I can not re-make the whole product to fit the needs of one person. J: I wish I could be all in on quality control. Honor your warranty but protect yourself.ĭo not always apologize for things…say thanks for waiting instead of sorry I am late “If the recipe is working don’t change it” It is part of the process.my eyes are on everything, so i am quality control Is your product safe, allergy free, structurally sound or have a shelf life.Do you have multi-purpose materials or interchangeable parts.When to diversify and when to stay focused on your product line.How do you choose a product line and different tiers of quality.You can jump right back into AT if needed. “I can not keep doing it with the work schedule and my health…it is time” It may take you longer, but you can do it. I am not ready to leave the day job yet (I have a baby on the way).Į: Lots of friends know they can not start a business because of the family’s need for stability. The passion in me really says let’s go all-in with Nexus because I feel I am mediocre at both right now. When to quit your day job and jump all in with your business.Some of the advice was helpful in that it showed me the wrong path. These inventors offered to help in establishing a business. Through the years I have been able to meet all of my product owners. Leave the end of the day with your desk clean J: I am always cautious because it is a dog eat dog worldĮ: One of my college professors keeps a log of all her incoming and outgoing calls The importance of good business mentors who understand your product line.Why people always ask about how much money you make, how many units you sell and if you are a million dollar company.I want to support and help those that have protected us and given me so much. If freedom of schedule is your goal, focus on that. If money is your motivation then focus on that.
Do you want to make money or provide something that enriches the lives of others? When to consider employees, worker comp insurance, payroll and managing other peopleĮ: I answer all of my phone calls and emails.Where is all the money going? Proper accounting and continual costs.Method of selling product (direct, wholesale, etc).J: the style of my product is already out there, i am just making it more specific for our situation. Is Shark Tank or other investors an option.How do you manage a business partnership? Do you want a business partnership.Funding vs bootstrapping your business financial needs.Toki Nakazawa – you can function as an S corp using Form 1120S even though you are an LLC Business structure types, LLC, sole or other corporations.Lots of small adjustments.Ĭonsider if you really need a patent or can you focus on other aspects of the business? My patent fee structure is confusing and I break it up to level out the costs.ĭesign and utility patents are different – again a couple of thousand dollars for the attorney fee.Īnd nobody gets approved on the first round so be ready for that. I have been able to break that into 4 payments so it is not a huge hit You need this to sell it anywhere, like a trade show…this is so you can pay more taxes.ĭepending on structures you may set up monthly sales tax or quarterly.Į: Product liability insurance – Mine is high since I am looped in there with skateboards where people break bones often. J: I do not have a reseller license, for now, I am a direct-seller only.Į: Reseller certificate allows you to get items tax-free that you are going to use for your business. Business insurance, product liability and other protections.It is easy to chase every shiny object but as a startup, you need to be focused on doing one thing well. If you define the core values and base all your decisions on that then decisions are a lot easier. Defining your core values before establishing a business.
In AT Inventors part 2 Jay and Elysia discuss establishing a business and product testing.
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