For some people, social media is a way to share content, opinions, and ideas. For others, social media is their business. If social media makes up a large part of your business model, here are five questions to ask yourself to ensure your online business is fully protected.
Are you treating your online business like a business?
If you are making money as a social media influencer or a YouTube video producer, you have a business. However, many people blur the line between a hobby they dabble at and a business. To ensure you are protecting your business, consider the following:
- How is your business organized? Is your business a sole proprietorship, a partnership, a limited liability company, or a corporation? No matter which organization form you have chosen, do you have the appropriate organizational and governing documents in place?
- Is your business properly insured? Unfortunately, no matter what kind of online business you are running, there may be risks that you need to insure against. For example, if you run an online SEO writing business and a client says that they are not getting the results they expected from your writing, they may sue your business for decreased sales and website traffic. Professional liability insurance can help pay your legal fees and associated costs.
- Are you filing the appropriate tax documents and keeping the accounting records required for your business model?
What is your succession plan?
When you no longer want to own and manage your online business, what will happen to it? Can it continue to run and make money without you? Can you sell your business? Will you walk away with nothing after you close your business?
Do you have a plan in place to keep your business open should you become incapacitated? Will your business be passed to your beneficiaries? If your business can run without you, what will happen to your income streams upon your death?
Where does your online business income come from?
Are you selling products, services, or both? Do you have appropriate insurance for the products or services you are selling? Are you being paid to advertise for another company’s products? Knowing exactly how you make your money online will make it easier for you to get proper insurance and develop strategies to protect you and your business.
What happens to your social media accounts when you die?
Each social media platform has its own rules about what happens to a deceased member’s social media accounts. Review your social media account information to ensure that you have designated who can have access and how you want your accounts handled upon your death.
How will you keep your personal affairs private?
A proper and comprehensive estate plan can help you meet the following goals while keeping your personal and business information as private as possible:
- Appointing someone to handle your financial transactions
- Appointing someone to make medical decisions for you if you are unable to do so
- Protecting the financial information for your online business
- Maintaining your privacy in terms of who will receive your money and property upon your death
We can help you review your estate plans to ensure you, your loved ones, and your business is protected.
You can schedule a call with us or reach us directly at 855.631.3457 to learn more about how best to plan today to protect those most important to you.