Starting a small business means making crucial decisions that may or may not lead to disaster. Unfortunately, as much as most business owners like to avoid it, the fledging months of an enterprise is high time for legal mistakes. It doesn’t have to do with your competency, rather, the period really is at high risk for many legal mistakes.
If you are just starting, then it’s best to understand what could be damaging to your business success. Here are some tips on avoiding as many legal mistakes and ensure your business growth.
It sounds like a given but many business owners still forget that one of their main priorities is to protect their brand. Start-up founders and entrepreneurs, sometimes, do not realise that failing to protect their brand breeds all sorts of errors. It also prevents the business from becoming sustainable. Some of the common mistakes to avoid include not registering patents and trademarks as well as not having secure confidentiality agreements in place. Make sure you protect your brand and this means that your intellectual property should be at the top of your list.
One of the biggest mistakes you can do as well is to forget that other parties already have their trade mark registrations in place. You have to check existing trademarks related to what you want patended or protected before registering. It’s best to do a brand clearance but if you’re not confident on your own then hire a professional. Your business name and logo should be available before you release any related asset or collateral.
Lastly, do not underestimate the power of the phrase “terms and conditions.” There is a good reason why businesses are always including this in their dealings. The terms and conditions your company has are crucial in preventing in any legal battles.
Remember to always keep your legalities in check. For other small business concerns like access to capital and funding, contact us at Gapcap today.