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Achieve Business Success by Taking Control of Your Business Legalities

Achieve Business Success by Taking Control of Your Business Legalities

“I am hiding my website because I can’t even grasp what a privacy policy is and all that legal stuff … Don’t get me wrong. I am serious about my coaching. But legal is making my head spin. At the same time, not having them makes me feel unprofessional.”

This was Emilie’s answer when I asked her why I couldn’t find her website when I tried to search it.

She is not alone.

I have audited businesses for several years now, and I discovered that two out of five women business owners would rather hide their website or remain small to avoid attracting the attention of authorities. 

These business owners often feel powerless and insecure because they know the repercussions of not dealing with their business legalities. But despite this knowledge, they are stuck in a loop of inaction.

This behavior is often rooted in myths and misconceptions that business owners, in general, have about anything legal.

First: Entrepreneurs often believe that they have to nail down all of their business legalities before they even start their business.

Some years ago, when I was working solely as a business lawyer, I would have also given out this advice.  Of course, my main concern was to ensure maximum protection for my clients at the earliest opportunity.

However, this advice does not consider an entrepreneur’s realities, especially solopreneurs.

Only when I became an online business owner myself did I recognize that while the goal of maximum protection is ideal, being inflexible about it can often impose a burden. 

So many business legalities are involved, and just thinking of them can be overwhelming, leading to procrastination.  Michelle Kvello correctly pointed out that procrastination can kill your business because it is often the cause of inaction.

The second misconception is that business legalities are just an expense.

It has costs. There is no doubt about that.  But thinking that those business legalities are just an expense fails to consider that not dealing with them can expose one to more expensive penalties and injure brand reputation.

Small business owners are more vulnerable to legal risks because we don’t have an in-house legal team that can, so to speak, stop a fire before it even starts.

Imagine building a brand from scratch only to discover that you cannot even use a brand name because someone trademarked it ahead of you.  Or you were reported by a competitor for not having the proper privacy policy on your website.

These issues could easily be prevented.

Instead of considering business legalities as an expense, we should treat it as a business investment that can help us grow our business faster without the constant fear that something might go wrong. 

Everything, including your business legalities, has a proper timing.

There is a way to prioritize your business legalities and build a strong foundation for your business without having to pay with an arm and a leg.

You see, every entrepreneur goes through phases, and having the awareness of which phase you are in can help in determining which business legality must be prioritized.

For example, if one is actively building an email list, then having those legal policies on the website should be the priority.

At the minimum, get legal guidance.

If budget is an issue, it is possible to nail down your business legalities without asking a lawyer to draft everything for you.

Nowadays, there are legal programs that are either digital or run in groups, which means that you don’t get billed by the hour. This option can save money and time in the long run.

What is good about these programs is that instead of depending on a lawyer, you are empowered with the faculty to deal with your own business legalities.

Look out for the caveat!

Not all legal programs for businesses are created alike.  You must ask these things before engaging a guide or a legal business mentor:

  1. Is the lawyer offering the program actually licensed at least in one jurisdiction and has experience dealing with your industry, online, and digital business?
  2. Do they know vital business rules in the countries where your clients are coming from?
  3. Will you be left on your own to implement, or does the program provide support through a mentoring component or group calls?

These questions will help you eliminate the generalist from the specialists and those who will only give you textbook information from those who will help you implement.

As entrepreneurs, business legalities form part of our business foundation.  The fact is, it is difficult to scale and grow a business that has a weak foundation. 

But dealing with one’s business legalities can be challenging.  It needs a change in mindset, discernment, a bit of strategy, and, at a minimum, a guide.

It’s time to act as the real CEO of your business and take back control of your future.  This starts with taking your business legalities seriously and considering them a vital component of your business foundation. For more go to www.legallyfluentacademy.com.


About the Author

Women Thrive Magazine Article Author - Vena Verga-Danemar

Name: Vena Verga-Danemar, J.D., LL.M, LL.M-MAS

Professional Title: Onlinepreneur Legal Strategist, Lawyer and Online Business Owner

Bio: Vena Verga-Danemar founded Legally She Can, a platform that aims to help women coaches, experts, and course creators remove legal barriers that prevent them from attracting leads and sales worldwide. She uses the knowledge she honed from over a decade working as a business lawyer, and her entrepreneurial experience, to mentor and guide her clients and students, mostly coaches and course creators running their businesses across borders.

Website: legallyshecan.com

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Media platform spotlighting and celebrating entrepreneurial women and their achievements. Creating a platform where every woman can be seen and heard. We are disrupting the media industry by democratising media channels for women. If you have a business or an idea and you would like to rise and thrive, you are in the right place.

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