It might be stating the obvious to say you have a lot on your plate as an entrepreneur. Every day, you need to concentrate on finances, business growth, networking, and – something that is frequently overlooked – business protection.
Entrepreneurship is not for everyone. Often, it takes years of dedication, many hours, and little recognition to achieve success. Numerous entrepreneurs quit up or fail for a variety of reasons, including financial constraints. According to statistics, more than half of all enterprises in the United States fail after five years.
As an entrepreneur you will be someone with enormous ideas and a lot of motivation, the last thing you want to find out is that someone stole your vision, your online data was hacked, or you are on the wrong side of a lawsuit that you cannot pay. But how can you avoid these problems while still getting your new venture up and running?
Find A Good Lawyer
In fact, find more than one. You need a business lawyer to help you navigate your legal responsibilities as an entrepreneur, make sure you are registered correctly, and determine your employer’s obligations if you wish to hire staff.
Correct Insurance
It’s impossible to run a business without insurance. Whatever the case, the right insurance will cover the associated costs, whether it’s damage to a property, a client’s dissatisfaction, or an employee’s injury at work.
You can then show clients, customers, and staff your proof of insurance when you have the correct business insurance. Use an online certification for easy access to your insurance certificate.
It might be an idea to look for a cover that can protect your income if you cannot work. Finding expert legal services can help you to claim if you are in an accident. Still, recovery times can be lengthy for accidents or illnesses, and being adequately insured in this area can support you if you can’t work.
CyberSecurity
It would be best if you took as many precautions as possible to prevent a cyberattack. Software, hardware, and electronic data are protected from hackers, with the most outstanding cybersecurity software available today. The UK alone saw a 50% increase in cybercrime last year, and over 1,200 attacks were reported resulting in over 20 million leaked records.
The safety of their business should be a top priority for every entrepreneur. It is possible to continue growing your business while avoiding terrible conditions that cost you time, money, and anxiety. It is worth bearing in mind that data breaches can come with hefty fines, not to mention a loss in reputation.
Trademark
By trademarking your brand, you may quickly improve your brand’s image, making it easier to defend your business in the future in the event of a lawsuit. You want your work to stay yours uniquely, and trademarking will assist you in accomplishing that goal.
If you are selling your goods at the time of trademark registration, the total cost of trademark registration will be $950 for the flat legal fee and $350 for the US Government filing fee per class. As a result, the total cost of the process for a single class application will be $1225.
NDAs
By requiring employees to sign non-disclosure agreements, you may ensure that your trade secrets remain private. This is critical even if the information appears trivial, as another business obtaining it could increase rivalry, which will only impede your company’s growth. Thus, by utilizing NDAs, you may ensure that your ideas and methods are adequately protected.
Copyright
As a business, you should copyright various things, including published works such as music or film. You can ensure that your work is not used without your permission by copyrighting all of your online content.
If you choose to copyright without a lawyer, you can do so for as little as $35. Most companies will pay around $65 per copyright, and this can be done electronically.
Don’t Overshare
This one may seem straightforward, but you’d be shocked how easily you may slip and divulge your business’s closely guarded secrets at a cocktail party or the gym. Consider this — you are unaware of every other firm’s practices, ideas, and secrets, so why should they be aware of yours? While most individuals do not steal information, it is always better to keep your unique ideas to yourself (and those who need to know).
When it comes to protecting your new venture, the trick is to act fast and preempt any issues before they potentially arise. This can help you avoid the possibility of someone replicating your idea either deceptively or by coincidence and help you make sure you are keeping within the law to support your new business and yourself now and in the future.
BY TECHIE MAMMA