Most businesses start from a simple idea. From the idea comes business plans, market and brand testing, and a host of other steps of which typically happen long before the business ever opens its doors. Make certain you add protecting your idea to this list to safeguard your efforts.
Always practice discretion when talking about your business idea to outsiders. This is true whether you are pitching your idea to an investor or performing market research with a group of potential clients. The more details you give about your plans, the easier it is for someone else to create a road-map to your success. Learn how to share the general idea while sparing the details, such as operational methods. Keep it short and to the point.
Get A Trademark
As you are likely aware, the period between an initial business idea and the actual opening of the business can be extensive. With so many businesses opening each day, by the time you get everything up and running there may be someone else out there with a similar name and idea as yours. If they have trademark their brand, you must start from ground zero. However, if you trademark your idea from the beginning, you're basically cementing your place in the market.
Prepare Nondisclosure Agreements
Consider preparing a non-disclosure, or confidentiality, agreement for anyone who you will be partnering with. In short, this document is a legal contract between you and the other entity that prevents them from sharing details about your business plans. This document is a good idea for everyone from an assistant to the engineer assisting you with your product model. This is an important part of protecting your hard work.
Keep A Detailed Record
Keep a detailed record of everything you do; from invoices to emails. Keeping a log of everything keeps you protected. When you have a record, you have more than he said, she said. You instead have it in writing, which is essential should you arrive at a conflict that must be handled in a courtroom. In addition to protecting yourself, keeping a record of all your activities can keep you better organized.
From the first day you come up with the idea, make sure you are treating it like a business. This mindset and your proactive steps can help safeguard your idea and put you on the right track for success. For more information, contact a local trademark attorney, like one from Mohajerian A Professional Law Corporation.