Only around 80% of new startups make it to their second year. If you think you’ve got a winning idea, what are you doing to ensure that it goes the distance?
Creating a business idea is fun and exciting. What’s not great is when a competitor takes it away from you and runs with it, demolishing your industry lead.
Beyond brainstorming, you need to know how to protect a business idea. Keep reading to learn everything you need to know about locking it down and finding success with your inspiration.
You might have heard the term intellectual property, but do you know what it means and how it applies to your business? There are different kinds you need to know about.
Essentially, intellectual property is anything that’s vital to your brand identity and business model. This can be anything from specific brand colors, to logos, to business models.
Types of Intellectual Property Protection
There are different kinds of property that you need to protect. Here are a few to think about:
- Copyright: original authored works, like books, music, and more
- Patent: this protects against third parties using or manufacturing your idea without your permission
- Trade secret: confidential information, like customer lists or formulas, that companies need to remain competitive
- Trademark: distinguishes your product from your competitors
Now that you know different types of intellectual property protections, you’re sure to spot them everywhere. Think of your favorite brands and study what they’ve done to protect themselves.
How to Protect a Business Idea
When you begin to build your startup, things are exciting and moving quickly. No matter how much fun you’re having, it’s important to document every step of your journey.
Take a lot of notes to ensure you can prove how you came up with your unique idea. If possible, time stamp it by mailing copies of your business ideas to yourself in a sealed envelope or retaining unaltered digital copies.
Besides documenting your ideas, file for intellectual property protections as soon as you can. Luckily, the process to apply for patents and more has gotten easier over the years and is more geared towards new startups.
Clear, detailed notes are key to ensuring you have the strongest protection available. Set aside some cash in case you need to hire an attorney to walk you through a more involved process.
Protect Yourself and Your Business
Your business is valuable. It’s just as valuable to know how to protect a business idea.
The last thing you want is for all of your hard work to go to waste. As fun and exciting as the first days of a new business creation is, you need to document everything and cover your bases.
Don’t let your unique and original inspiration slip through your fingers. If you’ve got a winning idea, protect it before running with it.
We’ve got a lot more info you can use to grow your brand and increase your revenue. Check out our other business and entertainment blogs to stay up to date with the latest and greatest news for entrepreneurs!