Preparing for Market
Money, Invoicing & Taxes
Managing money is also a big responsibility in running a business. What payments are taken: checks, credit cards, wire transfers? How is the money put into the bank, and how is the customer connected with their payment? The inventor needs to spend time thinking about how to keep track of customer's information and payments. Is it important to know when a customer bought the product for warranty purposes? If a payment is made online, how is the package addressed and sent to the customer? How do you know that specific customer paid and their payment went through? Does the customer pay for shipping?
Taxes are another important money issue. Inventors must pay taxes on their income to the government. So keeping track of exactly how much money is made is very important for paying taxes. A simple software tool such as Quick Books or Peach Tree offers an affordable solution to revenue recording, billing and taxes. If the inventor makes a lot of money, it is a good idea for him/her to hire an accountant to manage the company books. If audited by the government, there are steep fines for not paying taxes correctly.
In order to correctly run a business, the inventor should spend time thinking about important money issues having to do with business operations. This will save time and hassle instead of waiting to figure it out after the product is already being sold.
Paper outline
- Protecting inventions
- Manufacturing the product
- Getting resources and financing
- Testing the market
- Preparing products for market
- Closing thoughts
- Download the entire paper
Check out the Silent Timer Web site to see the product Erik took to market. Contact him with any questions.
