Other Important Considerations

Learn about importing, patents, trademarks, copyrights, and even how to purchase another business in this section.

Importing Goods from Other Countries

There are real and ongoing concerns about importing goods. Overseas plants can have environmental and safety issues that should be concerning. Paperwork, laws, duties, transportation, and lead times that require extra organization and management can be demanding. Unfortunately, the majority of plants are built for large quantities, minimums can be an issue and the economies of scale generally come from higher volumes.

Patents, Trademarks, and Copyrights

All entrepreneurs want to and frequently need to protect their innovations. The questions then become can you and do you need to? You need to consider patents trademarks and copyrights.  You do need to protect many technological innovations. You also need to understand the limits of protection, especially if your idea is not really new.

Evaluating and Buying a Business 

Buying a business is generally faster, less risky in terms of being a known entity and already has an operations system in place. The most important aspect of buying a business is: is it for you? Anything less than a good fit will turn your dream into a nightmare quickly.  Take time to do some soul searching before you begin to prospect for a business and when you begin, if you find something, make sure it is right for you.