Employee & Freelancer Expenses

$151

$252

Website Costs

$223

$7,015

Business Formation Fees

$600

$4,700

Vehicle Expenses

$0

$10,000

Retail Business Expenses

$1,250

$6,650

Advertising & Marketing Costs

$75

$3,986

Software Expenses

$162

$2,720

Office Space Expenses

$0

$100

Specific Industry Expenses

$0

$500

Total Startup Costs

$2,461

$35,923

WIPO

wipo.int

4,780

IAM

iam-media.com

121,782

IPO Pakistan

ipo.gov.pk

179,936

IPOS

ipos.gov.sg

187,579

Intellectual Property Office of New Zealand

iponz.govt.nz

253,106

Safe Creative: Copyright Registry

safecreative.org

295,038

PACRA

pacra.org.zm

318,131

Stikeman Elliott

stikeman.com

482,284

Hinshaw & Culbertson LLP

hinshawlaw.com

508,379

IP.com

ip.com

523,667

Questel

questel.com

590,859

Little startup costs required

The cost to start a intellectual property service business costs significantly less money than most businesses, ranging anywhere from 62 to 35,923.

Rewarding work

Starting a intellectual property service business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.

High customer retention rates

Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.

Pick & choose the clients you work with

Intellectual Property Service Businesses have the ability to choose the clients they work with. You have the freedom to work with only a few loyal clients or with hundreds of clients!

Control of workload

With starting an intellectual property service business, you have the unique ability to choose how little or how much you want to work. You also have the freedom to decide which projects you want to work on, and can turn down the ones that do not interest you.

Gain exposure and experience

This career allows you to gain experience working for multiple different businesses - which will benefit your resume and also keep things interesting for you!

Motivation of employees

If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.

Longer Sales Process

A intellectual property service business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

Work can be inconsistent

As a intellectual property service business, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.

Lack of benefits

With a intellectual property service business, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.

Taxes

As a intellectual property service business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.

No safety net

Typically, as a intellectual property service business, you do not receive a consistent pay-check and instead earn money based on your transactions each month. During the slow periods, you typically take away less since the job is based on commission. It's important to budget accordingly for the slow times.