Protecting Your Business Interests: A Guide For StartupsWednesday, April 19, 2017
It’s easy to get caught up in all the thrills and spills of starting a new business. You have a very good idea, and your mind starts to think about how you can market your product, get it out there, and earn yourself a fortune. The trouble is, there is a lot more to running a startup than dreams of success, wealth, and product development - and many new businesses fail because they fail to address the nuts and bolts. With this in mind, I’ve put together some the critical things you need to think about for your startup. They aren’t the most interesting subjects to tackle in the world, of course, but it is critical that you cover your back if you want to enjoy any kind of success. Let’s take a look at how you can protect your business interests right from day one of your startup.
Hire a Lawyer
Don’t assume that you only need a lawyer when legal trouble rears its head. As a new business, you will need help with the law in many different scenarios, just to get yourself started. As the http://www.asb-law.com/ website points out, there is everything from intellectual property and contracts through to company formation and health and safety issues to sort out. And if you think you will have the time to sort all that out by yourself, you are entirely mistaken.
Another thing that can sink your business opportunities before even getting started is choosing the wrong name to trade under. You should always spend a long time checking for registered trademarks to ensure you aren’t stepping on anyone else’s toes. It would be heartbreaking to get your business off the ground and then find a letter from a lawyer demanding you stop using your name - and a few simple checks beforehand are all you need to ensure it doesn’t happen. Don’t forget, if you plan on branching out internationally, you will also need to check trademarks in other countries, too.
Robust IT Protection
Once your business is up and running, you will be starting to collect highly valuable information from customers and suppliers alike. The problem is, according to http://startups.co.uk/, there are plenty of nefarious types that also see that data as valuable, and could try and steal it from you. It should go without saying these days that IT and Internet security should be taken seriously, but many startups fail to consider it - and often end up in a serious pickle once they are hacked.
Things go wrong all the time in business, just as they do in everyday life. And while no one likes discussing - or paying for - insurance, it is a vital part of ensuring your business is protected when disaster strikes. Whether it’s equipment malfunction, theft, a health and safety issue or a compensation claim, insurance means you won’t be left high and dry financially when things go wrong.
Health and Safety
Finally, be sure to take your health and safety responsibilities seriously when you start a business. Even if you have a small team, it can have a critical impact on your company if there is an accident or emergency situation on your promises. Many new businesses have gone under after having to pay out massive amounts of compensatory money to claimants - don't let it happen to yours.