Owning a business means wearing many hats. In addition to the ideas that make your business unique, you may also be the person in charge of marketing, accounting, designing and many other tasks.
While your business may be growing, you still consider yourself a small business owner. You may think of your company as “too small” to need intellectual property protection, or you may believe that protection will not be worth the investment.
Here are two ways protecting your intellectual property can add value to your business, no matter what size it is.
A claim on what makes you different
Many pieces to your business set you apart and help you build your company. While they may not seem significant while your business is small, they add a significant impact. It is essential to protect IP such as:
- Trade dress
- Patent-able products
Your branding is how your clients recognize your products. The longer your business is in the marketplace, the more recognizable your branding will be. Protecting your branding before someone else tries to copy your ideas is important.
In addition to patent and trademark protection, you may also need your employees to sign nondisclosure agreements (NDAs) to protect information like client lists and business processes.
Value for your business
Currently, you may have no plans to sell your business. However, there will come a time when you either need to sell your business or pass it on to someone else.
Protecting your brand adds value to your business. When the sale price of your company includes the trademarks and patents for your products and trade dress, it assures a buyer that they have protection from competitors who may try to steal the ideas that made your business successful.
While you may have built your business on your own hard work, getting IP protection is not something to do on your own. You should talk to an experienced professional about protecting your business’s intellectual property.