How to Protect Your Business from Copycats

Intellectual Property (or IP) is incredibly valuable in the age of technology but, sadly, it’s also extremely volatile and can be easily snatched or copied if not properly protected. In most lucrative business niches the competition is fierce and you usually have to fight the big guys as well as the small guys looking to find a good idea and run with it.

In addition, startups are amazing opponents because they can move a lot quicker than the big guys. Therefore, if your idea is leaked, you may find the market flooded with a copycat idea way before you have a chance to consider legal protection. 

So what is there to do in order to make sure your business thrives?

Here are a few tips from successful entrepreneurs who went through the craziness of starting a business several times: 

Protect Your Valuables

Find the best legal ways to protect your ideas, innovative products and services, and overall business concept. 

For instance, your brand is the image of your business and customers will associate it with your products or services (in time, of course). But for this to happen, you must make sure your brand is unique in the market, which is why you should register it as a trademark. Moreover, you can use a reliable partner like Nominus.com to help you sort out the legal challenges and move the process along. 

The same goes for patents, copyrights, and trade secrets. Before you take any step out into the world, it’s best to know all the methods of protection you can use. 

Start Brand Building ASAP

Just imagine working on an idea of the brand, product, and overall business processes for months, and when it’s launch time, someone else beats you to the punch! It’s incredibly frustrating and can bury all your efforts. 

Therefore, once you have the ideas and legal protections in work, start building your brand and get it out there as soon as possible! 

At first, it’s rather difficult to grab a market share, but it’s going to be even more difficult if you lose the start and competitors advance before you make a move. So, once you launch, focus on aggressive campaigns to increase brand awareness and get the word of mouth going. Luckily, there are plenty of mediums you can use from good old-fashioned PR to online marketing and social media promotions. 

Networking & Partners

A small business can make a big splash with the help of a few well-chosen big partners, but it takes a bit of hard work to find them and get them to agree on a partnership. Therefore, once you decide to become an entrepreneur, look for any networking possibilities and try to get in touch with both partners in your niche. 

Also, once the business is up and running, continue networking and don’t stop looking for your next partnership. The right partners can also be some of your most reliable investors too.

Wrap Up

Your business is unique and deserves to have the right type of exposure in order to gather customers. The tips above are helpful when it comes to protecting your ideas and dreams, and these fundraising ideas should help you find the best way to keep things going strong.

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.