As a business owner, there are a couple ways to protect your business and yourself. First is to obtain an LLC or trademark to protect your business name and brand identity so that others cannot copy your business.
Additionally, small business insurance can help protect business assets and prevent a financial loss in the event of an accident like injury, property damage, or even a lawsuit. The most common type of small business coverage is general liability insurance and is often required by your state.
If you run a business out of your home, consider home business insurance, which will protect business activity taking place in a primary dwelling or, in some cases, “other structures,” like a free-standing garage or unattached unit on your property.
6. Attract customers
Due to its smaller size and need for promotion, a micro business will require a strong marketing strategy. Research your target market and customers and identify how to provide the most value to them. You can then leverage social media or a website to launch campaigns, paid advertising, or digital marketing to get your website and products on the map.
It’s not hard to see why entrepreneurship is attractive — there are many perks that come with being your own boss like creative freedom, flexible hours, and reporting to yourself. That said, starting a business can be both a challenge and a risk. Whether you’re starting a micro business as a side hustle or as a full-time career, it’s important to do the research up front and learn how to not only be successful in your industry, but how to protect yourself and your business assets from unexpected curveballs.