When youâ€™re setting up a new business, one of the key things youâ€™ll be trying to do is keep costs down. Itâ€™s also important to be aware of false economies, however: if you cut an important corner while youâ€™re setting up your business, you may find it has consequences later.
One of the expenses you may tempted to cut out is paying money for legal advice. Depending on the size of your business and your available resources, this could be an area you can afford to cut back on, but not cut out altogether. A solution for smaller operations is to use an online legal service, rather than a traditional high street lawyer: this will help to keep costs down, and eliminate the inconvenience of having to travel for an appointment: you can schedule time to fit you, and pay only for the service you use, rather than hour-rates for tasks that take minutes.
Plans and Agreements
A lawyer can help you as you write your business plan: checking to make sure your plans for developing your business are in accordance with the law. For example, making sure you are aware of any permissions or permits you might need either from your local council or from governing bodies before you set up in business.
When the time comes to seek funding, a lawyer can help you review your shareholder agreements to make sure there are no hidden clauses that might undermine your authority over your business, or divert funds from where you need them most. While Angel Investors are very helpful, they do expect a high level of influence in your organisation, and a lawyer can help you set a firm boundary.
Whether youâ€™re taking on employees or renting a premises or storage space, having the contract reviewed by a professional can protect you from unpleasant surprises in the future. They will be able to ensure your contracts for employees or consultants give you a necessary â€˜outâ€™ if they do not provide the service or performance that was initially agreed.
Finally, an experienced business lawyers works with a large number of entrepreneurs who are or have been in your situation. This makes them important part of your networking strategy. When discussing issues facing your business, ask if they have had clients facing that issue before, and to set up a meeting.
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