I have a good, simple business idea, but dont have any idea what to do next, I have very limited funds?

any idea what I can do with this idea, it involves electronics, I have not got a clue who to contact or where to start, all I have done is write my idea down, Many thanks.....

Take it to the Patent Office and tell no-one AT ALL what it is.
Let them do checks (could be 6 months) to see if anyone else has come up with it.
If not copyright it and make sure you have ALL of the ownership you need, then talk to an electronic engineer, and possinly some sort of design person.
Let them fo the background on how to work it, then they'll suggest the next steps.

Ask your local college or university if you can use their facilities to build a working prototype, then think about a patent on it.

You can go to google and type inventions. Investigate the oppurtunities available to market his product for fre or close to nothing.

Ask at Leeds Utd. They seem to be doing well on no money!!!

pray my friend pray that is what i do

Try the Princes Fund.

There are companies on the web who will provide a full design and prototype building service for you at a fee, and then some of the better ones will also help you patent it (included in the fee or extra) & even point you in the right direction for getting it licensed by an existing company.

However, be careful when selecting these as many can be rip-off merchants (especially if finding them online like on Google, etc. - though this is probably the best place to start), and/or have very high fees.

Someone suggested you get it patented, but that itself can be a lengthy AND expensive process, and there are no refunds if it turns out someone else already had the same idea and patented it when the patents office does their search...but for more info check out their website anyway at http://www.ipo.gov.uk/
But you still need to develop it more before you can patent.

Someone else also suggested getting use of local college/university facilities. Again, a good idea, but also one that has potential drawbacks...universities will want something back in return, and credit in name for helping develop may not necessarily be enough. Also, you have no guarantee that the professors, who will obviously see themselves as superior intellectuals & scholars to yourself, won't hijack & take over your project because they think they know better. Even if they do, you may not want to share in that way (I don't think I would).

There are other options, but in summary, every road you choose to take is going to have some expense and probably many difficulties...after all if it wasn't difficult more people would be doing it.

But it can be done! An excellent book to give you a general overview of some of the options available to you is "How to License Your Million Dollar Idea" by Harvey Reese - although it's by a guy who mostly invents and licenses toy and game ideas (because he believes them to be more lucrative and easy), and he prefers a more do it yourself approach, and this shows at times in his writing and coverage of topics. Nonetheless it is an excellent source of information & ideas of how to proceed with YOUR idea or invention profitably.

Good luck & I hope we'll all be enjoying the benefits of your idea soon someday!

If you are going to get a patent on it MAKE SURE IT IS NEVER SEEN or HEARD OF BY ANY MEMBER OF THE PUBLIC. NOT EVEN YOUR FAMILY.
I recently applied for a patent and was told that cos it had been out on public view that a patent was no longer an option for me. I had to go with a design idea.
So Be very careful what you do with it, or who you tell. If a patent is the way you want to go

Other than that, if your idea is good a bank will sometimes back you.
If you have a local dhss office, sometimes there are schemes which help you to go into business. They back you with whatever amount you put into it. Sometimes their repayment is high, so be careful of that too.
If there is an electronics firm near you, you could approach them for some sort of sponsorship maybe.
Do your parents know what you are doing? If its not a patent you are after?? Wouldnt they be able to advise you any?

If you arent looking to get a patent (sometimes its not worth the money it costs to get them, and they only will be there to stop someone copying you. But if anyone did, it costs you more money to go and get them for doing so...) You need to get a business 'PLAN' drawn up that you can take to the bank. That to me would be the best plan of action for you...

Contact info@magicspreadsheets.com. Give business advice, put together business plans, etc. If you have a new product, just give briefest of details of the product.

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