Although veterans make up about 1 percent of the US population, they own 9.1 percent of all US firms, according to the Small Business Administration. For many veterans, entrepreneurship is the best way to put their skills to good use in the civilian world, and there are various charities and government programs that support veterans, making it easier for them to have a go at entrepreneurship. However, creating a successful businesses isn’t easy. There are many challenges you’ll face along the way, and it’s up to you to take the necessary steps to protect your business.
Insure your business
Running a business comes with many risks: a fire could destroy all your equipment, an employee could get injured while at work, or a client could sue you, alleging a breach of contract. To account for all potential risks, you need to protect your business and personal assets from losses that could occur, and the best way to do so is by ensuring that your business is adequately insured. Without insurance, you’ll be forced to pay for costly damages and legal claims against your business out of pocket. In most cases, you select the types of business insurance you need to facilitate the growth of your company. However, there are some types of insurance that you may be required by law to have. For example, if you have employees, you’ll need to get worker’s compensation insurance. In the event that an employee is injured while at work, worker’s compensation insurance will cover the damages.
Copyrights, trademarks and patents
While physical assets make up most of your business’ visible value, there are other intangible assets that allow you to remain unique and competitive. If your business is built on intellectual property, you need to protect it using trademarks, copyrights or patents. Trademarks are typically used to protect your logo and other types of branding, while copyrights can protect your original pieces of work. Patents are granted for inventions, but they are more difficult and complicated to get, as they require you to meet certain government guidelines.
Protect against cyber attacks
In the modern digital world, the threats your business faces have become more complicated than ever before. If you have a website or you use computers to access the internet in your business, you are at risk of digital breaches. Cyber attacks can happen at any time if you are not adequately protected, and cause significant financial losses. To prevent this, you need to work with a cybersecurity expert who can ensure that you have the necessary digital security systems installed and updated on a regular basis.
When starting a business, you need to take the time to find out the types of threats you face then come up with ways to protect your business from all of them. This will help give your business a strong start so that it can survive and keep growing for many years to come.