Establishing your patent is an essential first step in starting your business.
However, the reality is, the cost of a patent can add up very quickly, so it’s important that you explore all your options before making any decisions.
Before we dive into the cost of a patent, we must first understand exactly what a patent is, and why it plays a vital role in starting your business.
What Is A Patent?
A Patent is considered to be apart of your business formation fees when getting your small business off the ground.
Patents provide protection against others stealing or selling your idea.
Securing a patent can be very valuable, but it's important that you are 100% sure this will be a smart business move for you, or if this is something to consider down the line.
The process of securing a US patent can be both lengthy and pricey, and typically includes filing an application with the USPTO.
One of the most common questions we get at Starter Story is “How much does a patent cost in 2021?
In this post, we will explain everything you need to know about:
- The average cost and breakdown for a patent
- The best tools and services to use for your a patent
- How to make the most of your money when investing in a a patent
How Much Does A Patent Cost?
- Minimum cost of a patent: $5,000
- Maximum cost of a patent: $15,000
- Average cost of a patent: $10,000
This estimate depends on a number of factors, including which service or tools you choose, the scope of your business and your overall needs as it relates to a patent.
Below, we will dive into the best tools and services to jumpstart your a patent.
Best Tools And Services For A Patent
There are plenty of different tools and resources available to help with a patent.
It’s important that you do your due diligence to determine your exact goals as it relates to your a patent.
First and foremost, you should ask yourself a few questions prior to starting your research:
- How much can/should I spend on a patent?
- What value and return will a patent bring to my business?
- Do I need a professional a patent service or tool, or is this something I can do without?
- What will the ongoing costs for a patent look like?
Once you have an idea as to what you are looking for, it’s time to begin the research process!
We’ve identified the top tools and services for a patent:
How To Keep A Patent Costs Low
It’s easy to get ahead of your budget as it relates to your a patent.
After doing research on the different tools and services available, you should consider a few things:
- Is a patent something I can do on my own?
- Is there a low cost or free way to get my a patent (ie. freemium versions, partnerships or trade).
- Are there some parts of a patent I can do on my own, and others I can buy or outsource?
It’s important you spend the time asking yourself these questions so that you are the most prepared when it comes to your a patent.
To help you put your money where it matters, we put together a list of 20 free small business budget templates, including a startup cost template to help you get your business started.
What Other Business Formation Fees Should I Know About?
A Patent will be one of many business formation fees you will need to consider when starting your business.
To learn more about other business formation fees’s and best practices, we put together a list for you here:
- Permit and License Fees
- Lawyer Fees
- Small Business Insurance
- Set up business: LLC & Corporations
- A Patent