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Sometimes ideas for new and improved products and services come when you least expect them and as the first to market a great idea will frequently take the lion's share you will need to strike when the iron is hot. You should also be aware that your competition is hot on your tail and looking for great ideas too.
Once you've had that breakthrough idea, the first thing you need to appreciate is the amount of planning, money, time, and effort that will needed to be able to turn your invention or idea into a new product or service for everyone to use; and to allow you to make a profit in the process! As Sir Allen Sugar says.
"Any fool can buy a product and sell it; it's selling it and making a profit that is the tricky bit"
Due to the large amount of investment required, the first thing you need to do is to research your idea and see if there is an existing product or service in the market. If there is, then you may need to rethink your strategy. Unless your idea is revolutionarily different, you may have a hard time persuading a customer base to change from a product/service they know and use.
If, however, your idea is unique, then you need to get it protected as quickly as possible to prevent other businesses dividing up your turf!
One of the easiest ways to protect your idea is to contact a copyright lawyer. For a small one-off fee they can research the copyright archives for you and highlight any similar products or any intellectual property that you might be (inadvertently) using in your product.
If you are trying to protect a service or an intangible piece f work such as a company logo or movie, then your new lawyer will ask for all original material which led to this item being created; so don't throw out the scrap of paper of which you originally jotted down the idea.
Once you are happy that the idea is truly unique and can be protected, the Trademark Office and the U.K. Patent Office can offer you protection over your new and innovative business method for a cost of between £1000 and £10,000. Although this sounds like a lot of money it does mean that anyone who wants to make or sell a product similar to yours must pay you a royalty.
Don't forget, when patenting an idea you should protect any words, logos, symbols, images, or graphics that are associated or identify your business or brand by trade marking them. To get a trademark you must fill out a separate application and submit it online, as well as in person at an office. The trademark has to be unique and completely original in order to get full legal protection on it. You may also want to protect your trade secrets that employees and business partners are privy too. To do this you must ensure that all employees sign non-disclosure agreements. These legally binding documents ensure that your (disgruntled) employees do not run off to your nearest competitor and spill the beans!
It is always best to be safe and get legal help from a true professional that is credible. There are web sites online that you can visit that have more detailed information about the registration process from legal experts and lawyers.
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