Did you know that almost 20% of businesses fail within their first year while 45% don’t make it past their fifth year in the business? About 65% of these businesses will also not be there to celebrate their 10 years in the business. It’s hard to put up a business but even harder to run it for many years, beating the odds and competing with other businesses.

Careful planning can help you in preventing problems that can tank the business. Here are some of the tips that can help in future-proofing your business:

1. Know what type of business you should register

Problems can arise later when you don’t register the correct type of business. It can put hindrances to what you can do with the business as well as cause issues when it comes to taxes and other financial obligations.

Should you register your business as a partnership? A corporation? A limited liability business? You should know what the difference is first before you register and see which one fits your business the most. With that, you might need to Consult lawyers in Vancouver.

2. Do a risk assessment

What are the potential challenges that your business is exposed to? You would want to look into every aspect of your business so you can determine what problems might arise. It also helps to look at the operations of your competitors, especially those that have been around for a long time. That will help you determine what problems they have encountered and employ risk assessment strategies for the ones that could also affect your business.

3. Get a copyright or a trademark for your own creations

You have gone through all that effort in creating your business. You don’t want your efforts to go down the drain because someone stole your ideas. That said, you would want to secure it by getting a copyright or a trademark. Find out with the help of your lawyers in Vancouver BC what the difference is and what is more applicable to your business.

4. Your transactions should come with a contract

Don’t go into an agreement or a transaction with a third party without a written contract to detail the roles of both parties. The contract should stipulate the responsibilities of the parties and what will happen if the agreement is not met. You need lawyers in Vancouver BC to draft your business contracts.

5. Get insurance

While you can create a risk assessment strategy to help your business avoid potential litigation problems, there might be some things you can’t completely avoid. In this case, you have your insurance to back you up.

Get the help of lawyers such as Lakes, Whyte LLP to understand what other legal steps you can take to protect your business from future problems.

Nikolas Lowry is the author of this article. To know more about Business lawyers in Vancouver, BC please visit our website: lakeswhyte.com