Friday, 22 February 2013

Steps You Should Take To Protect Your Business Ideas

Good business ideas are hard to come by and when you do happen to think of an idea that sounds like it good generate good money, it is very important to protect it. In order to do so, you need to take certain steps that will ensure that your ideas cannot be used by any other individual or company.

Has this idea been used before?
Before you rush off to begin establishing your new business, conduct some market research to understand what are the scope of your business and the potential of your concept to materialize into reality. You also need to note whether or not an idea such as yours has been used before to ensure that you are not infringing upon someone else's copyrights. Hire a lawyer who specializes in copyrights and patents to help you establish your business successfully and to fully know what steps you need to take in order to make it marketable to investors, clients and consumers.

Establish your rights over the idea
Ensuring that you hold monopoly over your own idea requires taking certain necessary legal steps. These include taking forms and filling out the paperwork you need in order to get patents, trademarks or copyrights as these will let you use your ideas in the market openly. On doing so, you will also have to set up court dates in order to make your business an official one. You can always receive help or advice from a lawyer who specializes in these matters. Once the courts hand you the official documents stating that your concept is a recognised and legitimate business idea, you can finally put your thoughts into action.

Build up your brand
Consumers distinguish between different brands through identifying means such as logos, corporate colours, brand image and other symbols that are used to help a brand stand out from the others. Use these symbols to mark all your corporate stationary such as business cards, envelopes, letterheads and legal paperwork. This step will also prove to be useful once you start using marketing techniques to generate public interest and awareness for your brand, not to mention sales as well. In order to design these symbols, you can hire a small designing company or, if you are inclined towards the field, design it yourself. Remember, your symbols will represent who you are and the way you design it will send out a messages to your consumers.

Market your brand
Now that you have an established brand, one of the key ways to protect it from dying in the market is to generate consumer awareness about the brand and the products that it offers. This can be achieved in various ways such as constructing a website for your business including the corporate history, detailed descriptions of various products and a few pages portraying your skill in the industry. You can also release press releases in established newspapers or business journals in order to gain attention in the market. If you're worried about the amount of money you'll end up spending while using the mass media as a communication medium, you can resort to staging low-budget events in public areas such as malls, which is also a good way to let the consumer come in contact with your idea directly instead of through an advertisement. Although advertising is also a good way to generate public interest and awareness but it is quite costly and should be implemented only after you have managed to generate sales and are sure of your footing in the market. This is an extremely vital step as a brand's success depends on how many people know about the brand in the first place. - By Boman Rustom Irani

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