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Who Do I Talk to About a Business idea That I Don’t Want People to Steal?

Great business ideas barely come systematically. The little details tend to flood into our brains in the most unstructured way. Owing to that, to properly refine or even add more light to that very new business idea, you must organize your thoughts, and one of the very best ways to do this is by talking about the idea with someone reliable.

Unfortunately, a good number of prospective entrepreneurs hold on to their delicate ideas far too long before they start to consider sharing the ideas with someone in their trusted circle. Truth be told, so many business ideas have faded out of existence just because the prospective entrepreneur preferred to invest more time and energy into perfecting the idea in their head.

Indeed you must share and weigh your idea with a cadre of trusted advisors to obtain valid feedback. You will also need to refine your ideas further and carry out an extensive market analysis. You need to search for competitors, and nearby models, and determine if there are any significant obstacles to the execution.

To ensure you don’t waste your time and energy, you need to gather information, carry out your research, and validate that the business idea is viable. It is important you refine your ideas, and sharpen your concepts before investing your hard-earned resources and man-hours in an unmarketable idea or technological prototype that has no market value.

Who to Talk to About a Business idea

To help you with your business idea, it is pertinent you make time to talk with the following people;

  1. Your Spouse

Without doubts, your spouse should be the very first person you talk to about a business idea or even a thought that crossed your mind. Although this might seem natural, note that a good number of people become so obsessed with their new business idea that they barely create time to have a discussion with their spouse about how the business could influence their relationship, finances, and free time.

Have it in mind that starting a new business can be quite tasking, and the support of your spouse and family will make all the difference. It would do you well to know whether or not your family is prepared for the commitment and time that comes with starting a business.

  1. A Business Lawyer

If your idea contains information you feel someone can steal, like proprietary data, software, technology, recipe, process, etc. then you have to talk to an experienced lawyer first. Aside from helping to protect your idea and interests, talking to a business lawyer is very important especially when you are seeking ways to grow a new business idea. Have in mind you can discuss many aspects of your business with an experienced business lawyer.

You can consult them on things like your business structure, the contracts you will need before or after starting your business, any potential risks, and a whole lot more. Seeking the expertise of a lawyer at this point will help you protect yourself against future expensive mistakes and legal issues.

  1. A Mentor

Getting advice from someone well experienced in the business world is genuinely a good idea. Whether you are seeking to open your first business or your tenth business, consulting with someone who can give you independent business advice is a blessing that would go a very long way in your entrepreneurial journey.

A mentor is a cradle of information and experience. If possible, align with someone who is in your business area but not a direct competitor. Once you find a very experienced mentor, ensure to pick their brain. Request to know about any mistakes or hurdles they must have had while starting their business and how you can avoid those pitfalls.

  1. A Banker

A good number of business ideas will require some sort of external funding to take off. Also, note that you might need a loan at some point when starting a business. So, before starting your business, consider talking to a banker about your ideas to learn about available lending options.

They will help you know the ones you are eligible for, the application process, and the requirements and documentation you may have to organize to be ready for your application. You may want to ask your business adviser to recommend a banker, or you could ask other business colleagues for a suggestion. However, note that having a solid relationship with a bank can be helpful if you ever want to apply for that loan or line of credit.

  1. Potential Investors

Your articulation and planning stage is the best possible time to learn about what investors are looking for and how your pitch and business plan will warm up to them.

At this point, if you encounter any issues you can easily make adjustments or infuse details of what investors would be looking to see instead. Also, have it in mind that talking to potential investors about an idea before you start your business could propel them to invest when you launch the business.

  1. Friends

Although it is not always advisable to speak to family and friends about a new business idea, it will depend on the general nature of your relationship with them. How close are you to your friend? Do you talk very often? Are you generally supportive of each other? Would they feel upset if they found out you had kept it a secret from them for a few weeks or months? And more precisely, how would you feel?

From the answers you obtain from the above questions, you can then decide to let them know or not. In a close relationship, it is hard to hide such a big and important part of your life as a business. Avoiding their questions or even lying to them about it might not really be worth it.

  1. An Accountant

Every business idea comes with a financial side that will have to be handled properly. This may include choosing and registering the kind of business structure that is ideal for your new business. To do that, you have to discuss your goals and learn about taxes from an expert.

As your business grows, you will also need someone to help you make sense of your financial statements, and cash flow, and to strategically think through opportunities and challenges. You will also want to know the perfect time to purchase a new piece of machinery, finance expansion, or hire your first employee. Note that a well-experienced accountant or financial advisor can help you make better business decisions with confidence.

Once you have a business idea that you believe has real potential, don’t keep it to yourself! You should share it with trusted associates who can help you refine and perfect your vision, especially if they fall within your target market range and are potential customers for this business idea. Always remember that the smartest way to start a business is with as much information as possible.