Starting a business has never been easier – but there are still a few pitfalls that catch many people out. If you have a great idea, make sure you put the following protections in place to ensure you don’t slip up. They are a lot easier to do, and it makes complete sense to get started right away – tomorrow, even. Don’t forget – because Murphy’s Law suggests you will live to regret it.
- Register your company
Starting a business? Then register it straight away with the IRS. It only takes a few minutes out of your time, and it’s easy to forget. Start trading without registration, and you could land yourself in hot water. There’s plenty of guides out there to talk you through the process, or just head over to the IRS website for the basics. There are no excuses – at least that’s how the officials will see it if you get caught out.
- Protect your intellectual property
Make sure you claim any IP rights, patents, trademarks or anything that protects your idea from industrial espionage. Sadly, it’s still a common problem, as the business markets get ever more competitive. The good news is that it shouldn’t take you too long to protect your trademark or anything else. A quick chat with a business lawyer will start you on the right path.
- Get insurance
Even if you are a sole trader that feels you don’t need insurance, get it. You have no idea when an accident might happen, and you have to have protection. Without insurance, you will be leaving yourself completely exposed if someone makes a claim against you. It could be for faulty work that has cost someone money. It might be an accident in your home office. Or, you could end up getting all your equipment stolen by a burglar or thief. How confident are you that none of these issues will happen to you If you aren’t, you are going to need the protection insurance will give your business.
- Contract everything
A lot of new company owners don’t concern themselves with contracts. They are on the search for new business, after all, and contracts can often be seen as something that just gets in the way. But, without a contract, you might not get paid. No contract with a supplier and you may not get the raw materials you need to make a living. An employee without a contract could end up making a claim against you, or reveal company secrets to a competitor. If you don’t have the protection of contracts in every part of your business, you are asking for trouble.
- Get up and work
Finally, if you want your new company to succeed, you have to get up every day and embrace the challenge. Protecting your business starts – and ends – with you alone. If you aren’t prepared to get out there and make things happen, you won’t last long. Far too many people start a business, yet fail to understand the many challenges ahead. Embracing these difficulties is one of the best protections you can give your startup.
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