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Opening your own business is a fairly straightforward process. From filing for a business, creating your tax id application, to getting your employer identification number (EIN), things can take up to as little as an hour. Of course, there remains the alarming statistic that most businesses fail in the first five years. Some people let this fact deter them from opening a business at all. If you are wise, though, you will focus on protecting your business. These are some ways to increase the chances that your business will be among the survivors.
Don’t Spread Yourself Too Thin
It is a good idea to think big but start small with a new business. Start with a project or scope that requires only a small amount of startup capital and overhead. For example, you can start with a food truck with four items on the menu. Meanwhile, you can be thinking about the future. Your five-year plan could be to open five food court stalls and a sit-down restaurant.
Protect the Private Information of Your Business
Very few people know which eleven seasonings are part of a world-famous chicken recipe, but trade secrets are not the only information business owners need to protect. You are careful not to let people steal your identity by finding out your social security number or bank account numbers. Likewise, only reveal private information about your business, such as bank account numbers and computer passwords, to employees you really trust. The bigger your business gets, the more of a challenge this is. You should also choose secure passwords for all password-protected accounts. Sign all documents by hand; having a signature stamp is too dangerous.
It is a challenge to keep your business solvent and its private information safe. A legal taxpayer ID for your business, however, is only a few clicks awy.