When you're starting a business, making sure you're legally protected is probably pretty low down the priority list right? It can feel overwhelming (not to mention expensive!) figuring out how to legally protect your business.
But it doesn't have to be! With the help of Visa and Morrison Foerster, we've identified 4 key areas you can focus on to get your business in top-tip legal condition - and it's totally free to get started π₯³
Sorting your structure
As you're developing your business, it's important to address the structuring so that you're legally sound.
Some of these options include:
- sole proprietorships
- limited liability companies (LLCs)
- corporations
Each option will come with pros and cons and will have implications on tax, liability and how the company is run, so it's important to do your own research to find out which option best aligns with your business goals.
Operate like a pro
Once you've nailed your structure, it's important to ensure your day-to-day operations are legally compliant with any laws or regulations that affect you and your industry. These will include industry-specific regulations, consumer protection laws, data privacy regulations, and employment laws.
Once you've checked the laws that affect you, remember to put policies and procedures in place to ensure your business runs smoothly! There are lots of amazing free templates out there to help you write policies and you can always talk to one of our legal mentors free of charge to run through any policies or procedures you'd like a second pair of eyes on.
Get ahead of future liabilities
It's never nice to think about the 'what might go wrong's but being proactive and getting ahead can make a HUGE difference to you and your business.
As your business grows, take the time to reflect on any future threats that might occur and try to think about how you might get ahead.
Two things two focus on are contracts and insurance. Make sure you're covered with the right insurance (you might like to look into general liability insurance, professional liability insurance and product liability insurance) and that if you need contracts, they're set up properly to protect you and the person you're working with!
Being mindful of these two things will help you avoid difficulties in the future π
Understanding Intellectual Property
We know as a business owner when you've worked so hard to create your unique business, the last thing you want to worry about is someone copying your idea! That's where Intellectual Property (IP) law comes in πͺ
So what counts as an Intellectual Property Asset?
- trademarks
- copyrights
- patents
By identifying and protecting assets like those listed ensures that your products and inventions are properly protected as you grow your business!
Summing Up
You don't have to do everything at once, but being aware of these 4 key considerations means that you can be proactive in protecting your business and potentially save yourself time and money!
Take your learning one step further with this handy Masterclass from Visa and Morrison & Foerester.
Want some extra help to legally protect your business?
With a network of more than 900 million members worldwide, LinkedIn is the business and employment-focused network that most entrepreneurs aren't leveraging. Here, Henry, Social Media Manager @ BT, shares his top tips to grow your business using LinkedIn π
What does a good profile look like? π
- Add a professional profile picture & header
- Make your headline stand out
- Write a summary
- Add relevant skills
- Request recommendations
What does a good post look like? π€
- Be personal
- Be relevant
- Donβt be too self-promotional
- Mix up the topics you post about
- Educate people
- Show results from your work and/or business
The most important thing when posting on social media, and especially LinkedIn, is to be yourself. Let your personality show through your posts so people can connect with you on a personal level π€
Content Ideas to help you grow your business on LinkedIn π
- Talk about events/fundraisers youβve attended or will be attending
- Product and service releases and announcements
- Articles/blogs from relevant and reputable customers (you could turn these into customer reviews and/or case studies too!)
- Career stories, journeys, learnings, and training
- You can share personal news on LinkedIn too, itβs not just for work!
Once youβve started posting different types of content, have a look at the impressions and engagement on each of them. See what your audience is enjoying and build on that π€©
Tips for growing your network on LinkedIn π€
- Personalise your connection requests
- Follow up on in-person networking opportunities
- Explore LinkedIn Groups
- Ask your employees to update their profiles
- Link to your LinkedIn Page from your website - promote it!
Want to know more about how to apply each of these tips to your LinkedIn strategy? Watch Henryβs webinar where he goes into more detail and shares some examples π
Donβt struggle alone!
If you'd like personalised advice about you should use LinkedIn to grow your specific business, book a free 1:1 mentoring session with one of our volunteer mentors! Our mentors are on hand to support you totally free of charge π
Also, check out these resources designed to help you create your social media strategy!
Meet Parvez, our Mentor of the Month for June! π
Since Parvez joined us back in 2022, he's been an absolute powerhouse of support for our community and consistently gets incredible feedback from his mentees - so we caught up with him to find out what he loves most about mentoring small businesses π₯³
Where are you based in the world?
London, England π¬π§
What's your day job?
Product Portfolio Director at EY
What's one thing you're amazing at?
Product development, and startups
What do you love about mentoring small businesses and charities?
Giving back
If you could start your own business, what would it be and why?
I'm not telling you that !! Probably something in fintech to help people reach financial security
What's one top tip you always share with small businesses
You're not the boss, your customer is.
If you could sit next to one famous person at a dinner party (dead or alive) who would you choose and why?
Prophet Muhammed, to teach me compassion.
What Parvez's mentees have to say π
"Parvez was incredibly insightful, helpful and personable. The session provided me with a wealth of information and things to consider with regards to furthering the development of my business. Would highly recommend to anyone thinking about starting a new business."
Mustapha, Caterer Catalogue
Parvez offers mentoring in Business Strategy, B2B Sales, and Leadership and Founder Advice, find him on our platform hereπ
Meet Ellie, our member of the month for July! With a focus on connecting people back to nature and protecting the environment, Ellie creates beautiful hand drawn illustrations and sustainably produces all her incredible cards and gifts! π
We caught up to find out all about her business and why she loves being in the Digital Boost community π₯°
Tell us a little bit about your business
I am an illustrator and print my artwork onto a range of cards, homewares, and gifts. After I had my kids I wanted to go back to my more creative roots (I was in graphic design previously) and wanted to prove it was possible to run a creative and GENUINELY sustainable business that made a profit. (I'm still working on that last bit...)
Taken from Ellie's Instagram @elliegood_illo
What's your favourite thing about being a small business owner?
I love the flexibility and freedom and control.
Let's chat about your business journey...
It all started when my second child was very small. I started making cards, printed in England on 100% recycled paper. People liked them and I quickly scaled up to selling online, selling wholesale and expanding my product range. Everything I make has to be useful or meaningful - and be made with closed-loop production or biodegradable. Over a year ago I employed a VA, who helped set up lots of systems as I found I was getting overwhelmed with all the different jobs I was doing. Last year I started using a brilliant fulfillment company, and I am hoping to outsource more jobs and create new product lines this year. It's still very hard work but it is good to know that I'm at a point where people love my products and I have a much clearer idea of the direction I want to take things in.
What made you decide to join Digital Boost?
I heard about it on an Instagram live with Holly Tucker and thought it sounded like such a brilliant resource. I have had some excellent advice and support, particularly on email marketing, from the mentors on the platform. I've recommended it to so many people!
What's changed or happened in your business since you started being mentored?
I've been more focused on the importance of email marketing, and I have also had a couple of sessions with people on SEO, so have got my head around that a little bit more too. The latter actually helped me realise that I can't take SEO on myself, so have outsourced that. It's great to have some basic understanding of what you're outsourcing though and the session definitely pushed me forward with that.
And finally, what's been the proudest moment with your business?
Two things! My notebooks were featured in the Guardian over a year ago and I still get hits from that today. Secondly, I've been working on a Sleep Journal with a life coach friend and we just won an award for it, so we are stoked about that!
Taken from Ellie's website, www.elliegood.co.uk π§‘
Want to try our free business mentoring for yourself? Click here to get started π
Whether you're a small business owner or you're running a charity or organisation, it's important to get a birdseye view of your business - that's where a SWOT analysis comes in.
In this beginner's guide, we'll walk you through the steps you need to take to conduct a SWOT analysis in your organisation and how you can use it to take action and grow your business πͺ
So what is a SWOT analysis?
SWOT is an acronym for:
Strengths - these are what set you apart from your competition
Weaknesses - these are areas that may need a little improvement (don't worry, every business has them!)
Opportunities - these are new possibilities or areas you may be able to branch into to keep strengthening your business!
Threats - these are anything that could threaten or prevent your business from growing
Conducting your own SWOT analysis
Examples to help you get started
Strengths: What makes you different from others in your industry?
- exceptional customer service
- high-quality materials
- personalisation
- talented team
Weaknesses: What areas need a little more love and improvement to help your business excel?
- need additional training in particular skills
- struggling to keep up with social media trends
- limited marketing budget
Remember, by being honest and acknowledging your weaknesses, you then have a better idea of what you need to work on which will feed into your strategy - making you a stronger business overall πͺ
Opportunities: What haven't you tapped into that might positively impact your business?
- online marketplaces like Etsy
- Facebook communities/ word of mouth to promote business
- industry collaborations
Threats: What could potentially threaten your business from growing?
- financial pressures (cost of living etc.)
- changes in regulations
- competitors producing products for lower price points
Putting It All Together: Developing a Strategy
Once you've completed your SWOT analysis, it's time to transform insights into action πͺ
Prioritise the most critical things from each category and brainstorm ways that you can leverage your strength and opportunities to overcome your weaknesses and threats.
You'll be surprised how many new ideas this exercise opens up! π‘
Once you've brainstormed, you'll be able to feed everything you've learnt into your business strategy. If you're looking for a business strategy framework, check out our blog post on creating a business strategy that actually works!
Remember, it's important to regularly review your business, so we recommend reassing your business with this framework at least once a year, if not more depending on the changes happening in your market.
Don't struggle alone!
Whether you're needing some support to go through your SWOT analysis, you're worried about how to overcome threats, or you want to develop a concrete business strategy, our free mentoring can help!
Our mentors are on hand to support you through all these challenges and more, totally free of charge π
After discovering Digital Boost's free business mentoring, Gary couldn't believe there wasn't a catch! He was able to meet with expert mentors who helped him to develop his website and increase his sales by 1300% in just a few months π
Meet Gary...
Gary is the genius behind YoBack, a revolutionary health & wellness product that's designed to ease back pain and improve posture! Having experienced back pain for many years following an accident, one day Gary had the idea to create a totally portable wheel that would allow users to stretch out their back, wherever they were in the world.
The idea was born on a napkin in a restaurant and within just a few months, Gary had mocked up the designs and was ready to take his idea to the world πͺ
Image from YoBack
Finding free support
Having attended many virtual networking sessions with our partners at the FSB, Gary was introduced to Digital Boost! He joined a couple of Masterclasses before deciding to see if he could get some help with his website. He took the leap and within 24 hours he had a session booked with an eCommerce Website mentor!
"I called my partner up and said, 'this is amazing! I've just had a conversation for an hour and 20 minutes about my website [...] and it cost nothing, it's free! It's amazing"
Gary, Founder of YoBack
Visa mentoring day
After experiencing great results from his 1:1 mentoring, we decided to invite Gary to an exclusive Mentoring Day we were hosting with our partners at Visa. Throughout the year, we work with incredible industry partners to create special experiences that take mentoring to the next level. Gary was able to meet with some of Visa's top-level European team to discuss his product and by the end of his personal workshop, he'd come away with a whole new approach to his product and reimagined who his ideal client was!
Getting results
After realising how powerful mentoring is, Gary has gone up to become a Digital Boost regular, consistently booking sessions and taking steps to make his business better day by day πͺ Through our free mentoring programme, we've been able to support Gary with business strategy, export trade, conversion rate and so much more!
And through consistent hard work and support from our community, Gary has increased his sales by 1300%! π
What Gary's mentors have to say about him
"Gary came to me with a great product, however the strategy did not fully encompass the amazing work he had been doing so far nor highlighting the full potential of the product. As a result we stripped everything back to basics, from the Website, the digital marketing proposal and business strategy to get a solid foundation and start again. Within the first few weeks we saw sales more than triple and since then Gary has pushed the brand into new platforms and exploring additional marketing opportunities which has seen a growing brand reputation and sales increasing. I am very happy to have played a part in his business and no doubt his early retirement."
Ian D., BT mentor
Watch Gary's full story here
Want to see how mentoring can help your business?
As we continue our Volunteers' Week celebrations, we wanted to show you just how easy it can be to start adding volunteering into your life!
1. Find a cause that's aligned with your passions
Maybe you're passionate about animals? Perhaps you're interested in the environment? Or maybe you're interested in careers and seeing young people thrive.
Whatever your passion, there's a cause and a volunteering opportunity out there for you!
2. Research local and online opportunities
Once you've identified your passion, it's time to find the right volunteering opportunity for you!
Looking for local organisations and groups related to your passion is a great starting point, but in this technological age, don't rule out our online opportunities! Lots of communities are now offering remote and online volunteering opportunities to enable skill sharing and support to those further afield.
Try searching keywords like 'online volunteering' or 'remote volunteering opportunities' to see what comes up!
3. Decide how much time you want to give
Whether you can volunteer for one hour a week, a day or two a month, or even a couple of times a year, there's an opportunity out there to suit everyone's schedule!
When researching opportunities, it's important to understand how much time you need to commit to your chosen cause. Some opportunities will ask for a minimum commitment, but many others won't! Here at Digital Boost, we don't ask for a minimum commitment on our volunteering as we want it to be as flexible to you and your schedule as possible π€
4. Make it a habit
Once you've started volunteering, take it one step further by making it a habit! Volunteering and giving back to communities has been proven to increase your happiness, so let's keep that happiness high by making volunteering a part of your every day πͺ
Once you've decided how much time you can give to an opportunity, make sure to schedule volunteering sessions in advance in your diary where you can, so that you carve out the time to give back to your chosen cause π
Lots of volunteering programmes will have scheduled events that your're able to join and others, like Digital Boost, will allow you to book sessions in your diary in advance so you can easily manage your volunteering around your day job π
Interested in volunteering? Why not become one of our volunteer mentors!
Introducing our latest platform update - say hello to our new Messaging Centre!
Communication is Key
Communication is at the heart of everything that we do here at Digital Boost, so after receiving awesome feedback from our community, we knew we needed to develop a kick-ass new messaging feature that would make it easier than ever for our community to connect and collaborate after their mentoring sessions.
Building our dream feature
The team spent months working on this feature, making sure that every little detail was totally perfect. We're all perfectionists and we won't ever release anything for our members until we're completely happy with the experience we're creating for our community πͺ
We're delighted to now have a Messaging Centre that allows our members to see all their messages in one place and makes it easier than ever to book follow-up sessions!
Features that go above and beyond
β Allows you to contact any mentor or mentee that you've previously met with
π¬ Control who has access to contacting you
π€ Easily book follow-up sessions and take action
π Stores all your messages in one place, so they're easy to manage
As a community of volunteer mentors, we're delighted to be celebrating Volunteers' Week here in the UK π
We're incredibly passionate about volunteering, but don't just take our word for how awesome it is! Read on to find out about the positive benefits of volunteering πͺ
Creating Purpose
We all get busy, and sometimes we can get so lost in the weeds of our 9-5s that we lose focus on what's important to us. Volunteering allows you to get out of your comfort zone and reconnect with what lights you up.
Whether your purpose comes from sharing your skills, your time, or just connecting with new people, there are amazing volunteering opportunities out there that will allow you to reconnect with your purpose and give back to society π₯°
Build Your Skills
Volunteering offers a unique opportunity to not only give back but to also develop personally too! Whether you choose to volunteer at a food bank, animal shelter, or share your skills as a mentor, all of these opportunities will hone skills you already have and teach you new ones too πͺ
Learn & Grow
Volunteering is often seen as the act of giving, but what most people don't know is that actually, there's so much that you as a volunteer can gain from volunteering!
The volunteer mentors in our community constantly report that they learn just as much as their mentees during their mentoring sessions. Often you'll be sharing your expertise, but you'll be learning about an industry that's maybe new to you or learning more about the world through the eyes of a small business π
Build Meaningful Relationships
Volunteering connects you with people from all walks of life, who you may never have met if you hadn't started volunteering π It also allows you to build deep relationships with people who are connected through a shared purpose. Meaningful connections like these have been shown to improve the quality of our lives and make us happier overall!
Lots of our volunteer mentors end up offering ongoing mentoring to the mentees that they meet because of the deep and lasting connections they build in their sessions together π
If you feel inspired to get involved with Volunteers' Week, why not become one of our volunteer mentors today?
Meet John, our Mentor of the Month for May! π
This week marks John's 2-year anniversary volunteering with Digital Boost, so we caught up with him to find out why he loves mentoring small businesses π§‘
Where are you based in the world?
Belfast, Ireland
What's your day job?
Regional Ecosystem Manager at Ulster Bank and Dealmaker for Department for Business and Trade
What's one thing you're amazing at?
Taking complex things and simplifying them down... or in a word, storytelling.
What do you love about mentoring small businesses and charities?
Being able to play a small part in helping someone move closer to their dream is what brings me happiness.
If you could start your own business, what would it be and why?
I have, I previously launched a wifi software company. Next time it'll definitely be something more fun. As an ex-food critic, I'd definitely love to build something that crosses over food and tech.
What's one top tip you always share with small businesses?
Saying you're an expert and mentor is easy to do on LinkedIn, but it doesn't make it true. Just because you see someone wearing a vintage Nirvana 1992 Reading Festival t-shirt doesn't mean they were at one of the most iconic concerts of all time. Investors do diligence on entrepreneurs before investing money into a business. You're basing strategic decisions on an expert's advice. Make sure you've done your own diligence to know you can rely on that advice.
If you could sit next to one famous person at a dinner party (dead or alive) who would you choose and why?
I like a raucous party, so I'll pivot and say my dinner party is loud (with a mix of punk and grunge music blasting) so everyone can dance. And I'll invite along Kurt Cobain, Joan Jett, and Anthony Bourdain.