Should you ever keep your business plans a secret?

Sometimes we can feel that when we’re setting up a business that we’ve got to keep our cards close to her chest.

If you’re looking to develop a business and you think it’s a fantastic idea naturally you’ll want to be protective over your baby but is this actually productive? Should you keep your business plans a secret?

What are you worried about?

If you think you’ve got an amazing idea but you are so concerned that it will be stolen there are ways and means to protect yourself, like Patent Box. If you’re wondering what is Patent Box? It’s a way for you to protect your intellectual property. One of the main reasons we can have numerous concerns about our business idea is that if it’s stolen we will have nothing to show for it. It’s a good idea to have a little bit of legal knowledge behind you but also file a patent regardless of whatever the idea is.

Are you denying your product an audience?

You may be spending time fine-tuning everything so it’s just right by the time it’s ready to launch but at this point, perfectionism isn’t ideal. Ultimately you will be learning from the general public as to whether the product needs additional fine-tuning. Because a product can go through so many different changes in its life, in private and in public, sometimes it’s better for you to get your product out there and see if it sinks or swims. 

Is the idea not strong enough?

Keeping something a secret isn’t necessarily because it’s a good idea. If you are looking to keep something a secret because it’s not ready yet, you have to remember that all in the execution. An idea is great but it’s all about how the idea is implemented. It’s one of the biggest shoes many modern businesses have that they have so many different ideas for not necessarily the ways and means to execute it adequately. While it’s important to have some legal background knowledge in order to protect your intellectual property you must remember that growing the product is where you will learn how to improve it. 

There is no need to move right away

There is always that temptation to strike while the iron is hot but when we have this perception that we got to get the product out there as soon as possible it can very well be under baked but also that there have been many other businesses out there that realise the importance of playing the waiting game. A very good example is Samsung. They started way after Apple but have spent a long time focusing on product development. There is no such thing as coming first in the race. And if you have a good idea, it’s important to see it through to completion but also get the opinions of others and collaborate so the idea is as strong as possible.

Keeping your business plans the secret is a good idea in theory if you have a good idea but a good idea isn’t everything. Plans are only a blueprint, not the finished product.