Major issues stopping budding entrepreneurs from going full-blown and starting a business are the legal matters and associated costs. Lawyers are going to charge you a lot for good reason. Experienced lawyers charge between $100-$200 per hour, and most startups cannot afford their rates.
Starting a new business requires a number of things to be taken care of including drawing partnership deeds, financial planning, applying for trademarks, etc.
It is going to cost you, but with proper management, you may be able to save some money you’d otherwise pay. Read below for some tips on this matter.
Ask if You Really Need a Lawyer
Just because it is a legal matter does not mean you need a lawyer. Brian Hurwitz, the head at Hurwitz Law Group, says:
At times we have clients that want us to do jobs they can easily do at home. People get intimidated when it comes to law and prefer to play it safe. While it’s a good thing to do so, I recommend that they come for a consultation first before they hire a service.
As stated above, it is important to consult first before you ask a lawyer to do something for you. Some day-to-day tasks can be done easily since there is a lot of information available on the Internet. You can even find automatic document assemblers and standard forms online that are accepted everywhere.
Thanks to websites, a number of people directly hire a lawyer without speaking to him first. This is a mistake that can cost you a lot.
An Expensive Lawyer is Not Necessarily Good
While it may be absolutely necessary to hire the services of a highly competent and expensive lawyer when it is a matter of life and death, some business dealings do not require that you look for an expensive lawyer.
Know How to Pay
It may not be legal in some countries/states, but if you’re lucky a lawyer somewhere might be offering you ‘no win-no fee’ cases where you only pay if the result is in your favor. However, this is applicable only when you have to fight a case, which is usually not required when starting a business.You will mostly need the service of a lawyer in drawing up contracts, filing a trademark or incorporating your business.Click To Tweet
Most lawyers charge by the hour and this arrangement can turn out to be very expensive for you, which is why it is important that you do some calculations. Ask your lawyer how long it will take to perform a job and then ask for a lump-sum price. Also, look around, compare charges and pick a lawyer that offers the most affordable, quality services.
Save Time and Money – Hire Freelancers or Join Industry Associations
Time is money, especially when you are starting a business. You may not have the time to go to a lawyer personally when there are other things that need your attention.
Fortunately, some jobs can be done online with platforms like UpWork having a number of lawyers offering their services. This is also an affordable option since experts offering their freelance services are generally cheaper and also easily available. However, make sure to check reviews and speak to a lawyer before you hire their services so that you are on the safe side. Scams are pretty common online.
Another option is to join an industry advocacy group to help ensure your interests are protected from overreaching governments. In the Vaping industry, for example, the ECASSOC provides passionate customers, businesses and advocates in the Vaping industry access to national trade groups, international trade agreements and consumer groups. These types of organizations can help minimize the need for independently hired attorneys.
In the end, you will have to pay what you have to pay, but by being smart you can save too. Plan today, talk to a number of people and choose the most affordable option.