WELCOME to to our brand new business feature, where the Observer, in partnership with Angela Fitch, Development Manager, at Federation of Small Businesses, provide the tools to help local entrepreneurs turn their business idea into financially viable reality
THIS month, we will provide ideas, actions and links to help you to start and grow your own business.
So you’ve had an idea?
If you’re the first to come up with this particular idea you’re extremely lucky, but competition isn’t a bad thing; a great deal can be learned from competitors and competition keeps you on your toes.
Your business plan….
…. is a vital tool which can be used, not only to attract investment and loans from third parties, but also to keep you on course. Without a business plan your idea can easily creep, turning into something that you didn’t originally intend it to be, or stall, whilst you get on with the multitude of other things that demand your time. Business plans also help you to visualise the future of your product or service and, to some extent, predict cash flow.
Your Intellectual Property
Whilst Intellectual Property (IP) is important, and should be protected, try to resist the urge to spend all your time on guarding it; you need reach a balance whilst actually getting the job done!
Ideas are not considered IP and, consequently, can’t be protected. However, any work you have done on your idea can be protected either through: Copyright, Patent, Trademark, Design Registration, Confidentiality Agreements (also known as Non-disclosure Agreements), Design Right, Publication Right, Plant Breeders Right, Database Right, Trade Secrets and Protection Abroad.
For more information about any of the above contact the local FSB office at [email protected] or visit the following links:
www.fsb.org.uk – general business information
http://startups.co.uk/business-ideas/ – entrepreneurial thinking
https://www.gov.uk/write-business-plan – how to write your first Business Plan
http://www.ipo.gov.uk/ – how to protect your Intellectual Property
http://www.blueorchid.co.uk/local/worcestershire/ – starting a business in Worcestershire
