10 Lawyer Secrets To Running A Business

  1. Get advice early from a recommended practitioner. Gauge all issues that you will require advice on and get a fixed your fee;
  2. Terms & Conditions… think Worse case scenarios and what you would like to do protect yourself. Get a professional to draft proper terms & Conditions (see 1 above);
  3. Employment Contracts.. if you are likely to employ staff, consider a full job description and get a professional to draft your employment contract and necessary employee policies; (see 1 above);
  4. Protect yourself… is there anything to protect- Patents, Copyrights, Designs, Trade Secrets? If so engage a professional… (see 1 above);
  5. Know your providers’ terms..If you engage 3rd parties for critical services. What would happen if your Website was hacked and your site hosting agent disclaims all liability? Read the contract carefully and if you have the slightest doubt GET ADVICE (see 1 above);
  6. Writen contracts…. for important contracts get an agreement drafted! Compare the potential loss against the cost of legal fees. Otherwise, keep notes, letters, emails in case of breach. Put as much as possible in writing;
  7. Personal Assets… avoid putting personal assets at risk… avoid personal guarantees, charges on property, etc. Ensure that potential business partners could also shoulder any claim against the business;
  8. Discounts… If you are asked to pay for a good or service in advance, or need a number of services (see 1 above) seek an additional benefit or a 10% discount. The reduction is well worth not having to chase a client for a debt;
  9. Keep records… for a new issue open a new file / folder / box etc. A short typed note of your side of your side of the story could save you thousands- and – the fact that records are meticulously kept suggests that the business operator is far from negligent;
  10. Ask around… your accountant and solicitor is bound to deal with many clients, they are likely to have heard of good tradesmen, insurers, stationers, hauliers, marketing… and they are unlikely to charge for the information.