You may have finally made the decision to pursue an ambitious business idea that causes you great excitement, but has attracted a lot of cynicism from family and friends, and worrying stories of underhand dealings and betrayed trust.
You decide to take the risk but although you have the passion and energy, you are unsure of how to go about managing or protecting your idea.
You feel that putting something in writing is necessary so that you can be clear on implementing your plan, especially as you try to explain your concept to interested parties who may even have ventured funding.
Potential business partners and ambitious suppliers/vendors may have made attractive offers and your idea have been so well received that additional money is needed to help launch it to its full potential.
Financial institutions may knock on your door offering you loans. We understand that where there is a lot of money to be made, one must be very careful.
It’s vital that you understand how to have your ideas protected and the relationships that you enter into – be they with partners, friends or financiers – crystal clear.
The best way to protect your business interests, or ‘intellectual property’, is to rely on a well-written agreement. This binding document is created to detail your legally enforceable rights and obligations, and those of your business partners, financiers and suppliers, among others.