7 Reasons To Have Protection For You And Your Business! 

Hey Guys, Welcome to the Get A Clue Marketing Show this is David Deke!

Today I just want to go over 7 ways to protect your business  and this is a warning, that entrepreneurship  is a risk!  Everybody's talking, about wanting to be their own boss, wanting to be an entrepreneur, well there's a lot of risk involved, so I want to go over some of the seven ways to protect your business.

Number #1

You need a  legal entity! You need to set up

a legal  business,  you gotta come up with a creative name and business names are important I'm gonna save that for another video, but

you want to set up your business  as a like an LLC  and S Corp a regular

Corporation  and there's other things that you can do that I don't want to go into that's another video, that I have.

You want to set up a legal entity. You want to get a Federal Tax ID number and you want to fill out all the local city and county permits so that way you're protected legally from the feds and the local governments.  

Number #2

You  want to have liability insurance,  for
people, products and accidents!

One of the things that i remember from reading Art Of The Deal by Donald Trump back in the late 80s, is that he protected everything!
So if he had an investment, he had insurance on it and things like that so

he wouldn't pursue a project unless he would have something backing. Liability insurance something you must have, especially,  if you're in construction.

You definitely have to have that working on that and and  if you're doing construction for somebody, they want to see that you're that you have a liability coverage and things like that and the amount for ranges up to like 2 million aggregated and 1 million per  incident or I think it's 100000 I don't know don't quote me on that

I'm not a legal insurance professional. 

I'm just saying that you need liability insurance to cover any accidents, that might happen or product defects.

Number #3

 Is employee worker workers comp. Now one of the way the law is set up, I can't figure out why self-employed people, have to carry employee workers comp because you're the employee, if you're a sole entrepreneur.   I can't figure that out, it all gets put in a pool but if you do have an employee they get hurt on the job it's a serious issue okay that's number three and

Number #4

Is legal backing okay! You wanna have a lawyer in your back pocket, and if you can't afford one, because they start they start out at $250 an hour, then I would recommend going to lawyer groups, to ask questions, and this could be on facebook this could be on linkedin.  You're also going to need a lawyer to create contracts for you and to look over contracts. Let's say you're bidding on a project

and they give you a bid sheet, which is about this thick, you want that to be looked over by your lawyer by a lawyer ,so that they can see where you can get an out, if something goes wrong.

Where you're liable in fact,  just a quick story when I was in the construction business, we were doing pile driving and the Hard Rock Cafe theme park was going up, and we were approached by the  developers and they wanted us to give them a bid, but the bid was  this thick. The bid sheets, these are the requirements, these are the terms.

We're going to be watching you with cameras, so if you're stepped out of line,  you don't get a cent.

They were begging us, man, they were like just throw us a number just throw us a number! I said, " Okay $1.5 million and they said, "okay, at least that's something, let's talk about it!" But you know, I was real skeptical, and one of the other  contractors here in town, just said, 'no way!'
 They wouldn't do it and we looked up to them, we looked up to that general contractor, and we looked into it and we said, "No, there's too many variables for them to really screw us out of our money, so you want lawyers to go over the contracts for you!"

Anyway and you also want to be protected, on cyber law too! Most entrepreneurs are starting online they have a website products etc. So you want to be protected and we'll talk about more of that.

Number #5

Is virus hacking and protection! Your website, your social sites what happens, if you have to have a PR crisis, you want to have something protection! Obviously you got virus software and things like that but once it's on the web you never know who's gonna hack into your site so that needs to be protected as as much as you can!

Number #6

Is asset protection this is what I was saying earlier that Trump would always have asset protection, if he went into a deal and it started going south, then in his contract he was able to get out, or able to use state and federal laws, in order, to protect his venture or his asset or his investment. So this is for taxes, business storefront, vehicles, you want to have that asset protection, so somebody can't just come in and just take over!

Finally Number #7

You have to protect your mindset!
To keep going every single day, you have to be around motivated, inspiring people, that's going to keep you going! You definitely want to be part of some facebook groups, but, that are like-minded like yourself, to keep you inspired and keeping going, because when you're an entrepreneur, you own your own business, it's 24 7! You're always working and you're always, you're just going to get burned out, if you don't do it correctly, so anyway so those are the seven ways to protect your business and entrepreneurship is not for the week at heart!

If you can't focus on multiple things,  it may not be a good fit for you!

Maybe you want to do just some freelancing on the side, while you definitely want to keep your full-time job, until  that grows and grows, okay but you definitely want to seek out successful people, to keep you inspired and motivated, like we talked about!

Check out my website too go over to LEARNING LINKS because I  have some really cool fun stuff over there like,  word clouds and word searches, to help really solidify those things that you learn on these shows okay so this is David Deke and I'll talk to you soon thanks!

Protect Your Business!
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