They tend to see the world differently and this gives them confidence to leave their jobs and take on the risk of starting a business head on. The more innovative you tend to be in your business, the more people will tend to copy your idea. You may require going steps ahead other than taking a unique logo to protect your business from people who would want to copy. Protecting your business idea is of utmost importance.

The first step to protecting your business is through documentation of all your process. Go an extra mile and document all the processes and keep them safe for future references. There are different types of documentation to protect your businesses, they include;

  1. Patents

This is protection for an invention. In invention, it can be getting a new product or a process. With a patent, no one can sell or recreate a product. To get a patent, apply for one. A patent expires after a short period of time and this requires that you pay for it for as long as you want it to apply. There are three types of patents that you may require to apply, design, utility and plant patents.  For most of the small businesses, you will require to get a utility or design patent. A utility patent protects a new and useful machine, process and article of manufacture. Design patents are used to protect original and new products while a plant patent will be useful when you discover and create new plant species.

  1. Trademarks

This is a form of business idea protection that protects your businesses’ name, logo and mission statement. A trade mark is used to distinguish your company from others.  The mark used in the trade marks represents your business brand as your own. When a business is registered under a trademark, it bars others from using it. A single trade mark can last for up to 10 years.

  1. Copyrights

A copyright protects original works like books, music and also movies. It protects how things are expressed but not the idea itself. Different labels are used to show whether your work can be copied or not. Licences to copyrights usually last for a long period of time of 70 years this guarantees you less worry of acquiring one.

Protecting your business should be your first priority. Acquiring patents, trademarks and copyrights isn’t a necessity but it will assist you to secure your business from your competitors. There are other ways of protecting your business like through non complete and non-disclosure agreements where your employees sign agreements and are not able to share confidential information regarding the business.

* DISCLOSURE:
Magazines and newspapers do not bother to mention this, but many reporters and sources of articles have interests or are rewarded by a third party to publish these articles. From time to time, the Rothschild website hosts external reporters and allows them a free platform, including the integration of links as they wish. The links in the articles may be sponsored links, for which the writer is compensated for commissions, favors or other interests of the writer and / or site.