I have heard people complain that lawyers use too much ‘legal-lingo’ that they don’t understand during conversations with said lawyers.
I don’t know all the legal-lingo in law-space as there is so much out there to know in fields and worlds where I have not threaded before as a lawyer. This is why I have an area of practice or niche. Therefore, I love to write legal articles as if I am explaining something to my elementary school self – As direct and straightforward as I can get. After all, everyone should have a chance to understand concepts that are outside their expertise, and I hope this will be the experience of my readers.
In this blog, I am going to be writing about how to protect your business assets and I will attempt to make it direct and straightforward.
Digital businesses are taking over the world. Period.
I have one word to prove it: Amazon
I don’t want to state the obvious or capitalize off the obvious…However, this is probably what I am going to sound like when you read my next sentence.
Therefore, as it is unavoidable that I will have to state the obvious, let me state the obvious: In the present global environment, particularly due to the current health situation that is causing stay-at-home requirements, digital businesses will be king.
As rent, office equipment and other costs are leading to several businesses shutting down, even if temporarily as of April 2020, I want to recommend a long term strategy that may help you, not only after the Covid-19 issue is over, but long after it is gone and everyone is back in normal business.
Consider digitizing your business assets now.
What does ‘digitizing my business assets’ mean? It means that for every piece of hard copy or non-digital product or service that you have available in your business…You want to create a digital form for all of them.
Let me provide an example: Do you have a service that you only provide in-person, like a training or seminar?
It is time to make a digital version of that training. The same goes for books – Hard copy books have digital versions in today’s world. If yours does not have one yet (and I have come across a few books that do not), this is a good time to start going digital.
Gone are the days when a mailbox could only be found in a building where an actual ‘mailbox’ had to be located. Nowadays, entrepreneurs are able to register for digital mailboxes or manage virtual mailbox businesses.
It is possible for any business product or service to become digital. This is the point where you may need to engage a business consultant that could discuss options with you for creating a business form that can deliver your goods and services in e-commerce space.
Digitizing your goods and services is a brilliant strategy for safe-proofing your business in any economic environment. The benefits of a digital business are probably well-known in today’s entrepreneurial space: As mentioned earlier, little to no office rent costs, no business equipment (desks, chairs etc), and all other costs that go into taking care of a brick and mortar business such as heating up the building or janitorial services and more.
Since we know the more obvious benefits, let us talk about the other not-so-talked about benefits of a digital business.
- Enhanced security: Digital brands can be encoded, encrypted, and protected much more easily than physical ware that could be easily taken or stolen in a brick and mortar building.
- Increased sharing opportunities: A product or service on a digital space has the potential to go global much faster than a physical product. If you are looking to expand your business, a potentially faster way to achieve it is to make your presence known in digital space.
- Branding: Having an easily identifiable product with your customers is essential to keeping your brand. I have another blog dedicated to brands, and discuss more about branding your business in that blog.
- Trademarks registrations: When your brand is more easily identifiable by customers because it is available in the increasingly more accessible digital e-commerce space, you have won the main battle in any trademark registration case where you need to prove that your product has developed ‘secondary meaning’ to the extent that the public can now recognize it as belonging to you. Such recognition enables the trademark office to issue you a trademark registration.
- Scalability: When your business is conducted significantly in digital space, imagine the opportunities for expansion at little to no added cost. With the multiple availabilities of electronic platforms for engaging audiences online, delivering a speech is as easy as turning on a laptop camera, as opposed to jumping on a plane to deliver it to an international audience; deploying a new book is as straightforward as a click of a button on an e-book platform…and several other advantages of scalability – Generating more revenue while using same or lesser resources.
With these simple and short insights into what digital products and services can do for your business, take a moment to consider your options.
Of course, do not forget to think about how to protect your business assets with an intellectual property registration.