FIND OUT HOW TO GET YOUR BUSINESS IDEAS AND PRODUCTS SECURED
Sometimes this get off their hand because of the too much enthusiasm towards their new idea that they are already dreaming on how much money they are going to be getting at the end of the day by time the idea finally materialised forgetting that they need to secure their idea.
THESE ARE REASONS WHY PEOPLE LOSE THEIR BUSINESS IDEAS , PRODUCTS AND SERVICES
1) MEETING WRONG PEOPLE FOR ADVICE OR SHARING WITH
People of great business Ideas have lost their brilliant ideas to others by just seeking for advice or sharing with wrong people.
Many a times we think there are some people in our life that we can trust concerning issues of our life thinking that we are in a safe hands but sometimes we get disappointed at the end, such people can actually steal your business ideas when they know that it's great and the outcome of it is going to change your life if you implement it.Hence ,if you have already conceived a business Idea and you are thinking of whom you can seek advice from or share with ,you must be very careful,don't trust everybody ,even bosom friends can betray each other.
2) WRONG PARTNERSHIP
Sometimes when you have great business idea ,not all the time you have the adequate funds to carry out your ideas and implement it, most of the times you will need to partner with people, often times people that are richer than us will always be our first choice.
There is a danger in this generally, there are occasions where the owner of the idea will be kicked out of the business because he is not the one funding the business, or being threatened and but under control hence ,he has no say about the running of the business because " he that play the piper dictate the tune" so they say and he that has the money has the business. Human beings are wicked sometimes.Hence, be very careful.
WHAT CAN YOU DO TO AVOID PARTNERSHIP ?
- Start your business with the little capital you have and allow it grows over time, many big company you see today that are own by individuals, they started small, their is a big danger in wanting to start big sometimes
- if you don't have the required capital to start ,meet cooperate organization rather than meeting individuals.
- If you have collateral that can be used to secure loan from the bank ,you can approach banks ,there are financial institutions that are willing to give loan for your business provided you have the collateral.
- Meet organisations , there are organizations that want you to submit your business proposal and look through it to see if your business idea is visible and it can be implemented without so much risk for them if they invest into it, search for such in your area or online and submit your business plan (make sure you put up a great business plan or proposal that is visible and implementable, you can employ the services of professionals to write it for you)
- If you are so sure that your idea is going to bring to you good fortune, you can auction some of your properties such as landed properties, car etc to raise fund for your business.
IF YOU MUST GO INTO PARTNERSHIP WHAT MUST YOU DO?
- Get the service of a lawyer for legal backing in case of legal issues which may arise even between you and the person you a partnering with
- You must have a partnership agreement which can be formed by the assistance of your lawyer which we clearly state the terms and conditions of your partnership and duly signed by your lawyer
See this template for partnership agreement
* Partnership name and address
* Names of all partners
* Effective date and purpose of the partnership
* Voting requirements for business decisions
* Costs, based on percentage, of each partner
* How profit will be shared
* Information pertaining as regards financial, auditing and profits
* The Required contributions of any partners as well as deadline for the completion of contributions
* What are procedures that should be followed if a partner withdraws from the partnership
* What procedures must be taken to dissolve the partnership
3) DELAYED IMPLEMENTATION
Stop wasting time, be quick in taking action, stop talking start acting . What you think is only in your mind ,you will be surprised to find out that the same idea has come to the mind of many people, the first person to act becomes the person that takes the lead and every other person comes after him and you will be called the originator of the idea and people will give you credit for that ,people will prefer you to others and get you will the popularity for starting before others. The more you delay the implementation the higher the risk of losing the business idea.
THESE ARE WAYS TO PROTECT YOUR BUSINESS IDEAS
1) GET TRADEMARK
* It gives your business additional protection because most of the times the company's name is often closely related to your business idea
* When you register a trademark, the documentation used shows the date your business ideas was implemented. This date can actually serve as a proof showing when you began your business in case somebody wants to dispute it.
* Trademark plays important role in case of legal issues.
2) PERSONALITY AND ORGANISATIONAL RESEARCH
Before you enter into business with an individual or organisation ,it's very important you do your research very well to know their track records, research into their history of past business or partnership, if there is a cause for concern, which it can actually jeopardise your business if you involve the person or organisation, take caution. This research can be done through online or from the people they have partnered with in time past.
4) USE THESE 3 LEGAL TOOLS
A) NON-DISCLOSURE AGREEMENT (NDA)
This is an agreement signed with the person you want to share your business idea with and work together in carrying out your business. It makes the other party not to disclose the business idea to third party, hence it provides security for your business knowing fully well that the person you are working with has signed agreement not to disclose the business idea with anybody. If this agreement is without expiration, this is the best, it guarantees long-lasting security.
B) HIRE TO WORK FOR YOU AGREEMENT
In this case, you make somebody who you have hired or employed to come and fine tune or put finishing touches to your business idea to sign an agreement that every input he/ she makes still belongs to you but you will have to list the name of the person in your patent as co-inventor or Co-producer but with no right to what you have invented or produced.
C) NON- COMPETE AGREEMENT
This type of agreement is signed with the person you have hired like that of HIRE TO WORK FOR YOU AGREEMENT to help you fine tune your ideas or business but he will not be permitted to start the same business that will threaten or compete with yours within an established radius, he can go to another far place to establish its own.
In conclusion, don't do all of these alone, for accuracy and perfection, meet a lawyer and he will guide you properly and you will be rest assured that your business idea is secured.
Thank you for reading, you can make your contribution under comment for others to benefit..
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