Running your own business can be a real adventure, the opportunity to realise your dreams, and be your own boss. From the get-go it’s plenty of hard work, you’ll have so many important operations to consider. To help you to protect the interests of your startup, take a look at these seven essential steps.
According to TitanFile, ‘Cybercrime is up 600% due to the COVID-19 pandemic.’
You’ll want to avoid a cyberattack at all costs, these disruptions are incredibly expensive plus your business could end up losing valuable and private data. All businesses need robust cybersecurity protection to stay safe online. Startups need to use antivirus and malware software, and cloud security software. Businesses should use both mobile device management and multi-factor authentication, both of these systems will help you to protect your data.
2 . Insurance Coverage
All companies need some kind of legal protection to keep their assets and interests safe. Most companies will need general liability insurance, this insurance will protect you if a member of the public tries to make a claim. Members of the public might sue in incidents of injury or property damage. Other types of insurance that you might need include cyber insurance and worker’s compensation insurance. Depending what type of business you run there might be special types of insurance that apply to you. For example, wedding photographers will need to invest in Wedding Photography Insurance.
- Building Security
If you have a physical premises you’ll also need to think about the security of your building. It’s important to protect your premises with security cameras, a key code entry, and an alarm system. You should make sure that your building has insurance, and that you hire a security guard should you need to. You’ll also need to adhere to the correct fire safety procedures and protocols, to keep your building safe.
- Protect Your Intellectual Property
Businesses must also take steps to protect their intellectual property, you can do so by obtaining copyrights and trademarks to protect your designs, products, and branding. Many brands may need to obtain patents for their products. A patent refers to an exclusive right for something you’ve invented. The patent means that the owner can stop the invention from being used by other brands, or control how they use it. You’ll want to take steps to protect your website content, and there are many ways that you can do that:
- Ensure that you use a watermark on your images.
- Use a DMCA badge on your website.
- You can try using the ‘content copy protection plugin’ for WordPress.
- Consider Your Reputation
Companies need to ensure that they look after their online reputation, and there are many ways to do this. You might work with reputation management services, these services can help you to manage your reputation online. You’ll gain support with monitoring your reputation and maintaining a positive image. Reputation management companies can track and acquire reviews, provide damage control, track your social media mentions, and boost your SEO.
Even one bad review can have a negative impact which is why it’s important to deal with these things professionally. You might also consider working with a Public Relations Company, to support your online rep further.
- Choose A Legal Entity
When you start your own business, you’ll need to choose the legal entity that’s best for you. For example, you might structure yourself as a Limited Liability Company. This kind of business structure is designed to protect the owners from liabilities and debts. LLCs are essential hybrid companies, they combine the structures of a corporation and a sole proprietorship. It’s important that businesses choose a legal entity for the purposes of both tax and legal issues.
- Ensure GDPR Compliance
The General Data Protection Regulation is a set of security and privacy laws. The law was passed by the European Union but it applies to all businesses that deal directly with data from EU residents (aka, if you have online customers from the EU). Failing to follow the GDPR will land you with harsh penalties and fines. The GDPR principles include lawfulness, purpose limitation, data minimization, accuracy, confidentiality, and accountability. Recent news has suggested that the GDPR will soon include the USA.
From protecting your reputation to choosing the right insurance there are so many important ways to protect your startup. With the proper protection, you’ll avoid setbacks and help your company to grow.