10 Steps if Thinking of Franchising your Business: Step 3
If you have decided you have a workable business model and want to press ahead on with plans for franchising you need to ensure your intellectual property rights are protected. In franchising this will usually be your business know how and the brand name, style and logo (potential trade marks).
You may not think you have intellectual property rights in your business but if you have a successful business formula you will have built brand awareness and business know how and thus accrued intellectual property rights Putting in place measures to safeguard those rights will help safeguard the successful formula business you have created and will also demonstrate to would be franchisees that you are shielding the brand.
Some intellectual property rights are capable of registration such as trade marking a name, sign or logo. Some intellectual property rights cannot be registered such as confidential information, business know how and copyright – but protections can and should still be put into place.
It is very important that you take legal advice on protecting the intellectual property rights of your franchise business before you set up as a franchisor, before you start looking for franchisees and before you talk to would be franchisees.
Call now to speak to a franchise solicitor and receive free initial, no obligation advice.