Protecting Your New Small Business
It makes sense that women, or indeed anyone who starts up their own business, think about how they can protect themselves and their new company from any potential issues. Building a new company from the ground up takes time, dedication, and potentially a lot of money, depending on the sector you are setting up in. The last thing you want is for all your hard work to be for nothing because of an oversight.
How can you make sure you have protected your business from every angle and know you are doing all you can to help make a success of the company from day one?
Legal Advice
This is a given. All small businesses should be retaining the services of lawyers in their specialist fields from the onset. Making sure you are following all legal and state regulations and laws are essential, as is providing protection from copyright issues and any other legal issues you may come across. This also includes when you support schools or educational facilities. If you join a board of directors, sponsor a school team or choose to invest in other ways, make sure you are covered when it comes to education law and having a good lawyer who can assist you with any problems and make sure you, the other party and your business is working legally and above board.
Financial Advice
Making sure you are paying the correct taxes at both a federal and a state level is essential, as is filing an accurate tax return on time. Knowing precisely what business expenses can be included and how charitable you should be and when you need to be reinvesting or paying your staff the correct wages and so on can be quickly dealt with via an accountant.
This will also take a load off your plate as you work to make the company's success and build a solid foundation for the future.
You’ll also want to make sure you’re finding the best business bank accounts to protect your profits. Finding a great bank and financial advisor is crucial to doing well with your business and is often a part of being legally compliant as a business. This can help streamline your finances, and ensure that bookkeeping and accounting is organised.
Insurance
General Liability Insurance, building, and contents insurance. Business owners insurance, and so on. Did you know there are potentially 13 types of insurance you may need? Making sure you are protected against any unforeseen circumstances is a priority, as is having the appropriate cover for all equipment and any staff you have working for you.
Should the worst happen, you will know you are covered correctly and will be able to claim against your policy instead of having to pay up out of your own pocket. It can be said that the chances of you needing all the covers recommended are slim, but is it worth taking the risk? It may seem like another bill to pay, but it could be the most significant expense for your company in the event of an accident or legal action being taken against you.
