If you only have time to skim this article, look for the TL;DR (too long; didn’t read) at the bottom.

Assessing a patent’s value is a challenging problem that every business (and patent attorney, for that matter) answers in its own way. In general, the value of a patent is based on how much of the market is exclusively captured by the patent. Below I have outlined a quick-and-dirty method for putting a dollar value on your patent. One thing to keep in mind as you valuate your patent is, at the end of the day, the value of anything is the meeting of minds between buyer and seller. So, while this method can give you a reference point for your patent’s market value, make sure to check it against your own trusty instincts.

1) Analyze the market

You are already evaluating the market. So, instead of me being the lawyer who tells you, the business experts, how to do business things (that’s why people hate lawyers!), I’ll simply leave it at this: at the very most, your patent is worth the total value of the market for your goods, services, etc. In other words, if you could completely box out all competition and garner all sales, you will have realized the maximum potential value of your patent.

2) Determine the status of the patent

The next step is to determine the status of your patent. By status, I mean one of the following: not yet filed; pending; issued; or abandoned. If your application is abandoned, the value of the patent is bupkis. So, don’t abandon your application! If your application is not yet filed, I’m going to say the value is also nada. If a competitor files before you and is granted a patent for a similar product, technology, etc., the portion of the market you can capture is reduced, and you may be prevented from entering the market altogether. Adhere to this mantra: Be the best, file before the rest. If you’ve done this and have a pending or issued patent, the value is assessed at the next step.

3) Evaluate the “real estate” your patent covers

A patent is very similar to a deed to real estate. The value depends on a) where the property is located, and b) how much of it you have. We have already addressed the location aspect, i.e. the market opportunity. Next is to evaluate the breadth of your patent, i.e. how much intellectual real estate you have. In general, a patent is more valuable if it describes the invention in great detail and captures as many design-arounds as conceivably possible.

For an issued patent, breadth is determined by what is stated in the “Claims” section of your patent. Your patent can only be asserted against a competitor that infringes every element of at least one of your claims. Based on the breadth of your claims, you can determine roughly what percentage of the market you could expect to capture. This could include blocking potential competitors, having the corner of the market on a superior product, and so forth.

Right about now you’re probably thinking, “Wait, if one little thing about my competitor’s product is different, I can’t assert my patent?” If you didn’t have a savvy patent drafter write broad claims for you, that may be true. But all hope is not lost! If your patent was issued within the past two years, you may be able to broaden your claims through a reissue application. In general, a reissue application may be pursued to amend claims to target a competitor. But, claims can only be broadened within the first two years after the patent is issued. There are risks associated with this strategy that should be taken into account when valuing the patent. That said, you can determine roughly what percentage of the market you could expect to capture based on the full disclosure of your patent application (i.e. the title, specification, drawings, and abstract), discounted by the risk associated with pursuing a reissue and by the risk that what you want to capture is somehow unpatentable.

For a patent that is pending, the coverage is still based on the claims - provided those claims are allowed and the patent issues. Thus, the value of the coverage should be discounted by the risk the claims will have to be narrowed to be allowed. Additionally, because the application is pending, you have more flexibility to target your competitors. This can be done either by targeting the claims of the currently pending application or by filing a continuation application with new claims targeting your competitor. Indeed, many companies follow a strategy of keeping patent applications “alive” by filing continuation applications after a set of claims are allowed. In such a case, the value of the patent is based on the entire disclosure of the patent application, discounted by the risk that at least some of what you want to capture is unpatentable.

A lot of the valuation technique described above relies on a carefully-executed patenting strategy. Thus, it is important to seek the advice of an experienced and pragmatic professional to help you evaluate the risks associated with the strategy (wink-wink, that was my soft pitch). But with a carefully planned strategy, you can accurately assess the value of your patent portfolio or the value of pursuing a patent! And, as always, if you want to discuss more, let’s grab lunch!

TL;DR: Analyze the dollar value of the entire market. Determine the status of your patent. Evaluate how much of the market you can block out with your patent. If your patent is issued, you block out what is in the claims. If your patent issued within the past two years, you may be able to cover a broader portion of the market and/or target competitors. If your patent is still alive, you have more flexibility in what you can block out but need to account for the risk you may need to narrow your claims to get your patent granted. The total value of your patent is based on what percentage of the market you can capture exclusively.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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Our founder, Devin Miller, grew up in a small farming town in Mountain Green, Utah. Devin's grandfather and great-grandfather were both farmers. They would get up early in the morning to milk the cows and work till late in the evening irrigating the crops. They knew how to work hard, take nothing for granted, and watch out for others. That small town farmer mentality has been passed down to Devin and when he founded Miller IP Law, he made sure it was central to the firm culture. At Miller IP Law, we make sure to work hard for every client, vigorously represent you, and watch out for your business.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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At Miller IP Law we do things a bit differently. We don't dress up in thousand dollar suits, have offices in skyscrapers, and charge clients for every minute we talk with them. What we do at Miller IP Law is focus on helping the client. We dress like normal people. We have nice but modest offices and are located in a small town so we can keep cost down to offer competitive flat fees. We also respond to emails and calls right away so you don't have to wait for days to hear back from your attorney.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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Miller IP Law is a patent and trademark law firm in Utah focused on helping startups and small businesses. We have one goal: to protect entrepreneurs and startups. Our founder, Devin Miller, is not only an experienced patent and trademark attorney, but he has also founded several multi-million dollar startups and continues to found and run several startups. Our focus on entrepreneurs helps us to provide both business and legal advise, but we have been in the same trenches and had to make the hard decisions.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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Miller IP Law was founded by Devin Miller, a patent attorney that lives in Utah. As Devin worked for a large law firm helping fortune 100 clients with their intellectual property, he realized that there was not a good resource out there to help start-ups and small businesses understand intellectual property, including patents, trademarks, and copyrights. As a small business owner, Devin wanted to provide a resource for start-ups and small businesses where they could learn about patents, trademarks, and copyrights and how they relate to business to help small business owners like himself build value into their business and protect their assets.

Our Methodology

Miller IP Law does things differently then most law firms to make sure we cater to your business in a unique and industry consciences way.

A Stamp Of Quality

In the video I reference my a story about stamps from my time in Taiwan. At the time leaving a stamp on a finished work for approval was a big deal. Miller IP Law has our own mark of approval. We want to offer every business and every client gets the quality of work with that same "stamp of approval".

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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A question I get a lot, especially from small business owners and solo entrepreneurs, is “Do I NEED to get a patent for my invention?”

This comes from a place inside every money-conscious entrepreneur saying, “Will the COST of a patent yield any return?”. But if you think of your business’s intellectual property like real estate, the answer becomes a no-brainer.

Indeed, your intellectual property is like a piece of raw land. You can develop it how you want, like put a house on the property, or dig for minerals, or build an amusement park. But unless you’re going to put a “fence” around your property, charge admission, and pursue legal action against trespassers, the profit you derive from your property will be significantly diminished. Like a piece of raw land, the concept underlying your invention is a piece of property. It needs a fence around it so you can realize its greatest value. You can invent something without getting a patent (and I’m not going to argue that your invention is worthless without a patent, because it isn’t), but without a patent you risk leaving money on the table. Essentially, a patent is a tool that allows you to prevent anyone else from making, selling, or using your patented invention. Like your invention, a patent has intrinsic value that can be realized when it is properly leveraged. In general, a patent’s value manifests in four ways: 1) Keeping competition away; 2) Attracting investment; 3) Licensing and cross-licensing; and 4) Adding value at acquisition.

Keeping competition away from your product.

To continue with the land analogy, a patent essentially represents a fence encircling the land you own. The fence/patent lets people know that you own this property, and if they trespass, they will be subject to legal action. Here is the crux of this element of patent ownership: its value is tied to your willingness to enforce the patent. Fair warning, though: patent litigation is EXPENSIVE.

You need to be prepared to shell out big bucks to enforce your patent and weigh the cost of enforcement against the financial benefit you will receive. But the flip side of this is that defending against a patent infringement suit is also very expensive, and this may incentivize an infringer to settle with you. Thus, often times a cease-and-desist letter, like a no-trespassing sign on the fence around your land, can be an inexpensive way to start negotiating a license for your patent (more on that later!).

Attracting investment

In some ways, a patent is like a deed to a piece of land. If you’re building an amusement park, investors want to know you have rights to the land and may want the deed as collateral if the business venture is unsuccessful. Similarly, if you’re developing a new technology or product, investors want to know you have the exclusive rights to make, sell, and use that technology or product, and will want tangible collateral for their investment.

A patent may stand as a sort proof-of-concept for investors trying to evaluate whether your business has potential for success. Even with a proof-of-concept, savvy investors want to protect their investment. A patent is legally tangible collateral that may still hold value even if the business venture is, for whatever reason, unsuccessful.

Licensing and cross-licensing

Licensing opens a gate in the fence around your invention that allows you to collect royalties for giving other market players access your invention. Another market player may want to incorporate your invention into their product line. If you have a good patent and they can’t design around it, they may pay you for permission to use your invention.

Additionally, if your competitor has patents (which they probably do), having your own patents may give you leverage to say, “You can have free admission to my property if I can have free admission to yours.” In an economy that is seeing a surge of synergies among small businesses and startups, having patents can put you in the best position to negotiate cooperation.

Adding value at acquisition

Just like a piece of real estate on which a business is built has value that adds to the overall value of the business, patents hold value that contribute to the overall purchase price of a business when the business is sold. This value can be realized in the sale of equity in the business or as an individualized asset sold off as part of a liquidation.

But without a patent, you won’t be able to realize any of this value for your business. So put a fence around your property, and watch the value materialize as you grow your business. A final thing to keep in mind: don’t wait too long to decide whether to get a patent. Decision paralysis can cost your ability to get a patent for your invention. You have a year from the time your invention goes public, or from when you offer it for sale, to file your patent application.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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A domain name is similar to a company name, it requires a lot of thought. A domain name is your identity online. You want to make sure you choose a domain name that your business and is also easy to find and promote.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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A common question I get from startups, inventors, entrepreneurs, and others starting new businesses who haven't worked with attorneys previously is whether they need a non-disclosure agreement (NDA) to talk with an attorney.

In most circumstance, I recommend a non-disclosure agreement (NDA) to protect the business's idea as they are shared with others. However, attorneys are governed by strict rules and codes of professional conduct relating to communications with clients. Think of this as a built-in NDA when talking with your attorney. But, what if you wish to consult with a few different patent attorneys before hiring the right one? Most state bar ethical rules including something along the lines of providing protections if the attorney’s words or actions induce an individual to reasonably believe that the individual is consulting an attorney in confidence and in his professional capacity to retain the attorney or to obtain legal services or advice.

If you’re still uncomfortable sharing the details of your invention, then keep the communications general. For example, you can share the general terms of your idea: “I have an idea for a new [device/app] to be used in/by [field/industry]." By only disclosing the general idea and not the details, the IP attorney can suggest next steps, costs, and timelines without getting into any potential conflicts of interest. Note, if you are speaking to a patent agent, it is wise to have an NDA signed before disclosing your idea since patent agents are not lawyers.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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Software Patents

 US10154460 (Halo Wearables) - Power Management for wearable devices.

Link 

The attorneys at Miller IP Law have extensive experience with software related patent applications. Below are just a few examples of the different software patent applications our attorneys have worked on.

 English3 - College Language Ability Testing Software

Link

 US9743153 (Sorenson Media) - Inserting New Ads into TV Shows and Commercials

Link 

 US9990314 (Intel) - Secure Memory On A Chip (Enclaves)

Link 

US 10248453 (Red Hat) - Live Client Migration For A Virtual Machine

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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Electrical Patents

The attorneys at Miller IP Law have extensive experience with mechanically related patent applications. Below are just a few examples of the different electrical patent applications our attorneys have worked on.

US9509042 (Amazon.com) - Antenna for a tablet with a metal case.

Click here to see the full patent

Bird Control Group - Laser systems to repel birds from farms and airports

Check out their website

US 2017/0272421 (Convergence Biometrics) - Biosecurity for Credit Cards

Click here to see the full patent.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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Mechanical Patents

The attorneys at Miller IP Law have extensive experience with mechanically related patent applications. Below are just a few examples of the different mechanical patent applications our attorneys have worked on.

US20190016417A1 - An anchor for watercrafts that dislodges from objects when the anchor becomes stuck.

Click here to see the full patent

Drone to capture 360 degree videos and photos.

Click here to see the full patent

Honey Badger Wheel - Collapsible hunting wheel pack.

Check out their website

US10040599 - Durable & Lightweight Shipping Pallets.

Click here to see the full patent

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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With the advent of 3D printers, illegal downloads, and everything made in China, is any product safe?

Learn the best ways to protect your products and inventions from being knocked off.

Is the deck rigged against you?

Small businesses, startups, solo-inventors, and designers generally do not have the money to defend themselves in litigation against a large company accusing you of patent, trademark, or copyright infringement or infringing your patents, trademarks, or copyrights. Larger companies have more money, more resources, and more time. So how do you fight back and win? This article will look at practical applications of using Intellectual Property Law (Patent, Copyright, Trade-dress, and Trademark law) and (working with customs officials, monitoring sites such as eBay, clear branding strategies) as a means for protecting one’s design from knock-offs and counterfeiters.

Copyrights

Copyrights protect create works of art. Things like fashion, films, tv-shows, books, sculptures, paints, music, and so forth. A copyright applies to the a work's expressive design component that is separable from its useful function. With products and inventions that are both useful and aesthetically pleasing, copyrights protect the aesthetic part of the product or invention and patents cover the useful part of the product or invention.

An artist seeking copyright protection from a knock-off must convince a judge that either the product or invention is not functional or that its artistic design is separable from its utilitarian purpose. To stop knockoffs from copying your artistic work or aesthetic design with copyrights, be prepared to show how the artistic work is non-utilitarian and that you created it first.

Patents

A patent is granted for a new and useful process, machine, manufacture, or composition of matter and it must advance the prior art in a way that that is non-obvious. Inventions that serve a purpose generally fulfill this requirement. To get a patent on an invention or product you need to convince the patent office you invention or product is different than what is currently in the public domain (novel) and not an obvious variant of what is already publicly available. If/when your patent is granted, you can then enforce the patent to stop others from making, selling, or manufacturing your product or invention. However, if you have to go to court, be prepared for things to get expensive. The best option is to see if you can work out an agreement with the infringer for them to stop or pay you a fee to license you patent.

Trademarks

A trademark is any word, name, symbol, device, or combination thereof that is used by a merchant used to identify their goods or service and distinguish them from those manufactured and sold by other merchants. For example, Louis Vuitton’s “LV” logo or Nike’s swoosh are trademarks. Trademark protection in the United States is very strong and potentially infinite in length, as long as the mark is being used in commerce to designate the source of the goods and services.

The key to determining if another company or individual is infringing on a trademark is the likelihood that ordinary consumers in the marketplace would confuse the original trademark and the allegedly infringing trademark. For example, Adidas won a $305 million dollar judgment against Payless Shoes in 2008 for selling two and four stripe shoes that looked very similar to Adidas’s three stripe shoes.

Trade Dress

Trade dress falls under the realm of trademark law and refers to a product’s overall appearance and the total image presented to consumers, either of the product itself or its packaging. Trade dress can encompass a product’s packaging, store, website, etc. To prove that a knock-off has violated trade dress, a designer must prove their trade dress is 1) Nonfunctional 2) Distinctive, and 3) Likely to be confused by consumers with the knock-off mark.

When evaluating whether trade dress protection is available a court will look at the totality of circumstances, including the context in which the product is displayed, how it is used in advertising, and the likelihood of confusion among consumers. Signature elements of a brand may be protected under trade dress. For example, Burberry owns a registered trademark for a red, brown, grey, black, and white plaid pattern, which covers handbags and clothing.

Multi-Pronged Approach

eBay’s VeRO program (Verified Rights Owner Program)

Ebay’s VeRO program enables intellectual property rights owners to request the removal of listings that infringe upon copyrights and trademarks. To get an infringing item taken down off of eBay, a notice of claimed infringement (NOCI) must be filed, requesting an item be removed from eBay. eBay will immediately remove the item from its site and a black mark is attributed to the seller.

Enforcing Trademark Rights on 3rd Party Sellers

Under the Lanham Act, a third party, such as a flea market, that provides a safe harbor for counterfeit goods may be liable for damages. Having your attorney send a cease and desist letter to the third party may create enough trouble for the third party that they will often stop selling the goods. If they continue, you can take the third party seller to court. However, litigation can expensive and can take a long time to be resolved, so a cease and desist letter may be the option if the third party is reasonable.

Real Property Law

Once a landlord is put on notice that a tenant is engaged in illegal activity, such as selling counterfeit or knockoff goods, a landlord may void the tenant’s lease (depending on state laws). If the landlord knowingly continues to harbor the counterfeiter, then the landlord may be liable with the tenant for carrying out the illegal activity and for damages.

Search Engine Infringement

If a competitor is using your trademark as a key word to advertise their goods in product descriptions, titles, metadata, and so forth, then the competitor may be infringing on your mark by using your trademark in their advertisement. This is a developing area of the law and not fully defined. For example, the competitor maybe legally using your trademark, such as when comparing products.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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You call around to a few different attorneys and find some attorneys that will charge you by the hour and other attorneys that will charge a fixed price for their services.

Both attorneys tell you their billing structure is better, so now what? How do you decide which is better, hourly or fixed price?

Hourly or fixed price?

You have a business to protect and you decide you need an intellectual property (IP) attorney to help you with your patents, trademarks, or copyrights. You call around to a few different attorneys and find some attorneys that will charge you by the hour and other attorneys that will charge a fixed price for their services. Both attorneys tell you their billing structure is better, so now what? How do you decide which is better, hourly or fixed price?

Regular or Complex?

If you are hiring an attorney for a big complex project, an hourly rate is likely the way to go. If an attorney is faced with a big complex project that they are not sure of an approximate amount of time it will take, the attorney will pad the fixed price with a lot of cushion so that they do not lose money on the project. However, rarely is preparing, filing, or prosecuting a patent, trademark, or copyright a big or complex project, as opposed to a multi-year lawsuit. An IP attorney typically has a pretty good idea of the amount of time involved with these types of matters. Yet, some attorneys still want the hourly rate structure so that they can relax and take their time in preparing the matter. They will then scare you into the hourly by pointing out that if they get the matter done quickly you could overpay under a fixed price structure.

Rare

This is rarely the case with the fixed price structure. Most fixed price attorneys offer more competitive rates than hourly attorneys. Because there are a lot of law firms out there that fixed price attorneys are competing with, the fixed price attorneys do not build in a large cushion to overbill you, as another attorney would simply undercut their price.

An additional benefit of fixed price attorneys is that you also don’t have to worry about an ever-growing bill or if you are being billed every time you call him with a question. With a fixed price, you can call the IP attorney up with questions, concerns, or revisions without wondering how much the phone call will cost you. It allows you to focus on the patent, trademark, or copyright rather than the attorney billing you for the phone call or response to your email.

Rule of thumb

So as a rule of thumb, if the matter is big, complex, with an undefined endpoint, hourly billing is likely your best option. For patents, trademarks, and copyrights, you will get better service at a better price with fixed price attorneys.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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Have you ever heard of calling someone a troll as a compliment?

A patent troll is a business that does not produce a product or sell anything.

Compliment?

Just the name patent troll should give you an idea of what most patent attorneys and business think about them. Have you ever heard of calling someone a troll as a compliment? If you have, you must live in a very unique society. For the rest of the world, a troll is a big, ugly, scary monster that wreaks havoc.

What is a troll?

So what is this troll that lives in the world of patents? A patent troll is a business that does not produce a product or sell anything. So if the business does not make or sell anything, how do they stay in business? The patent troll business simply owns patents that it enforces against other companies. They sue companies that they believe are infringing their patents. As with all businesses, there can be good trolls and bad trolls.

So are patent trolls good or bad for startups and small businesses? It depends.

The Bad 

If you are being sued by a patent troll it can be devastating to your startup or small business. However, patent trolls usually go for the deep pockets. If they put a startup or small business out of business then they don’t get any money. They will usually go after medium-sized companies or large companies that have the deep pockets to pay them. If they do go after small businesses, they are looking for a quick payoff and will typically move on.

The Good

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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There are patent firms of all types, big firms, small firms, specialty firms, and general practice firms.

Which type of firm is right for you?

So many choices

You have an idea you want to protect and begin searching for a patent attorney to help file a patent. In your search, you soon find that there are patent firms of all types, big firms, small firms, specialty firms, and general practice firms. Which type of firm is right for you?

Different purposes

Each type of firm serves a different purpose and a different market segment. Big law firms are for businesses with a lot of money that want the big law firm name associated with the patent work. They want to show the world they mean business and only hire the best. The big law firm appears threatening to competitors and can ward off smaller competitors from coming into their space. If you are a large company, a large firm with a threatening reputation may be best for you. A general practice firm may also be beneficial because as a big business, you will likely have other legal needs that need to be addressed, and the large general practice firm can handle all of your needs in one centralized location.

Expensive

For startups and small businesses, however, large general practice law firms may not be the best option. The big expensive offices, the nice cars in the parking lot, and the “free” lunches cost big firms a lot of money, which they pass on to you. For a startup or small business, a small specialty firm may be the best option to help you with your patents.

While their offices may not be as flashy and they may not take you out for a steak dinner, the small firms will be able to offer more competitive prices, one-on-one service, and specialized expertise for your needs. They will be more incentivized to provide the best value for your money as they cherish your business.

Best Value

Having worked at both large law firms and small law firms and as a small business owner myself, I understand the need to get the best service at the best value, and this can be found at small specialized firms. One word of caution with small specialized firms. Sometimes, the firm is small because it wants to be small so that it can help startups and small businesses while other times it is small because it does not do good work or take care of its clients. When looking for a small specialized firm, interview a few different firms. Ask each firm if they have a couple clients you can talk to about their experience with the firm. This extra few minutes can help you find a good firm that fits your needs and will take care of you.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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3. Why Are Patents Important?

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Utility patents are treated as the Holy Grail for protecting your invention.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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You have a great idea and now you want to start a business, so you turn on your computer and Google how to start a business.

After just a few minutes, you quickly become overwhelmed by all the different lists and guidelines you find online. Should you just give up and abandon all hope?

Overwhelming

You have a great idea and now you want to start a business, so you turn on your computer and Google how to start a business. After just a few minutes, you quickly become overwhelmed by all the different lists and guidelines you find online. Should you just give up and abandon all hope? Before you sink into the pit of despair, here are the 5 things you need to get your business up and running. These steps only take 2-4 weeks, and then you will have a full business up and going.

Pick a name

First, pick out a name that describes your business, is short, and is catchy. People often try to be so unique or creative with their business name that they overcomplicate it. Unless you want to spend a lot of time and money to create a brand, just come up with a name that describes your business. You will want to keep it short so that when you get your web domain (see the next step) people won’t misspell your name or forget it.

Web Domain

Second, secure a web domain for your business name and build your website. To secure a web domain, you can go to a service like GoDaddy.com and see if “thenameofyourbusiness.com” is taken. If the exact name is taken, don’t be discouraged, there are a lot of websites out there. Try an abbreviation, or putting another word with your name. For example, if your business is named Cutecrafts but cutecrafts.com is taken, try something like mycutecrafts.com. Just remember, keep the domain name short and easy to spell.

Once you get your domain name secured, go to an E-Commerce platform provided. I personally like Shopify because it is easy to use, but there are others. Most platforms have a beginner’s guide to building your website. Your first attempt at building a website may not be as professional as you want it, but you can always work on that later or hire a website developer to take it to the next level once you start making sales.

Form an LLC

Third, form an LLC for your business. Why do you need an LLC? An LLC protects you from being personally liable for your business. If someone sues the business or wants to collect a debt, the LLC can shield you from putting your home and savings at risk. To form an LLC, I suggest you go to a business attorney to make sure everything is done right. Nothing is worse than having a deal fall part with an investor because they get scared off when your LLC is not set up correctly. If you are really strapped for cash, then use a service like legalzoom.com to set up your LLC.

Manufacturing

Forth, find a manufacturer for your product. If you are selling a product that doesn’t need manufacturing then skip this step. Depending on your product, manufacturing can be the hardest part. If your product is complicated, you may want to find a local manufacturer you can work with to get a small quantity manufactured. As the amount of orders you are receiving grows, you will want to explore continuing to make it in America or taking it oversea. Made in America can be a great selling point and can create jobs.

Going oversea may save you money if the products is a low margin or low cost item. If you decide to go overseas, a great manufacturing resource to get a quote for overseas manufacturing is Alibaba.com. At Alibaba.com, you can find manufacturers for lots of different products, get quotes from multiple sources, and decide which one best fits your needs. Depending on where you produce your product overseas, be prepared to deal with language barriers.

Intellectual Property

Finally, talk with an intellectual property (IP) attorney to determine whether you need any patent, trademark, and/or copyright protection for your business. For some businesses, it is not worth the investment. For other businesses that have invented something new and unique or are building a brand, intellectual property protection is a must. A good IP attorney will be able to provide you with guidance as to what protection you may need for your business.

Still feeling a bit overwhelmed? Just take things one step at a time. If you can complete these 5 steps you will have everything you need to start a business. Then it is up to you to get out there and sell, sell, sell.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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A lot of people think I was an overnight success, but I was an opening act for three or four years, and then I signed my contract with EMI. Then it kind of blew up overnight. - Vanilla Ice

Underdog

Everyone loves to watch movies and read books about rags to riches stories, about great comeback stories, and about the underdog beating the big dog.

These types of stories are inspiring and motivating. They motivate us to take on the world, start a new business, and gamble on ourselves. Yet, a 2-hour movie or a 100-page book gives us a false sense of security that success happens overnight. That if we have one great idea, that is all it takes and we will become a millionaire.

Broadcast.com

The truth is overnight successes are years in the making. Success takes hard work, long nights, and never giving up. A great example of an overnight success years in the making is Mark Cuban, billionaire and an investor on Shark Tank. At the high of the dot-com bubble in the late 1990s, Mark Cuban sold his business BROADCAST.COM to Yahoo for $5.9 billion dollars, leaving Mark with shares worth $2.5 billion. Overnight, Mark became a billionaire. No more worrying about money or a job, all because he got “lucky” in being the first to invent streaming the live audio from sports games online. Years before that, Mark was sleeping on friends floors, eating ketchup sandwiches, and getting fired from his job because he was out making sales rather than opening up the doors to a store in the morning. All this time, Mark was also learning how to code, how to sale, and how to market. The years that it took him to learn how to be successful seem to be lost on Shark Tank.

Entrepreneur's Dilemma

Every entrepreneur faces similar hardships. Do you quit your job to work on your side business full time or stick it out for a few more years as you build the business?

You wonder when it will finally be your turn to be successful? When will your business finally take off? When will you finally catch your big break? It is unlikely that one day someone will stumble across your invention and love it so much they will offer you millions just for your idea. It is unlikely that the day your patent issues people will start knocking down your door to get a license from you. What is likely, is that you will spend years refining your idea, learning the skills to be successful, working in jobs you don’t love, all so that you can become that overnight success years in the making.

Take Courage

If you are in the early stages and the road ahead looks long, don’t get discouraged. To be an entrepreneur, you must be an eternal optimist. Each time you start a business, you must believe it is going to be a success, otherwise, you will never start.

And, if your business fails, take stock of what you learned, lick your wounds, and find an even better idea that will become your overnight success.

Learn from Dominos

If you still need a bit of encouragement, look to the game of dominos. As you line dominos up, each domino can knock over another domino that is 1.5X larger. As each domino falls, it knocks over the next larger domino, until finally the largest domino falls. The same goes for business, each time you fail, if you learn something, you fail forward until one day you finally reach that overnight success that took you years in the making. So take courage, and start your domino reaction.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

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2. How Long Does It Take To Get A Trademark?

3. Why Are Patents Important?

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