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Creating Credibility

britterbritter subscriber Posts: 6
edited January 2008 in Selecting a Business
 
I am worried that when I approach potential investors or partners that my business proposal and name lacks credibility and protection.  I am looking towards trademarking and becoming an LLC to help with these issues.  Please advise.
 
Thank you to everyone at startupnation for your input.
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Comments

  • spungeyspungey subscriber Posts: 2
    What exactly is your business idea?  Surely you have something like an inkling of an elevator speech or something to share.
    Treading the line between keeping your jewels hidden (aka "due diligence") and divulging enough so that others can truly help you is a fine art.   One way to move that line advantageously is with careful use of non-disclosure and non-compete agreements.  When you approach potential partners, investors, advisors, and even in some cases vendors and clients, you should have some NDA`s ready to sign.
    Becoming an LLC mainly helps keep your business life and personal life from colliding (a sometimes violent affair.)
    Trademarking offers some level of protection to your idea.   Depending on what it is that you don`t want to talk about here, but that needs protection, you might consider finding a patent attorney.  Business processes -- not just devices -- can be patented.
    Good luck!
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  • stonesledgestonesledge subscriber Posts: 608 Silver Level Member
    Protection is great of course...the right entity is even better. BUT what is most important is your business going to make them money and can you prove it. Plan, Show and Excite. The other things are due diligence and a part of doing business, so get it done and get a great presentation together.
     
    Erin
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  • britterbritter subscriber Posts: 6
    I appreciate the advice and have been working constantly, but sadly I am not in charge of product development, a partner is, and he is taking is time.  So I am just trying to get everything done on my end and well, the experience is priceless.  And thanks to sites such as these I am able to gain some confidence when all seems lost. HAHA
     
    I love it!
     
    All the best everyone and thanks again for the advice.
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  • spungeyspungey subscriber Posts: 2
    Way to go Craig!  It`s certainly true in my experience that supreme confidence and crystal clear communication do more to keep my chances alive than a month of engineering.  Maybe that`s why its important to be passionate, because it shows through.
    Have you checked the resources and services tabs here?  Perhaps there`s at least one company that would (for a small fee, naturally) look over your business plan, listen to you elevator speech, and provide useful feedback on what you need to do to convert your would-be investors from ogres into suitors. 
    Business Growth Partners <http://www.bizgrowthmasters.com&gt; comes immediately to mind, but they`re surely not the only ones, and I haven`t dealt with them myself, so there`s no specific recommendation.
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