Running a business is nowhere near as easy as it once was. There is an inescapable truth every new business owner must recognize: the bigger you become, the higher the chance you’ll be sued — and sooner or later, not only will you be sued, but you will also be sued successfully. That’s why we need to spend so much time debating and incorporating good business practices right from the start. Here are a few of the most important things you can do as a new business owner.
First and foremost, make digital security your first priority. Even small businesses need an IT guy to run the computer systems and make sure that hackers aren’t very likely to break through a firewall to steal client information.
Hackers target small businesses even more often than big businesses because of that little thing called vulnerability. The less money you have to invest, the less likely it is you’ll invest it into the right aspects of your business. Theft and the subsequent lawsuits will cost a lot more than great security, so get cracking.
You’ll also want to consult with a business lawyer before you get everything up and running for real. Regulations are real, and the governments who make them aren’t interested in excuses. Not only could you be sued for neglecting to play by rules you didn’t even know existed — but you could also be incarcerated. Make sure you know what you’re doing before you do it.
CEO Charley Moore of Rocket Lawyer says, “Year after year, small businesses say complying with government regulations is their top concern, and this year, there are sure to be many changes as a new administration takes office. It’s good to consult with a business attorney more than once a year rather than wait until a big issue arises. It’s better to pay a little upfront than a lot down the road, especially when dealing with federal regulations.”