“I will hire an attorney once I start making money.”
A common trend that I have been noticing amongst small business owners is that they think they can avoid having legal protection which is a BIG mistake. I always hear “I will hire an attorney once I start making money.”
But guess what happens? They start making money and forget completely about protecting their business aka the money they are making with the business.
Have you been putting your legal protection needs on the backburner? If you have you want to keep reading.
I want to tell you a story about one of my clients. We will call her “Sally” for confidentiality purposes. Sally had created an award-winning blog that was focused on assisting women of color with blogging.
Sally had won all sorts of awards and grant money for her blog. After THREE years of running a successful blog, Sally now wants to trademark the name of her award-winning blog. Sally then contacts me to assist her with protecting the name of her blog.
During my research, I found that several other people were using the same BLOG name for their blog. There was already another pending trademark with my client’s blog name. So, we spent the next two years fighting for my client’s blog name. We eventually won the case but it was a lot of unnecessary stress caused. Not to mention, she had to stop using the blog because of this pending litigation so that meant she had to find another source of income during this two year period.
All this could have been prevented if my client would have protected her blog’s name versus waiting until it became profitable and well known.
Some important lessons to take here:
1. If you are serious about doing business you need to protect it at its inception. Just how you found the money for your website and logo you need to make sure legal is in your budget as well. Protecting the business is more important than making sure it’s pretty.
2. The longer you wait to protect the business the more likely you will run into a legal issue.
3. You should not wait until the business starts making money to protect it.
I always tell my clients you need a strategy for everything in business. Legal strategy for your business is a must. It outlines the best ways to protect your business based on your overall business goals.
In general, your strategy should involve contracts, intellectual property, and monetization options.
Is your small business protected? If so when did you protect it?
Is it not protected? If not, what are you waiting for?
Enter the ReeJade's world of #BigGirlPanties Business Building for Women at www.reejaderichmond.
A note from The Small Business Cheerleader™:
I reside and own Ascent Small Business Promotion, LLC, in Farmington Hills, MI. A great author encouraged me to Think and Grow Rich, by choice. So by choice, I hunt goals as a Speaker, Author, Small Business and Non-Profit Consultant, Grant Writer, Young Entrepreneur Mentor and Board Member at the National Association of Women Business Owners Greater Detroit Chapter. Ascent Preparatory Academy For Entrepreneurs is where I share online, self-paced training. Virtual instructors also earn an additional revenue stream by hosting on the Ascent training platform. I’m a Certified Business Advisor with StealthEnomics, as well as an Alumni Recruiter for Coppin State University (HBCU #CoppinProud). A wonderful husband, Ken; 5 children (4 are grown – we’re in the homestretch); 2 grand princesses; and a big dog complete me. I drank the Networking Kool-aid and liked it. You can find my writings in Career Mastered Magazine.