Protecting yourself as an entrepreneur with a product idea doesn’t have to be hard. Even in the ultra modern world where nothing seems to be a secret, and lawsuits are springing up every day over patent infringements and copyright boundaries, you’ve still got a chance to avoid the rabble.
You just have to be careful about setting up secure foundations, and that’s what this post is here to help out with. A successful entrepreneur always looks to the market’s needs first, but they also make sure to lock in their own needs in short order. And if you feel you need help with doing just that, here are some points you’ll want to look into.
Set Up Your Digital Security
Digital security is the number one thing you need to look into here. You need to make sure your online operations, including behind the scenes private messaging and data storage, is kept out of the wrong hands. And that’s not something that comes naturally!
Indeed, many big and small organizations alike forget about cybersecurity, and around 60% of small businesses close down within 6 months of being hacked. A malware strike can come at any time, and they can get in via any number of exploits within your security system. Always be on the lookout for software updates to prevent this from happening, and work closely with a digital security expert who can point out when and where an attack is likely to come from.
Look Into Patents
Taking out a patent on the product you’ve designed, or even just the way it’s manufactured, is a good way to ensure you keep legal elements off of your back for the foreseeable future at least. You prevent the need to take out lengthy and costly lawsuits without a leg to stand on, and you retain the rights to make and sell your own brainchild.
As such, it’s a good idea to get in touch with a patent attorney as soon as possible. Whether you’re already operating or you’re just putting the final touches on your business name right now, you’ve still got time to sort out how your intellectual property rights will work. Taking a legal step to protect yourself might seem like something you need to do at some point, but it’s always best to get a decision like this out of the way.
Automate Your Admin
How many times have you forgotten to pencil in a date on the calendar? Do you always leave your taxes to the last minute? If you can answer yes to either of these questions, then the next step in protecting yourself needs to come in the form of automation. And when it comes to your business admin, this can be done in a variety of ways.
First off, set up filters in your email inbox to ensure that any incoming messages will be sorted into the right areas. This will also ensure you’re only notified of important emails you need to respond to. And in one simple job you can cut down at least 2 hours of sifting through your inbox manually!
Next up, get some accounting software on your side. There are a lot of automation apps out there that can do all the number crunching for you, which’ll take the hard slog of work out of the tax portion of your business. No longer will you dread the day your tax return is due!
Also think about syncing your calendar with any client that comes through your door. If they’re willing to allow you to do so, you can now let the calendar app itself set up appointments for you at a moment’s notice. The app will check for when the both of you are free and schedule in a meeting that suits both your needs.
Work Closely with Clients
This is especially important in the early days. The closer you work with your clients, the bigger an impression you make, and that can ensure a free round of word of mouth marketing amongst their own network. Your name can be passed on at a far greater rate when someone knows you can be relied on! It’s a good way to secure your reputation in the early days, which will pay you back tenfold in two or three years along the line.
Protecting yourself as an entrepreneur is all about taking precaution. Take the steps listed above to set yourself up now for greater success later on.