Business Idea

Start An Intellectual Property Service Business

About

Starting an intellectual property service business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell , or selling online, you can use this page as a guide for everything you'll need to know.

Want to learn more? You can check out our full guide on how to start an intellectual property service business ➜

Key stats

market size
$48.9B
starting costs
$26.5K
gross margin
90%
time to build
9 months
growth
SEO
time investment
Side project

About

Starting an intellectual property service business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell , or selling online, you can use this page as a guide for everything you'll need to know.

Want to learn more? You can check out our full guide on how to start an intellectual property service business ➜

Key stats

market size
$48.9B
starting costs
$26.5K
gross margin
90%

 

time to build
9 months
growth
SEO
time investment
Side project

Startup Costs

Min Startup Costs Max Startup Costs
Employee & Freelancer Expenses $151 $252
Equipment & Supply Expenses $500 $5,000
Website Costs $303 $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
Other Expenses $0 $800
Office Space Expenses $50 $100
Specific Industry Expenses $0 $500

Successful Businesses

Business URL Rank
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

Pros & Cons

Pros Description
Little startup costs required The cost to start a intellectual property service business costs significantly less money than most businesses, ranging anywhere from 3,091 to 41,723.
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!
Cons Description
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.