No matter the stage of your business, it’s important to understand business law. Many entrepreneurs let the legal side take a backseat to products and innovation. Setting your business up for long-term success requires attention to detail on all fronts. Here are a few legal strategy tips to help set your business up for success.
You want to get your business up and running as quickly as possible. After all, you have to beat the competition to establish yourself in the market. However, organizing your legal affairs takes time and often runs into delays. Depending on your industry, multiple licenses may be required to operate legally. Begin by understanding which licenses you need to start operating and the typical timeframe for the acquisition of those permits. You may then want to consult your attorney to see if there are options for running your business with a modified scope until the license is in place.
While you may want just one attorney to handle all your business’s legal matters, using attorneys specialized for each legal task will better serve your company. Business law can be very nuanced. A general practice attorney is wonderful for setting up the basics of your business. If your product needs a patent, seek out a qualified patent attorney to help complete the process. Paying for their expert knowledge and experience now can save your business considerable money and time later on.
Besides being a long and confusing process, legal matters can be expensive. It’s a good idea to buffer your expected legal expenses to allow for flexibility if legal fees end up larger than expected. Your legal fees are only a portion of the budget. Filing and license fees can add up quickly. Reach out to your network and other entrepreneurs to get help gauging what the typical expenses are in your industry.
Work in Parallel
Time waiting for legal compliance doesn’t have to be wasted time. Focus on the areas of your business that are capable of operating within legal bounds. Understanding the nuances of state law can be helpful, allowing you to launch in markets that don’t have legal restrictions while you wait for the permits or licenses to process in those that have more legal hurdles.
Legal processes and businesses often run at opposite speeds. It can be painful to wait for patents and licenses to come through. However, to have long term success in business, you need to comply with business law. Consider these tips to help you build your business quickly and legally.