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Starting a Business

How do I decide whether I should license my product to someone else or manufacture it myself?

I live in West Palm Beach and I have a patent that I am developing. I have a proof of concept prototype but now I need help in deciding whether I should license the product to someone else or manufacture it myself. Both have pros and cons. The patent is pending and I have filed a PCT. I am trying to write a business plan and calculate the cost of a start-up and need some guidence. It is a pet product and contains plastic and some electronics. I think more women will buy it.
Opinions expressed by Entrepreneur contributors are their own.
<P>Lucy</P>
<P>Great question, it's almost like asking how long a piece of string is.  Running a complete business on a single product line is always very difficult to get to a level of profitability.</P>
<P>That said, if you have a large profit margin and a massive supplier system (like a Walmart type buyer), the decision to go it alone is a very valid one.  From what you mention about the product I am not sure you are trying to sell millions of them.  If that's the case, I would generally look for a company with an existing distribution system to either sell it to or partner with.</P>
<P>All the Best, Brad Sugars</P>