The excitement generated from a business launch is palpable. Everyone loves a good grand opening and it can be exhilarating to share your offerings to the world.
Making sure you’re ready to serve your customers can be time-consuming as you get everything just right.
If you’re bootstrapping your business or keeping things simple in the beginning, you may be saving all of your resources for immediate business needs that get your goods and services to market and generate income. While it’s understandable you may not have all your ducks lined up in a row, it is important to be mindful of some big-picture issues that need attention.
Your Business Needs Protection
Every business requires protection. Depending on your industry, there may be a variety of safeguards you need in place as your business grows.
Here are some tips to help protect your business before it takes off.
Tip #1: Create the appropriate business entity
Whether a sole proprietorship, LLC, or Corporation, your business needs a structure that protects you as an owner and the business as a whole. Determine which entity is best for your type of business and
make the proper filings. Also, open any necessary banking or governmental account you may need for compliance.
Tip #2: Craft policies and procedures
Having policies and procedures is crucial when your business takes off. Your expansion can be halted if you aren’t prepared to train employees or your support team. Document your operations information from the beginning so you can easily onboard staff and keep your momentum.
Tip #3: Determine your liabilities
Every industry has different liabilities. Explore what insurance coverages you need to safeguard yourself before there are any issues. From auto insurance, professional liability insurance, or workers’ compensation, be clear on what coverages you need to be safe.
Tip #4: Conduct proper trainings
Running a one man show, or having part-time help may be the standard in the beginning, but as your business takes off you may need to expand your team. Be sure to conduct proper trainings to ensure quality control and safety for your team and your customers. Having an employee manual, policies and
procedures, and documented trainings should become a standard practice.
Tip #5: Learn about your industry
You may not know everything you need to know about the legal, financial, or professional aspects of your industry. Be sure to educate yourself on any licenses, fees, or permits you need to be compliant.
Tip #6: Protect your intellectual property
Make sure you protect your goods and services by trademarking them when necessary.
Tip #7: Protect your online presence
Be sure to safeguard your online presence from cyber-attacks and to be in compliance with rules and regulations for websites.
Protecting your business in the beginning can reduce your vulnerability and ensure you are protected when things take off and get busier. You’ll be glad you took the time to cover your bases as your business grows.
