SIMON'S TOP 3 TIPS FOR START-UP BUSINESSES
90% of the spend on review contracts should be directed at the following issues: liability, intellectual property, warranties, and indemnities. These are the areas that create the most exposure and are the most treacherous.
Before you choose a company or product name, check what is already out there as you do not want to be sued for infringements. Register any trademarks and domain names that are relevant to your business name or products before you become well known. If you wait too long someone else will register them and will block you, sue you or hold you to ransom.
Note from A LITTLE FIND
What counts as Intellectual Property: Intellectual property is something unique that you physically create. An idea alone is not intellectual property. For example, an idea for a book doesn’t count, but the words you’ve written do.
For more information please visit: www.gov.uk/intellectual-property-an-overview
Make sure you know about the General Data Protection Regulation which enters force in May 2018. GDPR is vital to anyone who holds, collects or processes personal data and the fines and other sanctions are exponentially higher than under the current regime. Make sure you have the right policies and wording at the point of collection of personal data on your website and through whatever other means you collect data. Failure to do so could be very expensive and even ruinous.
Note from A LITTLE FIND
Definition of Data Protection: The Data Protection Act controls how your personal information is used by organisations, businesses or the government.
Want to read more: www.gov.uk/data-protection
SIMON'S A LITTLE FIND
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SIMON'S LITTLE LIFE HACK
Always do first what you least want to do.
SIMON'S FAVOURITE QUOTE
"You can only be as happy as your unhappiest child." - Unknown
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