Written by: Stefanie Magness, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Starting a business is like taking a road trip in a new car. You're excited, nervous, and ready for the adventure ahead. But before you hit the gas and speed off, there's one thing you need to do: buckle up. Like you must protect yourself on the road, you must also cover your derrière when starting a business.
So, what does it mean to cover your derrière? First, it means protecting your business and yourself from potential legal issues. As a startup, you're just getting started, and the last thing you want is to hit a legal speed bump that could cost you time, money, and even your business.
Here are a few tips to help you cover your derrière when starting a business:
1. Get the right paperwork
Before you hit the road, you must have all the necessary paperwork. The same goes for starting a business. You must have all the legal documents, such as your business registration, tax ID number, and necessary licenses or permits. You don't want to get pulled over by the legal authorities because you don't have the right paperwork.
2. Protect your intellectual property
Just like you wouldn't want someone stealing your car, you also don't want someone stealing your business idea or brand. So protect your intellectual property by registering for patents, trademarks, and copyrights with USPTO. This will ensure that no one can steal and use your intellectual property for their own gain.
3. Have a solid legal agreement
When you start a business with someone else, a legal agreement is essential to outline everyone's roles and responsibilities. This can help prevent any disputes or legal issues down the road. Think of it as a GPS for your business journey – it helps keep everyone on the same page and heading in the right direction.
4. Get insurance
Just like you need car insurance to protect yourself on the road, you also need business insurance to protect yourself from potential legal issues. Various insurance options are available, such as general liability insurance, professional liability insurance, and cyber liability insurance. Talk to an insurance agent to determine which type of insurance is right for your business.
5. Stay up to date on laws and regulations
Laws and regulations constantly change, so staying current on any changes affecting your business is essential. This includes everything from tax laws to data privacy regulations. Ignorance of the law is not an excuse, so ensure you're informed and compliant with all laws and regulations.
Starting a business can be like driving a sports car on the open road ‒ it's exhilarating, fast-paced, and full of adventure. But just like driving a sports car, starting a business can be risky, and you must be protected. Think of it like strapping on a seatbelt before you hit the gas ‒ it may not be the most exciting part of the ride, but it could save you from a severe crash.
By taking the necessary steps to cover your derrière, you're not only protecting yourself and your business but also setting yourself up for success. It's like adding high-performance tires to your sports car ‒ it may not seem like a big deal at first, but it can make all the difference in how your car handles on the road.
So, buckle up and get ready for the ride of your life, but don't forget to cover your derrière along the way. With the right paperwork, intellectual property protection, legal agreement, insurance, and compliance with laws and regulations, you can hit the accelerator confidently, knowing that you're prepared for whatever twists and turns the journey may bring.
Stefanie Magness, Executive Contributor Brainz Magazine
Stefanie Magness is the ultimate business baker, whipping up a legit mindset for entrepreneurs one recipe at a time! With 24 years of experience and her legal education, she's a seasoned pro who knows the secret ingredients to create a legit and thriving business. As CEO of Legit My Biz, she's the go-to advisor for entrepreneurs, dishing out DIY tutorials, training, writing, speaking, and a hefty dose of empowerment and motivation.
When she's not baking up business magic in the kitchen, Stefanie moonlights as a business counselor at the DC Women's Business Center and DC Small Business Development Center. And as the executive producer of LegitTV™, she's the hostess with the mostess, serving up a menu of inspiration and education for entrepreneurs.
Stefanie's business brilliance has earned her a place in the spotlight, with features in the Small Business Report, Nice Girl CEO Podcast, Essence Magazine, Ebony Magazine, Canvas Rebel Magazine, and ValiantCEO Magazine. So, whether you're a fresh-faced entrepreneur or a seasoned pro looking to take your business to the next level, grab a fork and join Stefanie in the kitchen for a taste of business success!
