Address These Major Issues Or Your Startup Will Fail, Fast!

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I find that a lot of people get carried away looking for startup tips and tricks. They focus on what they have to do and forget about some of the things they should avoid. Today, I’ve put together a list of major issues you need to address, or your startup will fail.

Intellectual Property Disputes

One thing a lot of new entrepreneurs forget about is intellectual property. If you design a logo or come up with a unique brand name, you need to slap a trademark on it. This protects your intellectual property and ensures no one can steal your ideas and make money from them. Doing this is vital, as it can result in the end of your business if you forget. Someone can steal your ideas, and trademark them. Then, you won’t be able to use your ideas because they’ve got a trademark, and there’s nothing you can do about it. Similarly, you have to ensure you aren’t accidentally stealing people’s intellectual property. Do plenty of research whenever you’re designing a brand or product to ensure you aren’t stepping on any toes. If you are, you might get hit with a hefty lawsuit that bankrupts your small business.

Data Breaches

Securing your business data has to be a top priority. When there’s a breach, people can steal important information, and you can lose money. All it takes is one breach for someone to have access to your client list and account info. Unfortunately, it’s becoming easier and easier for this to happen. The most common form of data threat is through phishing. This is where people send fraudulent emails to try and get personal information. My advice is to find Security Awareness Training for all of your staff. This will help them identify phishing and stop giving out company information. This will then prevent any major problems from occurring. A safe business is a happy business. If you don’t address data breaches, your company will be at threat. Don’t be surprised if your info gets stolen and you end up out of business.

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Paying Tax

There are two main problems with tax that can ruin a business. Firstly, many companies pay more than they should. When this happens, they end up with less money and become insolvent. Largely, this is because they submit their tax returns without doing as much research as they should. No doubt there are certain things on their returns they could’ve got away with not paying. Things that are bought to help your business can be put down as an expense. This means it’s exempt from tax, and you save money. Secondly, the bigger issue is companies not paying tax. Forget to pay, and you can incur massive fines, and your business may get shut down. Don’t let this happen, ensure you stay on top of your finances and submit a tax return every year.

So, to ensure your business stands a better chance of survival, you have to address these major issues. Prevent them from damaging your startup, and limiting your chances of success.