As your startup business grows, making sure it’s properly protected is an absolute must. Idea theft and other issues are a very real threat. You might think that you’re protecting your startup properly, but are you really?
This guide will clue you in.
Carry Out Risk Assessments.
Take a good look at your business and carry out risk assessments to help you work out where your business could be in the most trouble. Then work out what you can do to minimize these risks from harming you. Don’t just do this once either. Set a schedule for it so you are regularly assessing your risk and working out what to do.
Make A Memorable Entry Into Your Market.
Trying to build your brand quickly, will help you grab the market share you want and become memorable. Using things like social media and PR is a good idea, but how you do it is up to you. If you can quickly establish yourself as a leader in the industry, people are much less likely to try to mimic you and copy your idea. Even if a business does still try to do it, they are unlikely to make much of a difference.
Print A Confidentiality Statement On Your Business Plan.
While you can get non disclosure agreements printed out, having people sign these before you meet with them can be difficult. Some may even find it insulting. You may have to give these up if you want to get into their good books. Instead, you might want to print a confidentiality statement on your business plan. This is a little easier than actually requesting and getting a signature.
Never Reveal Too Much Information Upfront.
If you reveal too much information when pitching your idea to a potential client, say, you run the risk of having your idea stolen. You don’t need to go into too much detail about how things work, for example. You just need to give the necessary information. However, if you ever pitch your idea to a lender, they’ll likely want to know as much as possible to workout whether they want to put their money into your business idea.
Trademark Your Name.
A company’s name is usually associated with the idea, so by trademarking your name, you could be adding a little extra layer of protection to your business model and plan.
Make Your Customers Feel Like They Know You.
Making your customers feel like they know you will make them much less likely to stray to copycats, and they’ll likely become some of your biggest advocates. By putting a face to your name and being authentic in your communications, your customers will be able to relate to you. They’ll become more emotionally invested in your brand and more likely to stick with you.
Create Strategic Partnerships In Your Industry.
If you begin to create strategic partnerships in your industry, any copycats will be less able to create those partnerships themselves. Not only that, you can work on getting more exposure this way.
Patent Your Idea Or Product.
If you’re sure your idea or product is unique, then make sure you patent it to protect it. Spending the money on this is a good investment and will stop you from getting any headaches in the future. Even once you’ve applied for your patent, having patent pending next to your name will stop people from stealing from you.
Secure Your Business Premises.
Make sure your business premises is as safe as you can make it. Install alarms. Strengthen doors. Have CCTV cameras. Do what you need to do to keep your staff and equipment safe. Make sure you’re fully prepared. You’ll also want to protect sensitive data from being stolen. You can secure expensive equipment to walls and floors for instance, and even tag your computers.
Put A Stop To Employee Theft.
Whether you’re hiring a part time or a full time employee, make sure you check out their references and background history. Make sure that you have a solid policy on theft and everybody knows about it. Petty cash and till money are two things that often get taken by employees, so keep your eye on them. If an employee does steal from you, make sure you’re prepared to take action quickly and decisively. This will stop people from doing the same thing in future.
Train Staff.
Make sure you train your staff so they know exactly what to do should they be faced with a serious threat. You should also be involved in the training! This is really important and will protect you in the event of an emergency. There are many workshops and even team building exercises you can use to help you.
Be Super Organized.
Being really organized when it comes to your stock can help you to keep track of everything. Carrying out regular stock checks and other measures will help you to keep track of what’s going on and where you can tighten up. You can easily find safety management software that can help you get organized.
Look At Your Security Measures At Least Once A Year.
Thieves are always evolving their methods. You should look at your security measures at least once a year in order to keep them up to date and a strong defence against theft. If your staff have any suggestions for you, take them into account and do your research. Don’t just leave them because they’ve done a good job so far. Hackers and other dangerous people are always working on ways to get the better of you and your defences.
If you are safe guarding your startup properly, you shouldn’t need to worry about data and equipment being stolen. You shouldn’t have to worry about your ideas or identity being stolen either. You need to make sure you are properly protected on every level in order to continue running a successful business. If you have any ideas and tips of your own, leave a comment.
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