Productivity

Why Protecting your Business Ideas is a Must Especially from those you Trust

Protecting your Business Ideas

I was hoping I would never have to write about this topic because it's a hard one. Plus we all would like to believe it would never happen.

I have always been protective of my business ideas when it comes to talking to other professionals. But just like you I am as open as a butterfly when sharing my ideas with friends and family members because I trust them.

This is why this topic is a hard one to write because we love our family and friends. So to think that by sharing private business ideas with someone you love and trust, who would listen, agree and then steal your idea is unthinkable. Well, it is real, it can happen and it does happen, unfortunately.

Don't underestimate the power of a great idea, when another person has none but wants to start a business like you. The last thing on your mind is safeguarding your ideas when you are so excited & just bursting at the seams to share.

We will continue to, not think of those we trust betraying us until it actually happens. However saying that it has happened or it's happening right now to you, so as hard as it may seem, it's now you have to be extra professional.

Before I share 4 ways of protecting your business ideas, I do want to say this:

Those who do steal other people's ideas are disrespectful. It wouldn't be any easier to deal with if it was a stranger who did the dirty deed but at least you may not see them again. But when it's close to home and someone you know that's when it cuts really deep. The worse case I do believe is when your family member or friend comes in on your business idea as a partner & then decides to go their own way with your business idea too. So now that person has not just disrespected you by taking your idea, but now they are effectively your competitor.

With that in mind let's look to protecting those business ideas.

1 Before you talk, think

Don't share all your ideas details. Easier said than done I know, but you do have to try and get your mind into gear before opening your mouth. If this idea is your future, then you have to think hard before sharing.

2 Be careful who you go into business with

It's great when you share your idea with a family member or friend & they too get excited by it, to the point that you both decide to become business partners. There are some questions you should ask before leaping into a partnership due to the excitement.

- What can he/she bring to the table apart from being your relation or friend
- Is your vision & goals for the business theirs too?
- How would you feel about accepting changes from your new business partner
- What happens if both parties disagree on a decision, how will it be sorted?

3 Get Legal

If you still decide this business partnership is what you really want, then all that is left is to get legal. Get solicitors involved, get contracts drawn up, get it witnessed and signed, simple.

This is not a game, it's your life, your future so getting legal right out of the gate is the right thing to do. Either you get the contracts drawn up or you both decide on what happens if either of you wants out. No matter how many points it takes, list them all, even the scenarios you think may not happen. Its better to be safe than sorry. It's a lot to think about but it needs to be done.

4 Victim + Strength + Head held High = U Win

Last but no means least, if you do get your business idea stolen be ubber professional. I know you want to do a wresting move from the high ropes but losing your cool is what we don't want you to do. All acceptable emotions however it's now you need to have a level head to take your next steps.

Ya need to evaluate where you are, what they have taken & what you need to do in order to get your business idea back on track your way.

Round up..

It's a horrible position to be in, however it's not uncommon. Be prepared before you share and if your business partnership does breakdown and there's no legal contract in place, grit your teeth and build up your business. You have the advantage, you had the idea, you developed it & saw it grow & you can see the final goal.

Janet Walker helps small business owners share their Gift. By simplifying Getting Traffic | Blogging for Business | Content Creation | Monetizing your Skillz. When she's not in business mode (which is hard not to be) she's being creative somehow or making a mean green juice or busy in her polytunnel learning how to grow vegetables.

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6 Comments. Leave new

  • I agree. I had a friend do something to me that hurt me and my business more than I can say. Unforunately it is a lesson that most learn AFTER it happens….you want to trust those who you trust!?!? Great article!! ~KM
    Krafty Max recently posted…Manic Monday 8/19/13My Profile

    Reply
    • Hi Krafty,

      Sorry to hear you were a victim. Yes these lessons learned will always be after its happened. We will always want to think we don’t need to protect ideas from those we trust. It’s a shame because if we want to trust them, why is it so hard for them to return the favor.

      I hope you are still building your business Krafty.

      Blessings Janet

      Reply
  • Hi Janet
    as always, a great article – common sense and down to earth approach which is very important I think when you are discussing such an issue.
    I have shared and tweeted as it is a fab piece…
    All the best
    Trixie
    x

    Reply
    • Hi Ya Trixie,

      How you doing? Thanks for the share. We do need common sense when dealing with such issues However all that falls at the waist side when you are chatting with those you love and they are excited for you too. I think it’s something that won’t become a easy habit to keep up, we can all but try.

      Blessings Janet

      Reply
  • Definitely food for thought.

    Reply

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