The weekly top 5 tips post is always full of helpful hints and advice for small, home and micro business owners.
1. Make sure that you separate yourself from your business activity. Because a large number of small businesses operate as sole traders, their individual assets are not protected and would also be at risk if the business was in financial difficulty.
2. Insurance is vital to lessen your legal risks. If someone is injured on your premises you are likely to be liable. Although nothing will absolve you of any criminal charges, you can insure against various liabilities to protect you from someone making a claim against your business.
3. Seek legal advice, particularly in the early stages of your business. Depending upon the industry that you choose, there may be specific legal standards that you will need to meet before you can begin trading.
4. Make sure that you have adequate backups and virus protection. If something was to happen that would compromise your data, it could cause you to be unable to complete work for clients and this may break the terms of a legal agreement with them.
5. Be cautious about the things that you say or do online when representing your business. Careless words can land a business in legal trouble in todays litigious society.
