Starting a new business is exciting and rewarding, but it may expose you to unexpected financial and legal risks. For example, failure to comply with Florida employment laws can land you in hot water.
Knowing about some of these risks in advance can help you address them early — before they cause problems for you and your company. Here are just a few potential hazards that startups may face once they open for business.
At one time, a business’s security concerns mostly revolved around protecting the physical premises from vandalism and theft. These days, you must protect your digital assets, branding materials and trade secrets as well. Put a cybersecurity plan in place to guard your intellectual property.
All businesses depend on speedy payment after issuing an invoice, but a startup can fail over just a few missed payments. Most new businesses need a steady and dependable cash flow to grow and yield profits. Create a strategy to address non-payment issues, preferably before opening your doors.
Legal claims and lawsuits
Legal problems can weaken a business before it puts down strong roots. Some of the most common claims and lawsuits new companies face include:
- Employee discrimination claims
- Wage and hour complaints
- Breach of contract lawsuits
- Personal injury or premises liability claims
Understanding your obligations as an employer and the operator of a public establishment can help you minimize your legal risks.
Of course, these are not the only hazards your startup may face, but having experienced legal guidance can help you identify other possible concerns and help to ensure compliance with Florida business laws.