A good way is to pay him a flat-rate for whatever advice he gives you and the contracts he draws up for you. But if you can’t do this then give him a 1 per cent interest in the net amount which you may receive from your invention.
When you and your associates have decided on organizing a company the usual and proper way is to retain a lawyer and have him take care of the incorporation certificate, conduct the first meeting and open the books, to the end that it may all be done right and in good legal form.
After you have formed a partnership or a company and have the coveted capital to go ahead with the business, you and your associates must consider two problems and the way you work them out will decide whether your venture will lose money or _declare dividends_.
~The Problem of Manufacture.--~These two problems are the manufacturing and the marketing of your product and in this chapter we will talk about manufacturing it first and then take up the marketing end of it in the next chapter, for while they are closely allied in a common cause they have to be treated as entirely separate things.
In this respect a manufacturing concern is very like a human being in that it has a brain and a body. You and those interested with you are the brains of the organization and those who work for you, to the end that profits may pile up for your benefit and behoof, form the body.
On your head, most likely, will fall the responsibility of turning out a high-grade product at the lowest possible cost and to do this the right way and to the best advantage you must begin at the beginning and think and scheme out how you can obtain the best results with the least outlay of time, labor and money.
There are many ways to start in manufacturing your product but the _efficient_ way will depend on what you have to make, the number you are to make and the amount of capital you have to do it with.
~Farming out the Work.--~In the beginning you will often find it much cheaper, and hence more profitable, to give a contract to some manufacturer--who has a big factory fitted out with thousands of dollars worth of machine tools and a capable force of skilled mechanics--for a given number of the articles, or machines, you want to have made and delivered in and at a certain time.