Do I approach my current employer about new business idea?

Discussion in 'Business Ideas' started by woody41, Feb 17, 2010.

  1. woody41

    woody41
    uix_expand uix_collapse
    New Member

    Joined:
    Feb 17, 2010
    Messages:
    1
    Likes Received:
    0
    I have developed a business idea that I have brought to 5 regional entities ($30-$60 million in annual revenues). The idea has been well received and discussions continue with 4 of the 5 entities. I work for a national firm with $500m in annual revenue, what concerns should I have about bringing this idea to my current employer (under the auspice of creating a new division)?

    Thanks in advance for your input!
     
  2. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,575
    Likes Received:
    1,165
    Welcome to our business forum woody41. I'd suggest that you may not have much to lose, by approaching your existing employer, although you will need to be conscious of IP issues as outlined below. By the sounds of it you will be progressing with this business idea, with or without your current employer.

    Assuming your idea is in some way related to your employer's business, they will have a strong knowledge of the potential market and they will obviously know you very well. Hence, they should be able to make a decision quite quickly, as to whether or not they wish to pursue the business.

    As you have been speaking to other companies, you most probably have some legal protection in place, such as an NDA. If you don't, this is something you need to seriously consider and you might want to use the same procedures when discussing the idea with your employer.

    Your employer might feel that they have some entitlement to any intellectual property associated with your idea, if they believe that you developed the idea during your time working with them. This is something you need to be conscious of and you might want to get some professional legal advice on the subject.

    Good luck with everything and please do post back with your thoughts and feedback.
     
  3. seanstevens

    seanstevens
    uix_expand uix_collapse
    Member

    Joined:
    Jul 27, 2009
    Messages:
    638
    Likes Received:
    2
    If you want your employers to benefit from the idea (as once you have put it out there the most you will get is a higher position in the company) then you will need to put together a business proposal. This should show your employer that you have put some thought into the idea. How much will it cost (effort and cash) to get it up and running? how long to break even? Profit margins? number of customers? etc.

    If you want to take it solo then firstly you need to look carefully at your employment contract to make sure you have no competition clause.
     
  4. DEADMAN

    DEADMAN
    uix_expand uix_collapse
    Member

    Joined:
    Apr 5, 2008
    Messages:
    641
    Likes Received:
    3
    Try to make yourself calm and be strong. Sometimes, a wrong and error saying may make your presence of bringing new idea wrong and weaker.

    It would be great if you can do some marketing research and bring some true proofs to support your ideas. Listening to marketing cases and bringing new goals would be itself motivational to the hearers. I wish you best for your new business ideas and it will be implemented successfully.
     
  5. anatomymodel

    anatomymodel
    uix_expand uix_collapse
    New Member

    Joined:
    Feb 1, 2010
    Messages:
    28
    Likes Received:
    0
    Go ahead.
    Ask up front what makes an "excellent" employee. Don't wait until your annual review to find out what you thought was important doesn't matter to the boss.
    Be sure to discuss your long-term goals and interests with your current employer.
     
  6. Johan King

    Johan King
    uix_expand uix_collapse
    New Member

    Joined:
    Feb 20, 2010
    Messages:
    2
    Likes Received:
    0
    Discuss the new offer with your current boss/supervisor. If you are a good employee and worth keeping, they usually match the offer.

    You can always say that you're not really interested in switching jobs because you enjoy what you do and where you are but salary that the new position offers is really appealing. Ask if they would be able to match the offer or what growth can you expect if you decide to decline the offer and stay where you are.
     

Share This Page