Protecting your Passion

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Most people take their passion and run with it.  Something triggers inside of you and voila… you are in business!  You new venture may be “on the side” for a while, or you may have been brave enough to quit your job, sell your house, and one week later you’re renting jetskis in the Bahamas.  Whatever the case, many small business owners are not very methodical about setting up their businesses.  It’s only a couple years later that they realize, “hmmmm, a business plan would be really helpful.”

I’m all for this passion… go with it and run with it.  Some people become very successful in spite of this happenstance.  But,  statistics (from Small Business Administration) show that two-thirds of new employer establishments survive at least two years, 44 percent survive at least four years, and 31 percent survive at least seven years.  And, these same statistics show owners with a plan, have much more likely hood of succeeding.

So, what are some of the *OTHER* things you should be thinking at the onset of your business?

Here’s a thought for you:

You have this great product, how do you protect it from being knocked off?  You have created (written, photographed, composed) something beautiful, how do you protect it from being used illegally?  You have a great brand name, how do you protect it from being used?  And, when is it necessary?

This week we are going to uncover the differences behind patents, copyrights and trademarks.  We’ll get into the nitty-gritty on each one, what you need for your business (and what you don’t need) and define how you can protect your business.

Here’s a primer:

• Patent – protects an invention
• Copyright – protects a creation (artwork, photography, writing, etc)
• Trademark – protects a trade name (that’s your brand name!)

See you tomorrow!