Your business strategy depends on your personality. You need to ask yourself if you are an inventor that wishes to keep inventing or if you are more of an entrepreneur.
a. Licensing your invention
A license is a written agreement in which you let someone else commercially use and develop your invention and in exchange you will receive money either at one time or continuing payments that are called royalties.
The main advantage of licensing is that you are not taking any risk if your invention doesn’t sell.
If you decide to license your invention you will have to create a prototype, market your invention and sometimes negotiate with the licensees. With a successful deal, the inventor will be able to keep inventing while still making money from the previous invention.
b. Financing your business, marketing and manufacturing your invention
If you decide to be an entrepreneurial inventor, you will be taking many risks but if you are successful the financial rewards will be much greater. However before you decide to undertake such a project you must be certain to be a good salesperson and be confident in you entrepreneurial skills.
You will have to create a prototype as well; mass produce the invention; find a distributor; collect payments and enforce patent rights.