Protecting your business idea Spotting Trends Identifying a Niche Market Copying Ideas from other countries Taking the Scientific approach Franchising is an alternative to setting up your own business from scratch. A franchise allows a franchisee to Use a proven business idea Trade under a well know band name Receive help and support. Less risk Brand identity is already established Banks are usually more willing to lend to someone wishing to buy a franchise. Lower advertising and promotion costs Relationships with suppliers are already sorted out Training etc is generally provided. Costs may be higher then if operating as an independent. Could be adversely affected by bad press about other franchisees There are usually restrictions on how the business can be run May be difficult to sell on the franchise If the franchisor gets into financial difficulty or changes how things are done this will have an adverse impact Copyright = legal protection against copying for authors, composers and artists. Patents = an official document granting the holder the right to be the only user/producer of a new product/process. Trademarks = signs, logos, symbols or words displayed on a company’s product or advertising, distinguishing its brands from those of competitors. Books, information leaflets, film, computer programs etc. Need permission from the owner to copy. Copyright will generally last for 50 years. - Protecting a invention of a new process, piece of equipment, component or product. The Copyright, Designs and Patents Act 1988 – gives holders the monopoly right to use. Patents; Can be developed Can be bought/sold May attract takeovers Can be complex and expensive Powerful marketing tools Helps build the brand and helps customers to recognise the products Distinguish themselves from competitors. Registered at the UK Intellectual Property office.