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3 Important Things to Do to Protect Your New Business

As a budding entrepreneur, you may have a great idea about a product or service to sell, but you may also feel intimidated at the thought of transitioning that idea into a start-up business. It can be stressful to take that first step, especially when you’re not sure where to start. Luckily there are others who have gone before you, and if you pay attention, you can learn from them.

Here is a general roadmap to transitioning that great idea into starting a new business.

1. Make Your Business a Legal Entity

It’s important to know the laws of your industry and to follow them. Here are some tips to inform yourself and protect your business.

Acquire Any Permits, Licenses, or Registrations Required

Make your business legal in the state from which you will do business by applying for any permits, licenses, or registrations you may need to operate legally. Every state has laws about creating a legal business entity, depending on the product or service you are offering. Be aware of those laws and adhere strictly to them.

Protect Personal Assets by Forming a Corporation or LLC

Debts and liabilities can be a part of doing business. Deciding on a business structure can potentially shield your personal assets from any debts or liabilities the company may owe. Choosing a corporation (as long as you adhere to specific procedures) or an LLC business structure will help keep your personal assets safe in the event of a lawsuit or other misfortune. A sole proprietorship business structure, on the other hand, means your business assets are not separated from your personal assets. Both are in jeopardy if one or both are put at risk by a creditor, lawsuit, or other event. 

 

2. Get Business Insurance

Business insurance works like other types of insurance. It protects your business if a disaster happens. Hopefully, you’ll never need it, but if something does happen to your business’s inventory, equipment, or employees, having business insurance can significantly reduce the impact of those incidents.

Having insurance creates financial backing for your small business. It is impossible to avoid all risks as a small business. So, the next best thing that you can do is ensure that you have good insurance to keep your business afloat regardless of any setbacks.

3. Incorporate Cybersecurity and IT Solutions

Now that you have a great business website, you need to protect it from cyber attackers that can ruin your business. Installing tools that enhance website security and adding an extra layer of protection with certificate management will help you feel more secure about fending off cyber attackers.

Fortify Website Security

Here are some of the tools that will help protect your business website:

  • Website firewalls
  • Malware removal tools
  • Website scanning tools 

Install Certificate Management Systems for Extra Website Security

Installing a certificate lifecycle management system can supplement your business website’s security. Installing a certificate manager as a cybersecurity solution will add that extra layer of protection for the website when the system manages certificates in this way:

  • Requests digital certificates of authentication
  • Continually monitors a certificate’s operational status
  • Removes the certificate when it is expired or revoked
  • Destroys the expired or revoked certificate
  • The certificate lifecycle management is repeated

Now You’re Ready to Launch Your Product or Service

After absorbing this advice, you should feel more knowledgeable and confident about refining and revamping your business strategy. Following these tips will help ensure your start-up is opened with the best chance of success. So go forth and be prosperous. 

StartUp Mindset

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