How To Protect Your Business Ideas 


If you’ve come up with a great business idea, it’s smart to keep your lips sealed. Unfortunately there are many people around the world who would gladly take your idea and run with it. There are a few steps you can take to protect yourself legally and some common sense strategies too. 

Here’s how to protect your business ideas.

Take legal action to protect yourself. There are essentially four actions you can take legally to protect your business ideas. They include:

* Patents – requires registration and is used for protection for a unique product or innovative business method. Also is the most expensive option but can be well worth it and it provides solid protection for 20 years.

* Trademarks - Trademarks are words, symbols, logos and images that identify products or services. The registration fee ranges from $275-$375 depending on how you file. 

* Copyrights - Protects authors of original works, including literary, dramatic, musical, artistic and other intellectual works. You don’t need to register your material to have it protected by copyright law however the cost to do so is minimal, $45 and it helps to ensure your rights are protected.

* Trade Secrets – Are a little more difficult to describe and the easiest way to do so it so call it a recipe. A strategy, a secret recipe for coca cola is a good example. Trade secrets are generally protected by having those in the know sign non-disclosure agreements.

Common sense strategies of course also play an important role in protecting your business idea. If you have a great idea, keep it to yourself until you’re ready to take action. It’s also important, once you’re ready to take action to keep your idea to a group of limited and trusted people. And even though you’re working with a limited group of trusted people, if you’re particularly protective of your business idea, you want to have people sign a confidentiality or non-disclosure agreement that legally requires them to keep quiet.

Now you might be asking when is the right time to bring people in and trust them with your business idea?  That question depends largely on you and your comfort level however it’s always a good idea to have your plan for launching your business laid out as clearly and completely as possible. Then you can pull in the people you need to help you make your idea a reality. A

Additionally, when you’re taking legal action to protect your ideas, most of the registration processes can be handled by you however, if you’re asking people to sign a confidentiality or non-disclosure agreement, it may be wise to use an attorney so you can make sure you’re 100% protected and you have someone to contact if and when anyone breaks the confidentiality agreement. 

Finally, trust your instincts when it comes to protecting your business ideas. You likely have a good idea of who you can trust and the steps you need to protect yourself. Take the necessary steps and then focus on the future and the wonderful business you’re building. To your success!


