4 Best Ways To Protect Your New Start-Up

Everyone feels protective when it comes to their business. After all, this is something that you have nurtured from the moment you had that very first idea to pitching and breaking down the concept to investors, all the way through to the moment when you are finally ready for the moment of launch. And there are plenty of reasons why you should be a little anxious about your start-up right now. 

Things have been extremely chaotic during the last two years, and we saw over the holidays how quickly things can take a turn for the worse. If you want to make sure that your new business has the best possible chance for success, then you should ensure that you are taking every possible step to protect it. Now, protection is a word that covers a lot of bases, so here are just a few ways you can protect your start-up.

1. Talk To A Lawyer Before Making Any Big Decisions

Most of us actively avoid situations where we would need to consult an attorney in our personal lives. But when it comes to business, it tends to be better to talk to a legal professional before you find yourself in that kind of sticky situation. 

For example, if you are expanding into a new area, you should reach out to your business attorney to use their contacts and expert knowledge. If you are drawing up or signing any new contracts, whether for new employees or new suppliers, you should absolutely make sure that an attorney casts their eye over them first. And if you should find yourself in a position where someone is threatening legal action, do not do anything before you get in touch with your lawyer and walk them through the situation. Remember that they can save you from a costly court date, for example.

2. Watch Your Finances

We know that the last couple of years have been pretty rough, financially speaking, for the vast majority of businesses, and there will not be too many entrepreneurs out there who are ready to spend money hand over fist. But it is important to remember that the market continues to be unpredictable, even if the experts are predicting that 2022 will be less brutal. With that in mind, you need to make sure that you work on building a cushion to protect you in case of any further nasty surprises. 

Draw up plan B and C scenarios for any endeavours where the budget fall out could be costly. If you do not have an accountant or finance manager, then you should ensure that you bring one on board as soon as possible. They will be able to advise you about the best ways to save and warn you about common mistakes that entrepreneurs make and direct you towards any new government incentives and grants.

3. Security Is Absolutely Vital

Over the last couple of years, entrepreneurs around the world have been given something of a crash course in the importance of good cybersecurity. From the classic phishing scams to the larger ransomware attacks, everyone has been confronted with the scale of the cybercrime rise that has terrorized businesses and institutions of every shape and every size. When we talk about protecting our businesses, cybersecurity must be at the very top of the list. First, it is worth thinking about paying for your cybersecurity software instead of using free versions, as tempting as those may be. But if you want to make sure that you are doing everything to keep cybercriminals at bay, then a cybersecurity course may be exactly what you need. This Harvard online cybersecurity course will teach you what you need to know about the elevated threats we are currently facing and how you can protect your business from them. 

4. Find (And Keep) The Right People

Sometimes entrepreneurs like to think that they can do everything by themselves, but we all know that the truth is a little different. Every business relied on its workforce over the last couple of years, and we have learned a lot about the importance of fostering a true team spirit. 
While we may not be heading back to the office as quickly as we hoped, you can still make sure that you create a great atmosphere by finding the right people for the job. Take care with the interview process and be crystal clear on what skillsets you need. In turn, you should think carefully about what you can offer your new employees by way of support. Mental health has been one of the biggest issues that we have had to deal with in the last two years, and many businesses are stepping up and offering support options for their teams.

Photo credits: eOffice