With technology giant Intuit estimating that freelancers will account for 40% of the U.S. workforce by 2020, it is clear that a growing number of individuals are embracing their entrepreneurial spirit in the quest to secure financial security. While advancement and innovation have played key roles in driving this trend, the impact of the Great Recession on the traditional employment market has also been extremely influential.
If you are one of the many individuals who have sought to go it alone and establish an independent online venture, you may well be looking forward to long term financial gains. It is important that you adopt an organic approach to developing your business, however, as this will enable you to consolidate any initial growth and take protective measures to guarantee the integrity of your investment.
Scaling your Home Based Venture: The Importance of Laying a Secure Foundation
So while you may feel inclined to develop your venture as the economic recovery gathers momentum, you must first learn how to protect the business and its core assets. Consider the following: –
Back Up your Data On a Regular Basis: In the modern age, online businesses are almost entirely paperless and driven by cloud technology. While this improves the speed and efficiency of your operational procedures, however, it can cause issues in the event of a power loss or technological fault. This can cost you time and considerable sums of money, which in turn can undermine your venture before it has even gained a foothold in a particular market. By implementing innovative back-up solutions and ensuring that data is copied on a regular basis, you can make sure that power interruptions cause only minimal disruption.
Protect your Intellectual Property: At the heart of every product and service orientated business is a fundamental concept, which is likely to have genuine merit and at least one unique selling point. If this is not adequately protected, rival firms or larger corporations may be able to adapt your idea and utilize it for their own financial gain without being required to offer anything in the way of compensation. In order to avoid this, you must look to protect your firms intellectual property and non-physical assets as a matter of urgency. Depending on your exact business plan, this will enable you to either expand your venture or sell the concept in exchange for royalty payments.
Look to Employ Industry Relevant Talent: If you decide to expand further and create a representative workforce, you should look to compete for the very best industry talent. Given the number of soft jobs on the current employment market and the intense level of competition that exists for well paid positions, you must think creatively and offer flexible benefits packages that compensate for a lower annual salary. Fortunately, modern employees consider a wider range of factors when evaluating job offers, with health coverage, level term life insurance and lucrative bonus structures particularly important. So if you are serious about expanding or consolidating your venture without spending outside of your means, your ability to understand staff members and their needs is crucial.
The Last Word for Home Business Owners
There is an old adage which suggests that you should never try to run before you can walk, and this has particular relevance in the current economic climate. No matter how strong your desire may be to expand your burgeoning online venture and boost its profitability, it is first important to consolidate its foundations while protecting all physical, conceptual and human assets. Without these provisions, you may find that your business is unable to withstand the demands of growth or wider economic uncertainty.
Author Bio: Daniel Watson is an ivy league graduate in journalism and the senior publicist for Kanetix.ca, an innovative insurance quoting marketplace. Kanetix.ca offers great advice on life insurance policies, so visit http://www.kanetix.ca/life-insurance today to find out more.