Starting a new business is exciting. You want to tell everybody about your new ideas, don’t you? I know I’d like to share a lot of my ideas with my friends, family, and co-workers. Then again, I’ve watched people steal ideas from other people countless times. Paranoid? Yes. On the other hand, it’s smart business to keep your ideas to yourself in the beginning.
Once you’re big enough, it’s not really a big deal. Most people will know about your product if you market it correctly. That’s the goal, isn’t it? The reason I suggest keeping your ideas to yourself in the beginning is to decrease the amount of unnecessary competition you will encounter during your fragile start-up phase. By simply keeping your ideas to yourself, you could avoid plenty of competition. Example: You tell your friends, who may tell their friends, who then turn around and tell their friends, and before you know it, two of them are going into the same field of business as you in the same location. You get the idea. You’ve heard this example a million times. Keep your secrets to yourself.
If someone you know does go into a similar field as you, what is the solution? When you get booked, send customers their way. Hopefully they return the favor and you can work together!
By the time your business is self sustaining, it’s likely you’ll have two or three other avenues of income and you won’t be as threatened by other competition. You’ll also have employees that will share your information with everyone. By then, this will be a good thing. Sooner or later, many people in the city you operate in will know about you, and you will probably inspire competition. Hopefully your business will be off the ground and you won’t have to sweat it.
This also goes for working for a brand new start-up or small business. Check with the owner. Maybe she wants you to keep certain information to yourself. If not, you should anyway!