This booklet gives basic guidance on how to legally protect your idea, and develop it into a reality. It aims to give you an overview of the issues you need to be aware of in turning your idea into a successful business.

If you need more detailed advice from experts, the guide directs you to appropriate professional organisations. You’ll also find a couple of examples of successful ideas which have been developed into businesses.

Contents:

Research 3
What is intellectual property (IP) 3
Choosing a business strategy 5
Working with other people and organisations 6
Confidentiality 6
Keeping hold of your idea (enforcement) 7
Making sure your idea is original 8
Develop your idea 9
Assessing potential markets 10
Identifying your competitors 11
Planning your project 12
Funding your business 13
Attracting partners 14
Govenment support 15
Checklist 16
Case study (FireAngel®) 17
Case study (Solio) 18

Download My idea: is it a business?

PDF format, 3MB, 24Pages. Published by UK Intellectual Property Office.

UK Intellectual Property Office is an operating name of the Patent Office

Checklist:

• Check that the idea is new.
• Assess where you will fit in the market.
  • Choose your target customers.
  • Know your customers’ needs, identify the types of customers and how to sell to them.
  • Set out your costs and find out what customers will pay.
• Identify competitors.
• Protect your idea with appropriate IP and think about enforcement.
• Prove the idea works.
  • Research and develop your business, new products and services.
  • Get the design right, test it and develop prototypes.
• Get the professional help you need, for example:
  • Business advisors, solicitors, accountants, and patent and trademark attorneys.
• Sort out a business plan.
  • How do I survive until my business is off the ground?
  • Predict and plan your sales.
  • Plan your marketing strategy, and identify potential sales methods.
  • Do market research and get market reports.
  • Choose and protect your business name, and create a brand.
• Use your business plan to get funding, for example.
  • Investors (equity), business partners, grants or venture capitalists.
• Consider your business options.
  • For example, licensing, manufacturing, joint venture, franchising, subcontracting and so on.
• Starting a business.
  • Budget and plan your business.
  • Plan your cashflow and how to get paid on time.
  • Examine your finance options, both to start off with and if you run out.
  • Decide whether to lease or buy assets.
  • Choose the legal structure for your business.
  • Choose and run a business bank account.
  • Sort out your tax and record-keeping.
  • Assess whether you are responsible for paying National Insurance, business rates, VAT, and other business taxes, reliefs and allowances.
  • Assess risks and your responsibilities for health, safety, security and the environment.
  • Insure your business and its assets and get liability insurance.
  • Set up your premises and negotiate with suppliers.
• Running the business.
  • Pricing the product or service.
  • Marketing your product or service and staying ahead in the market.
  • Control your business costs and stock.
  • Consider whether to sell direct, how you will distribute your products, and setting up and promoting your business online.
  • Get the most from IT in your business – for example, through e-marketing, e-commerce, and accepting online payments.
• Keeping to the law.
  • For example, the Sale of Goods Act, Data Protection, fair trading, trade descriptions and trading standards, product liability, the Information Commissioner’s regulations.
  • Review the regulations that affect your business, investigate and apply for the licences and permits.

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