You Own a Small Business, Now Protect It
Monday, November 13, 2017, 6:00 AM | Leave Comment
You have started your dream business and everything seems to be falling into place.
Your first customer walks through the storefront, the chime of the door bell rings in your ears. He meanders the aisles, checking out your products, picking up a thing or two as he goes — when suddenly, out of nowhere, he falls. He falls hard. He hits his head on the nearest shelf, knocking himself unconscious.
What a way to start the day, huh?
And the truth is, this happens all the time — more frequently than you might think. People are clumsy, and they fall down sometimes. But this time they fell in your store, and now you have to protect it.
Lawsuits are common in small business industries. Small business owners are vulnerable, and unfortunately, vulnerability in the business world leads to bullying, from everybody, from the customer to the bank.
Running a small business is tough; it takes a special kind of leader and a daily glass of wine.
There are ways, however, that you can set your business up for growth and success while protecting it at the same time.
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Get Your Personal Finances in Order
A common mistake made by the business owner is assuming the profits from their newly formed business will support their personal finances fully. This is optimistic, but it’s not very realistic.
Businesses can take years to show substantial profit gains. Don’t let this stop you from having success in your personal finances as an entrepreneur.
Cover as much of your upfront costs as possible. Loans can be poison to a new business, so the last thing you want to do is take out a bunch of loans before the business is even open. Do your due diligence and save money to open your dream business.
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Form a Limited Liability Corporation (LLC)
LLCs are a great way to protect yourself from personal liability lawsuits. Lawsuits are expensive and it can be difficult to come back after a tough financial hit.
Some businesses eventually close because of these kinds of losses. Don’t let an employee sustaining an injury at work be the final straw that broke the camel’s back.
Forming an LLC comes with its own baggage of course. There are more rules and regulations that you must abide by if you want to find success. But an LLC can be the difference between a big heap of debt that you’re responsible for and a thriving mom-and-pop shop.
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Hire a Damn Good Administrator
Running a business is challenging, but trying to run a business on your own is even harder.
Administrative professionals take a lot of the stress away from owning your own company. They take on a leadership role without disrupting your vision and help the operations run more smoothly.
Make sure this individual is someone you trust and someone who represents the values of your business.
Do your homework and learn what you can about careers in administrative management so you know what professional qualities to look for a in a key applicant.
Running a small business should be fun. It should be everything you ever imagined it to be since you drew your first picture of your future store as a child. Be tactical in your approach to running your business and plan ahead.
Having a business plan is the most important thing to have, but including protective measures in this plan only makes it stronger.
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