What Prepared Business Owners Have to Protect Their Business Posted on February 10, 2022April 11, 2022 By Leigh Langston If you want your business to be successful over time, you have to be prepared so you can protect your business from any issues that may come up. You can follow the example of other prepared business owners to make sure that you have covered your bases and that your business has the protection it needs. As you take precautions and think about the future, you can keep your business in good standing no matter what challenges come your way. A Cash Reserve Having cash on hand in case of emergency can help your business to navigate through troubling times. When you have a cash reserve for your business it gives you a layer of security, so if something unexpected happens, you can take care of the issues promptly without hurting your budget. Your cash reserve could be used to repair damage, fix a mistake, or resolve an issue that you didn’t expect. Work this reserve into your budget so you can consistently keep expanding the reserve you have available. Insurance No business should operate without insurance. If you have a business that doesn’t have proper insurance, you can land in a lot of trouble both financially and legally. You want to make sure that you have insurance to cover liability and any mistakes that may be made. Entrepreneurs are bound to make mistakes, which makes errors and omissions insurance critical. With proper insurance you know that your business can recover after an unexpected event or unanticipated issue. A Properly Structured Business If you have not properly structured your business you may find yourself personally liable when something goes wrong. To avoid this issue, you want to make sure that your business is structured in a way that provides you with protection. The best way to do this is by structuring your business as a Limited Liability Company or an LLC. This kind of structure prevents you from being personally liable for problems with your company. Instead it establishes your business as a legal entity that maintains the liability within itself. As you work to keep your business safe, you can ensure that you have a bright future with the business you have built. And, you can always add more protection as you go along. It’s important to be thinking about the future so you can put plans into place to help your business maintain continued success. Check out this article on the top challenges businesses face in 2022! About Author Leigh Langston editor See author's posts Share this:Click to share on Twitter (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Facebook (Opens in new window)MoreClick to email a link to a friend (Opens in new window)Click to print (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on WhatsApp (Opens in new window) Related News business insurancehaving a cash reservehow to have a properly structured businesshow to protect your business
News How Poker Can Help You Be a Better Entrepreneur Posted on July 12, 2022July 27, 2022 At first glance, poker players and entrepreneurs may look like they have nothing in common. However, you’ll be surprised to learn that both professionals follow similar principles to achieve success. In fact, entrepreneur and bestselling author Diana Kander recommends that aspiring entrepreneurs should participate in a game of poker to… Share this:Click to share on Twitter (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Facebook (Opens in new window)MoreClick to email a link to a friend (Opens in new window)Click to print (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on WhatsApp (Opens in new window) Read More
News 10 Essential Budgeting Tips for Women Solopreneurs Posted on January 22, 2024January 25, 2024 At DangerousLee.biz empowerment meets practicality! As a solopreneur, managing your finances is a crucial aspect of sustaining and growing your business. In this guide, we’ll explore 10 essential budgeting tips tailored to the unique needs and challenges faced by women entrepreneurs. 1. Know Your Numbers: Understanding your income, expenses, and… Share this:Click to share on Twitter (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Facebook (Opens in new window)MoreClick to email a link to a friend (Opens in new window)Click to print (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on WhatsApp (Opens in new window) Read More
News Start Your Job Search at BlackGirlsAllowed.net Posted on December 6, 2018September 3, 2019 Job Hunting While Black, Asian, and Latinx Finding competitive job opportunities is a challenge for everyone but if you’re a “person of color” the search can be wrought with different forms of discrimination. But there are companies who are making it a priority to hire diversely. Diversity Hiring Looking for… Share this:Click to share on Twitter (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Facebook (Opens in new window)MoreClick to email a link to a friend (Opens in new window)Click to print (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on WhatsApp (Opens in new window) Read More