Identify, Minimize, Enjoy…The Risks!

There’s nothing more beautiful and risky as business. You start something endlessly exquisite, but still, you know that certain things can ruin your career, your business and everything that you built from the square one.  But let’s be honest, the beauty of having a business is in that danger: you never know what’s waiting for you there, in the future. Despite those difficulties, you still want to grow, expand your business, invest in it, increase your income and enjoy what you’re doing: this is what makes having a business so special!

To enjoy the risks that exist in this world, you should first of all minimize them! Hence, we will open new doors that will show you how to reduce the risks and how to operate your business without the fear of facing them! But before that, here’s a quote about risks and how unnecessary it is to worry about them:

“Almost everything worthwhile carries with it some sort of risk, whether it’s starting a new business, whether it’s leaving home, whether it’s getting married, or whether it’s flying into space.”

Protection vs. Risks

There’s nothing more important than the protection of your business. However, lots of business owners simply forget about things like competition and that opponents can do literally anything to win the battle! What you should remember is that this is an industry where everyone tries to harm you, steal what you created, copy the things you worked hard for! This is when you should enter the legal world and protect your business in an officially permitted way, with the help of your intellectual property rights. The latter includes patent, trademark and copyright. To understand the concept better, here is a detailed explanation regarding each of them:

• According to the U.S. Copyright Office, copyright is a form of protection grounded in the U.S. Constitution and granted by law for original works of authorship fixed in a tangible medium of expression. Copyright covers both published and unpublished works.
• The World Intellectual Property Organization states that a patent is an exclusive right granted for an invention, which is a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem.
• And finally, a trademark is a sign capable of distinguishing the goods or services of one enterprise from those of other enterprises, states World Intellectual Property Organization.

Paperwork is Worth It!

In a world where you need solid proof to solve a problem, you need to take care of the documents you are dealing with. Let’s take for example your intellectual property rights and your choice to protect your business: once you do that, you have enough documents to show that you will sue anyone who copies your ideas, your name or your logo. If you decide to save your products from rogue and dishonest resellers, you sign a MAP agreement with them: if the MAP policy is violated, you will have the proof based on which you will either cut off the relationship with the seller or sue them!

However, having all the documents at your disposal is never enough. You should organize the documents, sort out the most important ones, throw out the ones that are already expired and so forth….

Qualification Over Solitude!

Playing it by ear when your business is unstable is not the best decision! While operating a business, you need to focus all your efforts on creating stability and permanence. This, however, is not possible without additional assistance from eCommerce, tax and of course, law specialists. For example, what do you know about multi state sales tax? Unfortunately, Google won’t help you, even if there are tons of sources related to this! This is when you have to work with professionals who will do the work, and will do that with quality! What’s more, you have to constantly inspect your business, conduct feasibility and business benchmark audits, train your employees and invest!

As you can see, everything may cause risks, but not everyone can minimize them! If you follow the guide we created for you, use all these tips and of course, work with qualified companies, you will never be afraid of the risks that usually stand on your way. If you feel that this is what you need, then go for it!

For additional information, help with tax-related issues, business formation tips, retail partnerships and audit services contact us at Prestige Auditors. Together with you, we will do the impossible!