When you’re starting out with a new business idea, it’s easy to get carried away with your thoughts and ideas. They are the most important things on your mind, of course. But if you want success, you are going to have to consider thinking about less exciting – but equally important – things.
The nuts and bolts of your operation are just as critical to your bright ideas. And, securing your business future is one of the key tasks you need to do right from the off. Here’s a rundown of the nuts and bolts of securing your new business now to protect it from ruin in the future.
Hire a lawyer
The earlier you get a reputable legal firm involved with your business, the better. If anything goes wrong – as it often does in business – they will be your go-to people for advice. Good business lawyers are, quite simply, indispensable.
Look for a firm or individual with experience in your field. It’s also a good idea to look out for someone with tax experience if you are expecting challenges from HMRC. Take your time to find the right person for the job, and it is a relationship you will be able to count on for many years to come.
Insurance
Liability insurance is a must, if a customer, employee or contractor injures themselves while on your premises. Also, make sure that you have insurance covering you for your line of business. For example, if you are a contractor, you should look into errors and omissions cover. It will help you protect yourself against accusations from clients and customers if they believe you have done something wrong.
It’s also vital to insure yourself when drawing up contracts – discuss doing so with your lawyer. You should consider putting in clauses that state your liabilities for when you cannot fulfil each contract. You need to account for issues like long-term illness or natural disasters. Failure to do so means you could find yourself facing liability for incomplete work.
Systems
The vast majority of businesses these days use computers. So, it is critical that you start off on the front foot here, by investing into robust protection for all your technology systems. Antivirus and online security are essential, of course.
But you should also look into ways of backing up your files. According to Datto, accidental deletions and malicious attacks can have an adverse impact on your chances of success. Keeping your data offsite in a safe environment will mean you can get back to work quicker after suffering from an outage or downtime.
Your public image
Don’t underestimate how much your public image will shape the perception of your business in the years ahead. If you want to achieve genuine business success, there is a lot to avoid.
Be careful about what you say and do in the public eye. Think carefully about who you work with – doing business with Machiavellian types will give you trouble further on down the line. Finally, make sure you look after your employees, too. Any hint of exploitation will damage your image in a significant way.
