[Meldread]

I'm in a bit of a situation and in need of advice.

I am contemplating on starting my own business, but the funds to start the business are not enough to cover operational costs. That isn't really the problem I am having, though.

The business would be based around an invention idea that I have that merges two existing technologies. I do not have a prototype (and couldn't afford to build one yet) but because it is based off of two existing concepts (completely unrelated to one another) I am 98% certain it will work. The problem I am having is as follows...

First, I have never started my own business. I've made various attempts at internet businesses but after looking at potential gains for time spent and the competitiveness in the market I didn't deem it a worthy venture. My time was simply more wisely spent elsewhere. The downside to this is the fact that I lack any real experience in developing a real business plan. This will be required to get a loan or any sort of funding.

Second, I am not an expert in the field of the product I designed. It came to me as a burst of inspiration (one of those infamous "duh" moments). It is elegantly simple, but even so, lacking real fundamental knowledge of the field involved I REQUIRE someone with the capabilities of sketching out a more detailed plan. I require someone with at least a rudimentary knowledge of physics. Once the plan is adequately detailed I can submit it for a patent.

Once the idea is patented I can then use it to seek funding. Sadly, patents are expensive, and on top of that starting up a business comes with its own expenses. I am confident that the idea is good enough to warrant government funding, and if nothing else I am VERY confident I could get a private loan that is backed by the SBA.

Now, here is where the "good idea" question comes into play. I need two people, one to help develop a detailed business plan, and another to help flesh out the details of the invention. I have done the rudimentary work for both ends. However, I require individuals with more knowledge than I currently possess.

Because I lack funds the idea would be to seek out interns to assist in the first phase of the process. It will require all three of us to develop a cohesive and accurate business plan that will help us outline how to proceed. From there I can obtain a patent and will at least be able to secure the funds to build a prototype. Once the concept is proven it should not be overly difficult to secure further funding for the business.

So here are the steps I am contemplating taking.

Step 1: Filing as a sole proprietorship. This is very inexpensive and is all that is required for the beginning.

Step 2: Seek out an intern with a passing knowledge of physics to help flesh out the invention idea.

Step 3: Once the idea is proven theoretically possible I can then file for a patent.

Step 4: Seek out an intern that will be able to help create a business plan for the business.

Step 5: Once we have a strong business plan that we can then present to others, and I have the patent firmly in my hands I can then reincorporate the business as an LLC for further protections under the law.

Step 6: Seek out funding for a prototype.

Step 7: Build a prototype to prove the concept.

Step 8: Once the concept is proven I will need to secure further funding to begin production.


So back to my original question. Is the above a good idea?