Business Idea

Start An Invention And Patent Service

About

Starting an invention and patent service requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell invention, or selling invention 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 invention and patent service ➜

Key stats

market size
$57.5B
revenue (monthly)
$60K
starting costs
$15K
gross margin
88%
avg product price
$2500
time to build
9 months
growth
Email marketing
business model
E-Commerce
time investment
Side project

About

Starting an invention and patent service requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell invention, or selling invention 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 invention and patent service ➜

Key stats

market size
$57.5B
revenue (monthly)
$60K
starting costs
$15K
gross margin
88%
avg product price
$2500

 

time to build
9 months
growth
Email marketing
business model
E-Commerce
time investment
Side project

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $35 $3,250
Employee & Freelancer Expenses $0 $4,000
Equipment & Supply Expenses $500 $5,000
Website Costs $232 $6,425
Business Formation Fees $600 $4,700
Software Expenses $150 $2,844
Advertising & Marketing Costs $0 $1,400
Other Expenses $0 $800
Total Startup Costs $1,517 $28,419

Successful Businesses

Business URL Rank
Popular Science popsci.com #13,203
Awesome Inventions awesomeinventions.com #51,506
AMERICAN HERITAGE americanheritage.com #204,430
THAI INVENTION thaiinvention.net #289,333
Inventionland inventionland.com #501,428
VentureWell venturewell.org #512,447
Edison Nation edisonnation.com #533,740
LORI GREINER lorigreiner.com #581,924
InventionHome inventionhome.com #606,956
Intellectual Ventures Management, LLC intellectualventures.com #608,959
Inventions, Innovations And New Ideas inventorspot.com #673,520

Pros & Cons

Pros Description
Flexibility You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
Ability to start your business from home It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
Little startup costs required The cost to start a invention and patent service costs significantly less money than most businesses, ranging anywhere from 1,517 to 28,419.
Rewarding work Starting a invention and patent service 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.
Scalable With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
No overhead costs To get your invention and patent service started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!
Cons Description
Crowded Space Competition is high when it comes to your invention and patent service, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
Longer Sales Process A invention and patent service 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 invention and patent service, 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 invention and patent service, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.
Isolation Often times, as a invention and patent service, you typically work alone and do not have much face-to-face interaction with other team members.
Taxes As a invention and patent service, 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.

Marketing Ideas

  • 1

    Affiliate program

    Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.

    Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.

    The affiliate typically gets a unique link where clicks and conversions can be tracked.

  • 2

    Word of mouth

    The most tried and true way to grow a invention and patent service is through word of mouth - some entrepreneurs would say it's more important than all social media.

  • 3

    Advertising on social media

    Social media advertising is one of the leading ways to get the word out when it comes to invention and patent service.

    There are various different Social Media platforms available to you. Some may be more critical for your marketing efforts than others, however, it's important to have an understanding of what's out there and available to you.

    Learn more about advertising on social media ➜