When you first start your business, you probably have stars in your eyes as you imagine all the wonderful things you’ll create and the people you’ll help.
(Psst! Did you know you can set up your biz in just 60 days?)
But if you take off the rose-colored glasses for a moment, you’ll see that not everyone has your best interests in mind. Some people just want to watch your business burn. Eek!
No matter what kind of business you have, you’ll always want to make sure you’re properly protecting it from harm.
That means you need to know about the different kinds of dangerous situations you could get into and how to best deal with those issues.
Here are a few essential ways to protect your small business so you can keep it running smoothly.
1. Take Care of Your Reputation
You know what they say about a first impression. A big part of looking after your business is maintaining a trustworthy reputation.
By caring for your reputation (that is, how others perceive your brand), you’ll build the “know, like, and trust factor” with your clients.
That means offering exceptional customer service, consistently posting content and sending emails, and being a helpful leader in your field.
Who do you look up to? What businesses inspire you? Act like them!
Take responsibility for what you say online and in person and be a good ambassador for your business at all times in all public and online settings. Check out this article for more information.
2. Trademark Your Content
This is something a lot of my clients forget to do. If you have a unique framework or gimmick for your business, I strongly recommend getting it trademarked so no one else can use it.
It was hugely important for me to trademark the phrase “Life Editor” because it’s a colossal part of my branding.
I’m a former book editor turned life coach, ie, a Life Editor! My coaching framework is the backbone of every product and service I offer.
Yes, the trademark process takes a bit of time and money, but it’s imperative for protecting what you’ve created.
3. Secure Your Data
I recently wrote about security tips for your business because it’s your duty to your clients to make sure you’re doing everything in your power to look after their data and make sure it’s not stolen.
You also have to protect your data and everything on your website. Any data breach can be a disaster for your business, especially a small one, so don’t cheap out on your security measures.
To help with this, you can install a firewall, use services such as https://www.spectrumwise.com/worry-free-solutions/managed-services/, or just generally ensure that you are keeping your data secure in the first place.
Or try an all-in-one customer relationship management system (I use Kajabi, and you can start your free trial here).
4. Avoid Getting Sued
This is something no business owner wants to deal with, but the truth is there are people who want to complain and fight you for any perceived “wrong” your business does.
This is especially true for coaches, consultants, and any business with services that can’t guarantee results. I have a Welcome Packet for new clients that lays out exactly what they can and can’t expect.
Boundaries, standards, refund policies, etc. are there to protect both you and your customers so be sure to include them on your website.
Getting sued is a nightmare for business owners, not just financially but also with the incredible personal strain, stress, and worry it can cause.
Remember to follow legal procedures to the letter at all times, and consider hiring a legal advisor when necessary. Read this article for more advice.
5. Secure Additional Income
A common way for businesses to fail is for funding to suddenly dry up. Maybe you go over your budget, or rely on investors or business loans without developing a clear plan to pay them back.
That’s why it’s important for all businesses to set up multiple streams of income. We cover how to set up active income, passive income, and consistent income in great detail in my Startup In 60 program.
You can’t rely on your savings, a wealthy investor, or winning the lottery so diversify your income with a variety of products and services in a well-planned sales funnel.
NEXT STEP: Join Startup In 60 for dozens of streamlined business strategies that can be completed in less than 60 seconds. Yes, really!
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