5 Precautions for Your New Business Start-Up
There can be a dozen and one things to consider when starting a new business – and that comes before you even have to think about how to get customers, how to keep customers, and how to get even more customers.
The foundations of a business are as important as the foundations of a house. If you get something wrong, everything could collapse further down the line. But, luckily, there have been many successful businesses operating and thriving before you, who have all helped lay the groundwork for exactly what you might need when starting a new business. Here are five of the most important things to consider.
Intellectual Property
Many people overlook the importance of intellectual property, especially if you feel your business is one that has a loose definition of intellectual property. However, increasingly, companies are finding processes they use to succeed in business being stolen by competitors. In the US, there are three ways to protect your intellectual property: patents, trademarks, and copyrights. Copyright protection is more relevant for things you have created e.g. books, music, films, etc. Patents give you a 20-year monopoly on using a process – one that is novel, useful and not-obvious, while trademarks refer to elements of your brand name e.g. Kentucky Fried Chicken. Look into these carefully if your line of work involves them in any way.
Terms and Conditions
The internet is a valuable breeding ground for business success, but it definitely has its pitfalls too. Whenever you conduct business online, it’s useful to have some terms and conditions available. These refer to the buying or products or services, and any special offers or competitions that might be run. Social media allows you to run many competitions across Facebook, Twitter, and Instagram, but these competitions need to be run with T&Cs in place and adjudicated fairly. For instance, breaking rules on Facebook competitions can leave you in Facebook’s bad books.
General Liability Insurance
Should something go wrong, you’ll want to make sure that you are protected – and that’s where general liability insurance comes in. When collecting general liability insurance quotes, it is important to consider that such insurance is mainly intended to protect third parties as well as you from anything that might go wrong. Should you not be protected with general liability insurance, your business could face serious trouble. This means that the basic risks that could affect a business are covered and that you are free to continue trading without any unnecessary worry over what might happen.
Data Privacy
Data privacy is a huge deal in 2019 and beyond, especially with several states launching data privacy laws. As online businesses can’t determine if they will deal with data from people in these jurisdictions – or indeed those protected by GDPR – data privacy policies are important. Not only do data privacy policies show you as trustworthy to customers, but they mean that you are protected should anything go awry and any data leaks should occur. Having a privacy policy for website visits somewhere easy to find on your website is a key priority.
Health and Safety
Some businesses should take heed of health and safety regulations more than others. Ensure that everything that could go wrong from a health and safety standpoint is protected against. Some places even ensure desk workers are conducting safe desk practices (screens at the right height, strong back support on chairs). Some businesses will even need to ensure that employees have undertaken certain training and assessments. From food hygiene to handling chemicals to fire safety. These will help your business mitigate any issues that might arise.
These five precautions will help ensure your business is not just ready to trade but also that it’s protected on various levels, enabling you to focus on keeping your customers happy and your products appealing.
