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How to safeguard lucrative business ideas

For entrepreneurs in California, innovative ideas can bring about a great deal of success. That's why many business owners have concerns about their ideas being stolen by competitors and used for financial gain. There are steps you can take to prevent this from happening however, as illustrated by Inc.

Put Things In Writing

Business matters are usually discussed on many different platforms. This includes in-person meetings and phone calls, which can make it difficult to refer back to discussions in the event there is a dispute down the line. Having a record of conversations, when they occurred, and what was discussed is very helpful in this regard. Sending a follow up email is recommended, as this establishes the content of the meeting and what was agreed upon. In the event you do end up in court this information will prove extremely useful.

Know Best Practices for Non-Disclosure Agreements

There are many different types of non-disclosure agreements (NDAs), each of which offer different levels of protection. Knowing which one best suits your situation is crucial to secure your valuable ideas. For instance, some NDAs entail terms while others do not, and some hold both parties to non-disclosure (these are known as mutual NDAs). If you have questions about the best protection for your needs, consult with an attorney.

Find a Foothold in the Market

Establishing a foothold in the market will allow you to stand out to consumers. The goal is to make your business synonymous with the goods or services you're offering. This will give your competitors less leverage with your ideas, as consumers may view them as imitations of the real thing. You can also work to create solid relationships with retailers and manufacturers to ensure you have priority over other businesses.

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