There are so many different aspects to being a successful entrepreneur that sometimes even some of the essential things can end up getting overlooked. While it may not be the most fun, or talked about part, knowing how to protect your assets will help with the longevity of your business while covering your own back.
Here are just 3 important ways that you can protect your business and yourself.
Always use contracts
Whether you are a blogger or any other service-based business owner, contracts are essential to keep both you and your clients protected, especially should something ever go wrong. Contracts are also important for bloggers and content creators, who often end up in multiple contracts at any one time, due to working with many different brands and clients, serving as evidence of what has been agreed upon.
Contracts will provide you with all of the terms and conditions between two parties, as well as expectations of the work or service that will be provided. This also includes payment terms, which are especially important for entrepreneurs who are dependent on them to keep their small brands and businesses running. As a lot of contracts come in digital format now, due to the increase in freelancers and digital nomads who reside in various places around the world, it’s wise to print any current contracts out to also have in physical form, and keep together in one safe folder. Once the contract has run its course or expired, compile and keep them in an expired contract folder just in case you should ever need it again, for example as a point of reference for future contracts and negotiations.
The recommended use of folders for contracts leads nicely into overall record keeping.
Keeping your business records up to date and organized is essential if you want to protect your business. Make sure to keep all of your receipts, invoices, bills, and bank statements in one safe place, and organized in such a way that you can easily find what you are looking for should you ever need to.
If you are struggling with your bookkeeping, consider enlisting outside professional help. Even if it’s an extra expense, having all of your business and financial records taken care of will be worth it, as not only will it protect your business, but also help you to manage your expenses and cash flow. This could highlight potential areas for improvement, therefore making your business more efficient and profitable. Another bonus is that it will also make filling out your taxes at the end of the financial year so much easier!
Protect your content
Imagine working really hard on a product, article, or design, only to discover later down the line that someone is using this as their own work. Unfortunately, these types of events happen regularly, which is why it is so essential to protect your content and prevent others from copying your ideas and using them as their own, be that a page from your website, product, or blog.
Note that any work that you put out on the internet or anywhere else already belongs to you. Still, for that extra added security, it’s good to make it official – without it, you won’t be able to prove that it was actually your idea first.
Getting your work or brand name copyrighted isn’t as hard as you might think either. There are plenty of companies such as GHB Intellect who specialize in intellectual property management, including the ownerships of various media content, designs, and publications.
Copywriting your work and intellectual property protects blog entries and entire websites, giving you the power to sue in court for copyright infringement in case anyone should obviously copy and steal right from underneath you.