Save money, make more money. It sounds easy right, well good thing it is. I read an article this week about how start ups should spend as little as possible during their early stages. Big companies waste so much on overhead, trinkets, and doodads, it's amazing they're still profitable!

I thought this lesson would apply very well to inventors as well as entrepreneurs. It may require some creativity, but I trust if you're reading this, you can do it. All it takes is a little time using the right side of your brain.

I have heard that one place not to be cheap is with regard to intellectual property. I took that to heart, until I saw the first bill from my IP attorney - OUCH! I spent almost the same on my attorney as I did on my website development. There are alternative to paying hundreds an hour, and all you have to do is look a little harder. I was able to find an invaluable resource, at a university law clinic, that cost me nearly nothing. Check with friends, colleagues, and family, you may find someone willing to give you a good deal. Another alternative is to go to patent agents instead of attorneys. Now legally I'm not supposed to give any advice, but this is financial advice . . . patent agents are a fraction of the cost of attorneys. Okay, so they can't help you in court, but neither can most high-priced patent attorneys.

Remember when starting out, Profit = Revenue - Expenses. Learn how to decrease those expenses and take more profit to the bank.

Bryan

Invention ideas, business ideas, new product ideas, all at IdeaTango.com