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Business Planning Process Planning & Strategy

Protecting Your Hard Earned Business

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You did it! You are in the working stages of your entrepreneurial pursuits, finally living out your long-dreamt passion. You have the marketing and advertising running, the online or brick-and-mortar shop open, and you’re developing a team of employees. Things are going great, and the deeper you dive into it, the more you realize there is to learn about each aspect, which can be motivating or intimidating.

You might have opted not to hire someone for marketing, instead of learning social media and SEO yourself. Somethings, however, could take a proper 4-year (then plus some) education to learn, like legality concerns and copywriting. Regardless of your experience with legal matters or if you hired someone, your business, bank accounts, building, employees, and your livelihood are always at risk. It’s even riskier without the essential protection plan of legal support and advice.

If you haven’t considered this before, you are probably wondering how you can go about securing your assets as you progress into the market and make yourself known–a target for competitors. The capitalistic world is not always rainbows and butterflies, and some people take threats of new businesses very seriously.

Legal Mistakes

Forbes highlights 15 of the biggest mistakes new companies are either oblivious to or resistant to take care of, including trademark issues, issuing stocks, failing to correctly complete taxes, inaccurately maintaining important records, not obtaining proper licensing, and poor contracts. Review this article as a checklist to see where you stand on securing your business!

So what actions are required from you if you don’t already have the education, or plan to educate yourself on, the in-depth concepts of law?

Solicitors

Finding a solicitor that specializes in business, such as Commercial Solicitors Cardiff. These solicitors can assist you with an umbrella of options, from leases on commercial properties to discrimination within your business. You can either write or request contracts, which your solicitor will either amend or write for you, depending on your level of expertise in writing contracts, as well as how much of their work you are willing and able to pay for. You can easily obtain sample contracts of similar companies to have a template to work off of.

Accountants

Another important team member might be an accountant. Taxes can be tricky, and the hardest part about them is maintaining proper records. Accountants keep track of these things for you, or they simply go down a checklist of all the things you need to report before taxes are due. Come tax time, they also know special tricks to save you money, which is a good way to think about it when justifying their cost!

It might become apparent to you, as you scroll through their offerings and work through this process, that there are things you never even considered! Securing yourself and your company should be one of the first steps you take as you get it off the ground and running, and now you know you have support in doing just that. Who do you want on your team?

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