Starting a business is a long journey filled with challenges. They can range from a lack of start-up capital to researching your target audience. In fact, many businesses take years to develop. During this process, someone else may come up with the same business idea that you have. Therefore, it is important that you take steps to protect yourself.
Get it Patented
If you have a unique idea for a product or a service, get it recognized by law as your property so no one else can use it. While you can hope that no one steals your ideas, without the legal protection, you are leaving it up to chance. Start the process by researching in your state and contacting your local business council for guidance. There are also companies that specialize in helping businesses patent and trademark their products (see GHB Intellect). Although there will be costs involved, these companies will ensure that your property is protected.
See if You Can Implement NDAs
Non-disclosure agreements or NDA’s is another great tool for protecting your property. While some potential investors may frown on having to sign an NDA, most understand the reasons behind them.
Back up your need for an NDA with your market research and trend analysis. Offer them an exclusive deal on a product that’s going to change the face of the industry you’re moving into. The key is to get them interested in you and your business idea.
Be sure to hop into the Savvy Entrepreneur Private Facebook Community to collaborate, learn and grow with your fellow entrepreneurs and business owners.
Similar Posts by Savvy Entrepreneur:
10 Income Reports by Entrepreneurs for Entrepreneurs
https://savvyentrepreneur.co/10-income-reports-by-entrepreneurs-for-entrepreneurs/
Get More Customers Using Your Website, Email Marketing, and Social Media
https://savvyentrepreneur.co/get-more-customers-using-website-email-marketing-social-media/
Mastermind Groups for Entrepreneurs Foster Accountability
https://savvyentrepreneur.co/mastermind-groups-for-entrepreneurs-foster-accountability/
This is a Collaborative Post
