4 Reasons Why Your Startup Needs a Legal Advisor
Thinking of starting a business? That’s great! Being an entrepreneur is a very rewarding experience. You can learn more about yourself and the world as you strive to create financial freedom for yourself.
Just as it is with everything else, being an entrepreneur requires a lot of dedication. You need to have a business plan, a market to sell your product to, a location, a website, marketing, and a whole lot more.
However, experts say that many startups miss the fundamental keys to success because they do not seek legal advice.
In 2021, branding and marketing are critical to success in business. Studies show that the second-highest reason startups fail is because their branding and marketing strategies were terrible.
Without legal advice, your startup could run into branding issues that could cost you lots of time and money!
The following reasons highlight how your business could benefit from a legal advisor.
A legal advisor protects your brand
As stated above, your brand is at risk without the help of a legal advisor. This is because many entrepreneurs pick a business name without doing research.
If your business takes off and you share a name with a competitor, you can bet your last dollar that they’ll challenge you for that name!
And if your business isn’t registered or under a trademark, you’ll be forced to rebrand.
And rebranding is much more than changing your company name. It forces you to put time and money into new marketing campaigns, signage, flyers, product design, and much more.
So spare yourself the waste and get a legal advisor from the start!
A legal advisor helps you protect your intellectual property rights
Your startup relies heavily on new ideas. If you weren’t doing a new thing, then it would just be a regular business.
As such, you want to protect your ideas at all costs. A great way to do this would be to patent it or register it with an intellectual property rights organization.
However, many startups fail to take care of the legal issues first and end up in legal trouble later on.
Not registering your design or ideas makes it easy for someone to steal it and repurpose it for their gain.
Having a legal advisor helps you avoid these situations.
A legal advisor helps you to secure revenue
Another rookie mistake entrepreneurs make is doing business without a legally binding contract. If you’re new to an industry or business space, seasoned entities might try to take advantage of you.
With the help of a legal advisor, you can implement contracts that they have to honor so that your business is never “conveniently inconvenienced.”
A legal advisor helps you to protect yourself from litigation
This might be the greatest asset of a legal advisor. Protection from litigation. In America, people will take you to court if they believe that you’re operating outside of the law.
A legal advisor will help you to structure your business and its assets by the law. This way, you won’t be blindsided by legal loopholes and you won’t waste time and money in court!
If you’re looking for a legal advisor in Dallas, TX, Vision Legal is up to the task.