully write your own with little or no difficulty.

A Sample Intellectual Property Management Business Plan Template

1. Industry Overview

Businesses in the intellectual property management services industry help corporations, businesses and individuals manage their assets such as patents, trademarks, brand names and franchise agreements for a licensing fee which is paid to the asset holder.

Operators own the rights to the original assets but may not be the creators. It is important to state that franchise agreements that allow the use of a name contingent on the purchase of products from a franchisor are also excluded, as are copyright revenue inflows.

In the coming years, industry revenue is projected to continue to grow as stronger macro – economic conditions augur well for the Intellectual Property Licensing industry.

Experts noted that falling unemployment rates and improving consumer conditions will help boost consumer spending on a variety of items, while rising advertising expenditure will help encourage consumer purchases to tend toward brand names.

The Intellectual Property Licensing Industry is indeed a very large industry and pretty much thriving in all parts of the world especially in developed countries such as United States of America, Canada, united kingdom, Germany, Australia, Italy et al.

Statistics have it that in the United States of America alone, there are about 5,842 licensed and registered intellectual property management agencies responsible for employing about 37,022 employees and the industry rakes in a whooping sum of $43 billion annually with an annual growth rate projected at 3.7 percent.

It is important to state that the establishment with a lion share of the available market in this industry is The Walt Disney Company.

A recent report published by IBISWorld shows that the Intellectual Property Licensing industry has undergone changes while recovering from the recession but has fared relatively well. The report further stated that the industry was left stagnant by weakened demand from key downstream markets.

Nevertheless, businesses across the United States began to reverse the trend of contracting corporate profit and were able to reinvest in research and development, as they were no longer forced to cut costs to preserve profit margins. The report also stated that the industry’s prospects have since increased as investments into brand names have improved with the overall economy.

Increases in consumer sentiment and per capita disposable income have led to higher levels of consumer spending, boosting demand for industry services.

Over and above, the intellectual property management cum licensing industry has become a major part of how business is conducted in the United States of America and all over the globe. It is now easier for organizations to expand their market from local level to national and even international markets via franchising agreement, trademarks, brand names, licensing and selling patent rights et al.

2. Executive Summary

Business Solutions® Intellectual Property Management Company, Inc. is a U.S based and world class intellectual property and licensing management services agency. We have been able to secure a standard and well – positioned office facility in a central business district in Cape May – New Jersey.

We are an intellectual property management and licensing services company that is set to compete in the highly competitive intellectual property licensing industry not only in the United States market, but also in the global market because our clientele base will not be restricted to just businesses and organizations in the United States.

Business Solutions® Intellectual Property Management Company, Inc. will offer robust intellectual property management and licensing services to both corporate organizations and individuals. We will offer services such as:

Assigning rights to intangible assets (including patents, trademarks and brand names, except copyrighted works), assigning rights to franchise agreements (where a royalty payment or licensing fee is paid to the asset holder)
Franchises
Selling or licensing
Music licensing to radio stations
Patent purchasing and licensing
Patent leasing
Performance rights
Publishing and licensing of assets and other related consulting and advisory services.

Our business goal is to become one of the leading intellectual property management and licensing services companies in the United States of America with high profile corporate and individual clients scattered all around the world.

Our workers are going to be selected from a pool of talented and highly creative experts in and around New Jersey and also from any part of the world as the business grows. We will make sure that we take all the members of our workforce through the required training that will help position them to meet the expectations of the company and to compete with leading intellectual property management and licensing companies in the United States and throughout the globe.

At Business Solutions® Intellectual Property Management Company, Inc., our client’s best interest will always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human and sustainable approach to earning a living.

Business Solutions® Intellectual Property Management Company, Inc. is founded by Rex Wilberforce and his friend and business partner for many years, Fernand Mendez. They both graduated from Illinois Institute of Technology with a BSc in Business Administration and they have a combined experience that revolves around intellectual property management, licensing and business management.

3. Our Products and Services

Business Solutions® Intellectual Property Management Company, Inc. is established with the aim of maximizing profits in the Intellectual Property Licensing industry. We want to compete favorably with leading intellectual property management and licensing companies in the United States of America and the world which is why we have put in place a competent team that will ensure that we meet and even surpass our customers’ expectations.

We will work hard to ensure that Business Solutions® Intellectual Property Management Company, Inc. do not just work for clients in the United States of America, but also for clients in other parts of the world. We are in this line of business to make profits, and we will ensure that we do all that is allowed by the law of the United States of America to achieve our business goals and objectives.

Our products and services are listed below;

Assigning rights to intangible assets (including patents, trademarks and brand names, except copyrighted works)
Assigning rights to franchise agreements (where a royalty payment or licensing fee is paid to the asset holder)
Franchises, selling or licensing
Music licensing to radio stations
Patent purchasing and licensing
Patent leasing
Performance rights, publishing and licensing of assets
Other related intellectual property management and licensing advisory and consulting services

4. Our Mission and Vision Statement

Our vision is to establish a standard and world class intellectual property management and licensing services company whose services and brand will not only be accepted in the United States of America, but also in other parts of the world.
Our mission is to provide professional and highly creative result oriented intellectual property management and licensing services and other related advisory and consulting services that will assist businesses, individuals and corporate organizations in promoting their brands and reaching out to a wide range of potential business partners and customers all over the globe. We want to build an intellectual property and licensing management services company that can favorably compete with other leading brands in the intellectual property licensing industry.

Our Business Structure

Business Solutions® Intellectual Property Management Company, Inc., is an intellectual property management and licensing services company that intends starting small in Cape May – New Jersey, but hope to grow big in order to compete favorably with leading intellectual property management and licensing companies in the industry both in the United States and on a global stage.

We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own. This is why we are committed to only hire the best hands within our area of operation.

At Business Solutions® Intellectual Property Management Company, Inc., we will ensure that we hire people that are qualified, hardworking, creative, result driven, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders (the owners, workforce, and customers) in the business.

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;

Chief Executive Officer
Creative Director
Intellectual Property Management and Licensing Specialist
Human Resources and Admin Manager
Sales and Marketing Executive
Accountant
Client Service Executive

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities
Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
Responsible for fixing prices and signing business deals
Responsible for providing direction for the business
Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
Responsible for signing checks and documents on behalf of the company
Evaluates the success of the organization

Creative Director:

Serves as project manager for the organization; works directly with employees
Responsible for designing concepts and winning business proposals for the organization
In charge of copy writing and laying out chronological advertisement plans
Develops strategic plan by studying technological, and financial opportunities; presenting assumptions; recommending objectives
Accomplishes subsidiary objectives by establishing plans, budgets, and results measurements; allocating resources; reviewing progress; making mid-course corrections
Coordinates efforts by establishing procurement, production, marketing, field, and technical services policies and practices; coordinating actions with corporate staff
Builds company image by collaborating with customers, government, community organizations, and employees; enforcing ethical business practices
Maintains quality service by establishing and enforcing organization standards
Maintains professional and technical knowledge by attending educational workshops; reviewing professional publications; establishing personal networks; benchmarking state-of-the-art practices; participating in professional societies
Makes certain that operations and marketing department perform efficiently, coordinate employee efforts, and facilitate communications between management and employees
Ensures that the organization work in line with international best practices

Intellectual Property Management and Licensing Specialist

Responsible for handling core services such as assigning rights to intangible assets (including patents, trademarks and brand names, except copyrighted works), assigning rights to franchise agreements (where a royalty payment or licensing fee is paid to the asset holder), franchises, selling or licensing, music licensing to radio stations, patent purchasing and licensing, patent leasing, performance rights, publishing and licensing of assets and other related consulting and advisory services
Handles other related intellectual property management and licensing advisory and consulting services

Human Resources and Admin Manager

Responsible for overseeing the smooth running of HR and administrative tasks for the organization
Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations
Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments
Defining job positions for recruitment and managing interviewing process
Carrying out staff induction for new team members
Responsible for training, evaluation and assessment of employees
Oversees the smooth running of the daily office

Sales and Marketing Manager

Manage external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
Model demographic information and analyze the volumes of transactional data generated by customer
Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects
Writing winning proposal documents, negotiate fees and rates in line with organizations’ policy
Responsible for handling business research, market surveys and feasibility studies for clients
Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
Develop, execute and evaluate new plans for expanding sales
Create new markets cum businesses for the organization
Empower and motivates the sales team to meet and surpass agreed targets

Accountant/Cashier:

Responsible for preparing financial reports, budgets, and financial statements for the organization
Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
Responsible for financial forecasting and risks analysis
Performs cash management, general ledger accounting, and financial reporting
Responsible for developing and managing financial systems and policies
Responsible for administering payrolls
Ensuring compliance with taxation legislation
Handles all financial transactions for the organization
Serves as internal auditor for the organization

Client Service Executive

Welcomes clients and potential clients by greeting them in person, online or on the telephone; answering or directing inquiries
Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
Manages administrative duties assigned by the creative director in an effective and timely manner
Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries

6. SWOT Analysis

Business Solutions® Intellectual Property Management Company, Inc. do not intend to launch out with trial and error hence the need to conduct proper SWOT analysis. We know that if we get it right from the onset, we would have succeeded in creating the foundation that will help us build a standard intellectual property management and licensing services company that will favorably compete with leading intellectual property management and licensing service companies in the United States of America and in other parts of the world.

We are quite aware that there are several large, medium and small scale intellectual property management and licensing service companies all over the United States and even in the same location where we intend locating ours, which is why we are following due process of establishing the business.

We know that if proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be well equipped to confront our threats.

Business Solutions® Intellectual Property Management Company, Inc. employed the services of an expert HR and Business Analyst with bias in the services industry to help us conduct a thorough SWOT analysis. Here is a summary of the result of the SWOT analysis that was conducted on behalf of Business Solutions® Intellectual Property Management Company, Inc.;

Strength:

Our core strength lies in the power of our team; our workforce. We have a team of creative, result driven and highly proficient intellectual property management and licensing experts, a team with excellent qualifications and experience in various niche areas in the intellectual property management and licensing services industry and other related industries. Aside from the synergy that exists in our carefully selected workforce, our services will be measurable, result driven and guided by best practices in the industry.

Weakness:

As a new intellectual property management and licensing services company in Cape May – New Jersey, it might take some time for our organization to break into the market and gain acceptance especially from top profile clients in the already saturated and highly competitive intellectual property management and licensing services industry; that is perhaps our major weakness. Another weakness is that we may not have the required cash to pump into promoting our business especially via main stream media (TV, Radio and Newspapers et al) the way we would want to.

Opportunities:

No doubt, the opportunities available in the intellectual property management and licensing services industry is massive considering the number of individuals and corporate organizations who are interested in the service offering of the intellectual property management and licensing services industry and who want to have active presence in the business world.

Also, higher corporate profit created resurgent demand for intellectual licensing agreements and other industry services, stronger consumer spending and company restructuring efforts resuscitated profit margins; and increased discretionary spending and marketing budgets will continue to open business opportunities for players in this industry.

Threat:

Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing/spending power. Another threat that may likely confront us is the arrival of an intellectual property management and licensing services company in same location where our target market exists and who may want to adopt same Business model like us.

7. MARKET ANALYSIS

Market Trends

No doubt, the Intellectual Property Licensing industry has undergone change while recovering from the recession but has fared relatively well. The industry was left stagnant by weakened demand from key downstream markets. Nevertheless, businesses across the United States began to reverse the trend of contracting corporate profit and were able to reinvest in research and development, as they were no longer forced to cut costs to preserve profit margins.

The industry’s prospects have since increased as investments into brand names have improved with the overall economy. Increases in consumer sentiment and per capita disposable income have led to higher levels of consumer spending, boosting demand for industry services.

Another important factor in this industry is that the target market keeps expanding, people and organizations are now seeing the need for them to engage experts to help them handle services such as assigning rights to intangible assets (including patents, trademarks and brand names, except copyrighted works), assigning rights to franchise agreements (where a royalty payment or licensing fee is paid to the asset holder), franchises, selling or licensing, music licensing to radio stations, patent purchasing and licensing, patent leasing, performance rights, publishing and licensing of assets and other related issues.

Another common trend in the intellectual property management and licensing services industry is that most intellectual property management and licensing services firms no longer settle for clients within the location where their physical office is located but also from any part of the world.

The truth is that with the advent of the internet, it is now easier for an intellectual property management and licensing services company to work for clients in any part of the world. An intellectual property management and licensing services company can be located in the United States of America and have their biggest client in india, Japan or in China, many thanks to the power of the internet which has brought the world closer to us.

Lastly, the intellectual property management and licensing services industry will continue to evolve due to the advancement of computer technology and software application designs and the need for business expansion via franchising and trademark sales et al.

8. Our Target Market

Before starting our intellectual property management and licensing services company, we are certain that there is a wide range of both corporate and individual clients who cannot successfully run their businesses without the services and support of a standard intellectual property management and licensing services company; a company that can help them protect their intellectual property and also reach out to their target market via the sale of franchise, brand names and trademarks.

In view of that, we have created strategies that will enable us reach out to various corporate organizations, non – profits, government agencies and individuals who we know can’t afford to do without our services. We have conducted our market research and survey and we will ensure that we meet and surpass the expectations of our clients

Below is a list of people and organizations that we will specifically market our services to;

Inventors
Banks, Insurance Companies and other related Financial Institutions
Blue Chips Companies
Corporate Organizations
Manufacturers and Distributors
Software Developers
Research and Development Companies
The Government (Public Sector)
Schools (High Schools, Colleges and Universities)
Celebrities, Politicians, Public Figures and Public Speakers
Sport Organizations
Religious Organizations
Political Parties
Television and Radio Stations
Printing Press (Publishing Houses) and Authors
Branding and Advertising agencies
Musicians and Music Producers
Entrepreneurs and Start – Ups

Our competitive advantage

Surviving in the business world as an intellectual property management and licensing services company requires more than your expertise and knowing how to conduct your business but also how to network with key people that matters; decision makers that can decide who will get a contract or a business deal.

We are quite aware that to be highly competitive in the intellectual property management and licensing services industry means that you are not only expected to be able to deliver consistent and excellent services, but you must be result driven and able to meet set targets. No one would want to continue to hire your services if don’t always meet up with the target sales the organization intends to generate when they hired you.

Lastly, all our employees will be well taken care of and their welfare package will be among the best within our category (startups intellectual property management and licensing services companies in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.

9. SALES AND MARKETING STRATEGY

Sources of Income

Business Solutions® Intellectual Property Management Company, Inc. is established with the aim of maximizing profits in the intellectual property management and licensing services industry and we are going to go all the way to ensure that we do all it takes to meet and surpass the expectations of all our clients.

Business Solutions® Intellectual Property Management Company, Inc. will generate income by offering the following services;

Assigning rights to intangible assets (including patents, trademarks and brand names, except copyrighted works)
Assigning rights to franchise agreements (where a royalty payment or licensing fee is paid to the asset holder)
Franchises, selling or licensing
Music licensing to radio stations
Patent purchasing and licensing
Patent leasing
Performance rights, publishing and licensing of assets
Other related intellectual property management and licensing advisory and consulting services

10. Sales Forecast

One thing is certain, there would always be corporate organizations, government agencies, businesses and individuals who would need the services of intellectual property management and licensing services companies to help them protect their intellectual properties and also increase sales or promote their brands via the sale of franchise, brand name and trademarks.

We are well positioned to take on the available market in the intellectual property management and licensing services industry and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow our business to enviable heights.

We have been able to critically examine the intellectual property management and licensing services market space, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in Cape May – New Jersey.

Below are the sales projections for Business Solutions® Intellectual Property Management Company, Inc., it is based on the location of our business and of course the wide range of our services;

First Fiscal Year-: $300,000
Second Fiscal Year-: $700,000
Third Fiscal Year-: $1 million

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same digital marketing services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

Marketing Strategy and Sales Strategy

We are mindful of the fact that there are stiff competitions in the intellectual property management and licensing services industry, hence we have been able to hire some of the best marketing experts to handle our sales and marketing.

Our sales and marketing team will be recruited based on their vast experience in the intellectual property management and licensing services industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall business goal of Business Solutions® Intellectual Property Management Company, Inc.

Our corporate goal is to grow Business Solutions® Intellectual Property Management Company, Inc. to become one of the leading intellectual property management and licensing services brands in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the United States of America but also in other parts of the world.

Business Solutions® Intellectual Property Management Company, Inc. is set to make use of the following marketing and sales strategies to attract clients;

Introduce our business by sending introductory letters alongside our brochure to individuals, corporate organizations, government agencies, music producers, inventors, software developers, religious organizations and other key stakeholders
Advertise our business in relevant business magazines, newspapers, TV and radio stations
List our business on yellow pages ads (local directories)
Attend relevant international and local expos, seminars and business fairs et al
Create different packages for different categories of clients in order to work with their budgets and still deliver excellent services
Leverage on the internet to promote our business
Engage direct marketing approach
Encourage word of mouth marketing from loyal and satisfied clients

11. Publicity and Advertising Strategy

We have been able to work with our in house publicity consultants to help us map out publicity and advertising strategies that will help us work our way into the heart of our target market. We are set to become the number one choice for both corporate and individual clients in the whole of the United States and beyond which is why we have made provisions for effective publicity and advertisement of our intellectual property management and licensing services company.

Below are the platforms we intend to leverage on to promote and advertise Business Solutions® Intellectual Property Management Company, Inc.;

Place adverts on both print (newspapers and magazines) and electronic media platforms
Sponsor relevant community based events/programs
Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our services
Install our Bill Boards on strategic locations all around Cape May – New Jersey
Distribute our fliers and handbills in target areas
Contact corporate organizations, inventors, software apps developers and government agencies by calling them up and informing them of Business Solutions® Intellectual Property Management Company, Inc. and the services we offer
List our company in local directories/yellow pages
Advertise our services in our official website and employ strategies that will help us pull traffic to the site
Ensure that all our staff members wear our branded shirts and all our vehicles are well branded with our company logo.

12. Our Pricing Strategy

At Business Solutions® Intellectual Property Management Company, Inc. we will keep the prices of our services below the average market rate for all of our customers by keeping our overhead low and by collecting payment in advance from corporate organizations who would hire our services.

In addition, we will also offer special discounted rates to all our customers at regular intervals. We are aware that there are one-off jobs or government contracts which are always lucrative; we will ensure that we abide by the pricing model that is expected from contractors or organizations that bid for such contracts.

Payment Options

The payment policy adopted by Business Solutions® Intellectual Property Management Company, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Business Solutions® Intellectual Property Management Company, Inc. will make available to her clients;

Payment via bank transfer
Payment with cash
Payment via online bank transfer
Payment via check
Payment via Point of Sale Machines (POS Machines)
Payment via mobile money transfer
Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our clients make payment for our services without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our services.

13. Startup Expenditure (Budget)

In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.

This means that the start-up capital can either be low or high depending on your goals, vision and aspirations for your business.

The materials and equipment that will be used are nearly the same cost everywhere, and any differences in price would be minimal and can be overlooked. The detailed cost analysis for starting an intellectual property management and licensing services company might differ in other countries due to the value of their money.

This is what it would cost us to setup Business Solutions® Intellectual Property Management Company, Inc. in the United of America;

Business incorporating fees in the United States of America will cost – $750
The budget for liability insurance, permits and license will cost – $3,500
Acquiring an office space or warehouse that will accommodate employees for at least 6 months (Re – Construction of the facility inclusive) will cost – $150,000
Equipping the office (computers, printers, projectors, markers, servers/internet facility, furniture, telephones, filing cabinets, and electronics) will cost – $30,000
Amount required to purchase the needed software applications – $3,500
Launching an official Website will cost – $500
Amount need to pay bills and staff members for at least 2 to 3 months – $70,000
Additional Expenditure such as Business cards, Signage, Adverts and Promotions will cost – $5,000
Miscellaneous – $5000

Going by the report from the market research and feasibility studies conducted, we will need about two hundred and fifty thousand (250,000) U.S. dollars to successfully setup a medium scale but standard intellectual property management and licensing office in the United States of America.

Generating Funds/Startup Capital for Business Solutions® Intellectual Property Management Company, Inc.

Business Solutions® Intellectual Property Management Company, Inc. is a business that will be owned, financed and managed by Rex Wilberforce and his friend and business partner Fernand Mendez. They are the sole financiers of the business which is why they decided to restrict the sourcing of the start-up capital for the business to just three major sources.

These are the areas we intend generating our start-up capital;

From personal savings and sale of his stocks
From friends and other extended family members
Generate a larger chunk of the startup capital from the bank (loan facility)

N.B: We have been able to generate about $100,000 (Personal savings $85,000 and soft loan from family members $15,000) and we are at the final stages of obtaining a loan facility of $150,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and their business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business closes shop.

One of our major goals of starting Business Solutions® Intellectual Property Management Company, Inc. is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to offer our intellectual property management and licensing services and other related advisory and consulting services a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Business Solutions® Intellectual Property Management Company, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights, and training and re – training of our workforce is at the top burner of our business strategy.

We know that if all these are put in place, we will be able to successfully hire and retain the best hands we can get in the industry, and they will be more committed to help us build the business of our dreams.

Check List/Milestone

Business Name Availability Check: Completed
Business Incorporation: Completed
Opening of Corporate Bank Accounts in various banks in the United States: Completed
Opening Online Payment Platforms: Completed
Application and Obtaining Tax Payer’s ID: In Progress
Securing a standard office facility in a good location: Completed
Application for business license and permit: Completed
Purchase of All forms of Insurance for the Business: Completed
Conducting Feasibility Studies: Completed
Generating part of the start-up capital from the founders: Completed
Writing of Business Plan: Completed
Drafting of Employee’s Handbook: Completed
Drafting of Contract Documents: In Progress
Design of Logo for the business: Completed
Secure trademark for our services: In Progress
Graphic Designs and Printing of Packaging, Marketing/Promotional Materials: Completed
Recruitment of employees: In Progress
Purchase of the Needed furniture, office equipment, software applications, electronic appliances and facility facelift: In progress
Creating Official Website for the business: In Progress
Creating Awareness for the business: In Progress
Health and Safety and Fire Safety Arrangement: In Progress
Establishing business relationship with vendors and key players in various industries: In Progress