Securing your business idea/plan

To make your idea a reality, you need to share it with other people, talk to other people to test your idea whether it is feasible or not. You need to share your idea with people in order to materialize your vision. Especially, those who are seeking funding to get their idea off the ground.

It is natural to be afraid that your idea might be stolen. A competitor could grab the idea and put it to use. Still, there are few things you can do to protect your idea or secure your business plan.

#1 – Know What to Share

One of the best ways to secure your idea is to only reveal what is necessary. Generally, your idea consists of three groups, including WHAT, WHY, and HOW. You can share your idea with people about – WHAT you want to do, WHY you want to do, and a little bit HOW you make it happens. Yet, it is not necessary to share every detail of how your product works to everyone; it is your trade secret. Except to investor who will likely want to invest in your idea.

#2 – Register Your Business or Trademark

If you can afford registering your business or trademark, it will work as protection in event a legal issue that might be arisen. The required documents to register business or trademark will serve as written proof that your business idea is belonged to you.

#3 – Non-Disclosure Agreement (NDA)

A non-disclosure agreement (NDA) is a mutual agreement between two parties not to share confidential information with third parties.

#4 – Non-Compete Agreement

A non-compete agreement prevents an individual or entity from starting a business that would compete or threaten yours within an established radius.

#5 – Service agreement

If you hire someone to help you do something, you should have a service agreement or contract. Within this agreement, you shall state about confidentiality.