Top 3 Reasons Why Your New Business Needs Expert Legal Advice
Congrats, you just launched a new business! You’re probably brimming with expectancy and confidence in your new venture. You should be proud of yourself for taking the step that many others only dream of.
However, there are landmines that you’re going to encounter. Regardless of how prepared you are, your business is going to see some tough days. Those days will test your tenacity and desire to not only survive but to thrive!
Recent studies show that 90 percent of start-ups fail. Yes — 90 percent. One of the main reasons for failure is a lack of product-market fit. In simple terms, the product that your business is selling is not what people want to buy. Another reason is poor marketing.
While every business will experience product-market fit, in the beginning, your business can be stuck for a long time. And a solution to that problem is legal advice.
If you want to ensure that your business doesn’t fail, pay keen attention to these top 3 reasons.
You need advice on developing your Business Structure
Business structure is important. This importance lies in the fact that your structure dictates how much tax you pay and how many benefits you have. If you neglect legal advice and register your business without understanding what the law says about your obligations or restrictions, you’re setting yourself up for failure.
Failure can come in the form of non-compliance fines, inflated taxes, and litigations. It is in your best interest to get the necessary legal advice.
You need your Product-Market fit to be analyzed
As stated earlier, many businesses fail because their product doesn’t fit the market they’re in. If you consult a lawyer or consultant for legal advice, they can help you identify other businesses that would have succeeded. And also those businesses that failed.
This information can help you tweak your product so it’s compatible with the market.
You need legal advice to protect yourself from bad contracts
Your business will interact with customers and other businesses. As a result, contracts will be drafted and signed. If you’re not careful, failing to comply with a clause in any contract could put you before the courts.
A lawyer will help you identify all your legal responsibilities and ensure that the contracts you sign aren’t asking you to perform duties outside of your business’s abilities.
If you reside in Dallas, TX, you need legal advice if you want your business to flourish. Apart from the reasons identified, Vision Legal can show you the true value of legal advice.
