In this podcast episode, host, Rob Lawrence, and guest, Dr. Ruth Flaherty, explore the crucial steps for entrepreneurs in the early stages of business. They discuss the importance of protecting intellectual property, choosing the right business structure, and understanding the legalities of trademarks and patents. Dr. Flaherty highlights the need for compliance with GDPR and cybersecurity in handling customer data, and the benefits of incorporating a business. You'll also hear the importance of maintaining good documentation practices, meeting legislative requirements, and utilising support networks. Hear why staying passionate and seeking professional guidance to overcome administrative challenges is important in starting and growing a business.
In this episode you'll learn:
The value of protecting your ideas (00:02:20) Early considerations for protecting intellectual property, including patents, trademarks, and copyright.
Choosing the appropriate business structure (00:08:46) Overview of different business structures, such as sole trader, partnership, and incorporation, and their implications.
Protecting your brand and web address (00:05:18) The importance of registering trademarks and web addresses to protect brand integrity and prevent others from trading under the same name.
Considering professional services business structure (00:14:07) The suitability of different business structures for different types of businesses including limited liability partnerships for professional services.
Mistakes to avoid in the early days (00:15:49) Guidance on researching and understanding the costs and implications of protecting intellectual property and the importance of seeking professional advice early on.
Protecting Assets and Ideas (00:20:42) The importance of protecting business assets and intellectual property, including registering trademarks and patents.
Global Trademark Registration (00:21:40) Things to think about when registering trademarks globally, with a cautionary example.
Data Protection and GDPR (00:25:37) The importance of complying with GDPR, handling customer data, and securing sensitive information.
Employment and Payment Structure (00:24:03) Considerations for structuring company payment plans and incorporating businesses for easier employee payments.
Additional Legal Considerations (00:31:06) Why you need to develop good filing habits and the importance of compliance with legislative requirements, and seeking funding sources.
Business Support and Resources (00:36:11) Ideas on seeking support from trade associations, business coaches, and maintaining enthusiasm for the business idea.
Connecting with the Expert (00:38:57) Contact information for Dr. Ruth Flaherty, including email, LinkedIn, and Twitter.
Ruth's recommended resources:
Dr. Ruth Flaherty - Find Ruth at The University of SuffolkSmall Business - Advice and ideas for UK small businesses and SMEsLondon Business Matters – Published by Crosby Associates Media LimitedGrowth Business - For Entrepreneurs and Fast-growth BusinessesViv Groskop's book Happy High Status - Viv Groskop’s work on both How to Own the Room,...