/diy/ - Do It Yourself

How do I business?

I'm not sure if this is the right board for this but it's the only one I visit. I'm an engineer who knows absolutely nothing about running a business but I've randomly had an opportunity fall in my lap.

Over the last few months I developed a system of sensors that can be installed in cars. If the car moves, a window is broken, or the door opens the owner gets a text message warning as well as the usual car alarm response. It also can be used to track the vehicle. Some insurance companies have already said they'd lower rates for anybody who installs this so it could be a hot item.

My company's client didn't have any money to pay us for some reason so now we've got the technology and don't know what to do with it. My boss is a cool guy so he said I could own it and start my own business so long as he got a small percentage of the profit. That's totally fair since he was paying me as I developed it.

Has anybody done something like this before? The technology is developed and I have some test units, but I'd need to invest some money in mass producing them and somehow get the product in stores. Also given the nature of the product I'd need to lawyer up in case somebody doesn't put batteries in it tries to blame me for their car being stolen. I don't even know where to start. I have zero skills outside of programming and electronics. While getting my degree I had to take my intro economics course twice just to get a D.

Bumps