From the course: Creating a Business Plan
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Protect your market
From the course: Creating a Business Plan
Protect your market
- Just because you've built a business, it doesn't mean it's safe. And in your business plan, you should articulate how you're going to protect what you've built. How are you going to protect another company from taking your customers? Maybe you look at things like proprietary rights that you have to the product or service. You may look at things like patents or copyrights. Do you have trade secrets that nobody can replicate? Perhaps you put in place some noncompete agreements or other proprietary knowledge and skills that's going to keep your business safe from competitors taking your customers. Now, recognize a lot of people want to go down the patent or copyright path. However, that's costly and it takes a lot of time. Additionally, just because you have a patent or a copyright, it doesn't mean it can't be defeated. There are companies out there that will infringe upon your patents. There are companies who will sue you…
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