First time trending
Whether you have a new business or an established operation, trending on social media for the first time could change everything. Even a business that has been around for years with a loyal customer base can find itself overwhelmed by the attention that often comes with trending. Your business could receive attention far beyond its usual market. If the attention makes it out of social media and onto podcasts or TV shows, it could go global. You can plan ahead so you’re ready should your business get its moment in the spotlight.
One important factor to consider is how to scale your business quickly to handle a surge in demand. Scaling looks different from one industry to another. It can involve the following:
- Hiring additional staff.
- Upgrading your website or ordering system to handle high volumes of orders.
- Building a supply chain, including alternate sources for important products.
- Working with lenders so you have access to additional capital.
- Revisiting and revising your Business Plan.
Protecting your personal assets becomes more important as your business grows. Registering the business as a limited liability company (LLC) or corporation provides a layer of protection between your business activities and your personal life. It keeps business creditors away from personal assets like real estate, cars, or retirement accounts.
You can also protect some of your most valuable business assets before going viral. Once your business is in the spotlight, others may try to take advantage of your fame by imitating you or your product. Protecting your intellectual property by securing patents, copyrights and registering trademarks for your business name or brand name can give you more legal power to stop copycats.
Prepping for partners
Should you or your business go viral, getting help right away can be a good idea. Finding the right partners is a crucial part of preparedness. Just remember that good contracts make good partners. The right agreements can help you develop excellent partnerships, whether it’s with an investor, business partner, social media influencer, vendor or service provider.
If you want to raise capital from investors or take on business partners, this is the time to register your business as an LLC or corporation. Most investors will not put money into an unregistered business that does not have a formal business structure or liability protections. Rocket Legal+ members get their first business registration filing FREE (excluding state fees).
Even influencers need solid contracts to protect themselves. An Influencer Agreement can define the specific terms between an influencer and a business before the start of a social media campaign. This might include the type of content and number of posts, how the influencer will get paid, and how to handle disagreements or changes to the contract. The more specific the terms, the smoother the partnership will be.
Essential after viral activities
All good things must come to an end, including viral fame. You or your business might retain some of the attention you gained through going viral, but the spotlight will inevitably turn to someone else. You need a plan for what to do once the fame wears off. This could mean settling into a routine with greater demand than before going viral but less than you enjoyed at the height of fame. It could also mean rebuilding your brand after most of the world’s attention has moved on.
Waiting to plan until your viral moment ends is asking for trouble. Just as you can plan for the possibility of going viral, you can plan for the certainty of no longer being viral. At a minimum, reduced demand for your products or services means scaling back your business operations. If you made a plan to scale up, you can plan how to scale down. This often means cutting expenses.
If you have not already taken steps to protect your intellectual property, however, now is an excellent time to do so. You can file trademark registrations for brand names, logos, and other marks that you use in your business. Copyrights protect works that you or your business create, including videos, blogs, and even software. While the spotlight may now be pointing elsewhere, what you created can be leveraged for continued revenue.
Viral for the wrong reasons
Contrary to what you might have heard, there is such a thing as bad publicity. Not all viral fame is good. Instead of trending on social media because people love your products, for example, you might go viral because you were having a bad day or as a result of someone else’s misdeeds. This can hurt your personal reputation and the reputation of your business.
Planning for this kind of viral fame is difficult. Negative publicity can happen to almost anyone. How you respond depends on what caused the publicity. If you’ve registered your business as an LLC or corporation, you can at least limit any liability to what your business owns and keep your personal assets safe.
If you have more questions after going viral online, or need help to be ready for a big marketing push, reaching out to a Rocket Legal Pro™ is an easy and reliable way to get affordable legal advice.
This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.
