Starting a new online business is a wild ride. I remember the first time Destination Legal sold a template to someone I didn’t know - a stranger found us and bought it! How cool is that?! As an entrepreneur, I know that you have tons of ideas, passion, and big dreams of success.
I also know that while passion and dreams are at the forefront of your mind, there is a little voice in the back that is popping in with questions like “How do we get legal? What if we get sued? Do we need an LLC?”
I know legal isn’t as exciting as thinking about the new LV bag you will buy when you hit your income goal, but it is undoubtedly essential. Today my job is to tell you WHY you should think about legal as a GOOD thing in your business.
The mere mention of "legal" may conjure images of complex contracts, endless paperwork, and a high price tag. Yet, thinking about legal protection is not only necessary but beneficial (actually, critical) for your business. By the end of this post you are going to be excited about embracing legal into your business strategy.
- LEGAL PROTECTS YOUR BUSINESS
Ok this is an easy one. The number one reason legal is awesome is because it PROTECTS you! And that’s how I want you to think about it. Your business bodyguard. It’s pretty cool that a bunch of paragraphs on 5 pages of paper (give or take) can literally save you $$$, keep you out of court, outline boundaries and expectations, and let your client know what they are getting. Wow.
Legal protections like contracts, terms and trademarks serve as a protective shield for your online business. They help safeguard your products, services, intellectual property, and brand identity. Even without mentioning any of the other reasons below, this by itself is pretty awesome.
- LEGAL HELPS YOU PREPARE FOR THE UNEXPECTED
I give a lot of guest talks and you will hear me say this in a lot of them: when it comes to legal, “It’s not IF, it’s WHEN.” If you are in business for any amount of time, you WILL run into a legal issue. Whether it’s a contract dispute, a payment issue, a trademark infringement or someone stealing your content - IT. WILL. HAPPEN.
Having legal protection in place is PROACTIVE - it’s like health insurance or car insurance - you don’t necessarily love paying those monthly bills, but you love having the protection when you need it.
Knowing that you are being proactive instead of reactive can go a long way to curb your business nerves. There is so much we cannot control about building a business…how our clients act, global events, what Zuck is going to do next…but THIS you can control. And honestly, why wouldn’t you invest in that?
- LEGAL SETS THE STAGE FOR GROWTH
Having a solid legal foundation in place from the beginning (or very near the beginning) isn’t just about addressing current needs; it plays a pivotal role in your business's growth and expansion.
As you grow, more issues pop up that you probably aren’t even thinking about right now. You know the saying “Mo’ Money, Mo’ Problems.”
While growing and expanding doesn’t always have to mean problems, it does mean more stuff. Building your business on a strong foundation from the beginning is so important. From the contracts your first clients sign to building your portfolio of IP. Building a brand without trademarks is like building a house on land you don’t even own, it can be taken away at any point. Plus, when others see you have your legal ish together, it can open doors to opportunities that may otherwise be closed.
- LEGAL GIVES YOU PEACE OF MIND
This is A BIG ONE. Having legal protection in place gives you peace of mind so that you can focus on what you do best - run your business. One of the most significant advantages of thinking about legal in your business is the confidence and empowerment it can bring you as the coach or business owner. I have had countless people tell me that they are so relieved once they know they have their contracts in place or trademark registered. They sleep better at night and no longer hear that little voice in the back of their head. When you know that your legal is in order, you can concentrate on what you do best—growing your business, innovating, and serving your clients.
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So here’s the bottom line. I want you to EMBRACE legal. I don’t want you to think about it as scary or uber expensive, because it’s neither of those things, not when you think about the long term. Thinking about legal in your online business is not just a necessity; it's a strategic advantage. It provides protection, minimizes risks, supports growth, and ultimately allows you to focus on your business's core objectives.
EMBRACE the legal landscape as an integral part of your entrepreneurial journey. I can promise that once you do, you will feel better, more empowered and ready to take on the other challenges that no doubt will cross your path along the way.