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Protecting Your Good Name

protect-reputationTo increase the potential for lasting success, the process of protecting a new startup should begin even before the business is created. One of the first steps in creating a new business is choosing a name for it. Your business name serves as the foundation upon which your professional reputation is built. It also plays a huge role in building brand recognition, and a consistent online presence is one of the best and fastest ways to build brand loyalty. When choosing a name, you must first conduct a trademark search to avoid violating any existing intellectual property rights or trademarks.

Once you’ve chosen a name, it should be registered for protection against liability and infringement. The internet has made it possible to have customers all over the world. You can file a single application with the International Bureau of World Property Intellectual Organization (WIPO) to join the Madrid Protocol, which includes 96 participating countries. You can also register with EUIPO, the European Union Intellectual Property Office. Since virtually all competitive businesses now have a presence online, the next step is choosing an online domain name, which should also be registered either through your web hosting provider or ICANN.

Protecting Yourself against Personal Liability

Many new business owners own and operate their businesses as sole proprietorships. One negative aspect of sole proprietorships is that if the company is sued, the owner’s personal assets can be at risk. That’s one reason that more new business owners are choosing to form a corporation or an LLC, which separates company finances from personal finances Another alternative is to form a trust to be named as owner of the business. In most cases, trusts are able to own assets, including businesses and securities, as well as file separate tax returns. Since many new businesses don’t succeed, it’s important to safeguard your personal assets to be able to invest in another that will. Statistics show that learning from past failures, rather than giving up, is the most important factor in achieving entrepreneurial success.

Protecting Vital Data

Since so much business is now conducted online, computer security is an extremely important factor in protecting a new business. Security and antivirus software should be loaded and activated even before any sensitive business data is entered. Viruses can affect the functionality of important software programs that help keep your business organized and running smoothly. The inability to meet deadlines results not just in a loss of contracts, but in potentially costly legal action being taken against your company. All data should be backed up, preferably in multiple locations, so that in the event of an emergency or natural disaster, it can be easily accessed and restored if necessary.

Protecting Your Employees

Having the right tools and safe equipment for the job is another important element of business success. Whether it’s office equipment or heavy equipment, productivity and morale skyrocket and workplace injuries decline when employees are provided with the right tools to accomplish the job. In the U.S., workplace safety violations are a major contributing factor in the approximately 6 million workplace injuries reported annually. The estimated annual cost of those injuries is $125 billion. In Australia for example, the number of workplace fatalities has declined as a result of increased safety education and training. That’s good news for new businesses because very few are able to survive the costly lawsuits and higher insurance premiums that accompany workplace injuries.

Many believe that the business world experienced a period of reduced accountability during the transition from conducting business in person to conducting it over the internet. However, new mechanisms such as YELP and other online business review sites have helped restore that accountability, and word of mouth has once again become the most effective sales tool available.

Protecting a new business today means taking the necessary steps to protect your name and reputation, your customers’ online privacy and sensitive data, and your valuable employees’ health and safety. Fortunately for new business owners, those that take the necessary steps to protect their customers and employees as well as their businesses, through the magical powers of social media, word gets around.


Philip Piletic – Originally from Europe, now situated in Brisbane, AUS where I work & live. My primary focus is fusion of technology, small business and marketing. I love to share my experience with others by contributing to several blogs and helping others achieve success.

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