Red tape is the barrier that prevents you from getting your business past the first few steps. It causes you frustration when you find out that ignoring legal red tape means paying hefty fines or worse. Rather than ponder over the rules, keep these three effective ways to get past the legal requirements and move on to starting your business.
1. Hire a Qualified Lawyer
Hire a professional who understands the law of business from the inside out. You may have studied and practiced business in your industry for many years, but a that doesn't mean you'll be able to go it alone.
If you are starting a corporation, you need real property and a good business location. According to Carter West, a good lawyer can help you handle the legalities of a commercial real estate transaction, especially if it is complicated by a lot of legal “red tape” or if it is very expensive. If you plan to combine the successes of two companies, find a mergers and acquisitions lawyer. Also, business owners with unique, original ideas need the protection of intellectual property law on their side.
2. Hire a Business Consultant
If you cannot afford to hire a lawyer, the next option is to review the services of a business consultant. You cannot hire any consultant to give advice based on experience or good name alone. This professional must specialize in the specific industry and type of business in which you work. Find a professional who is proven to have worked with companies like yours. Also, find a consultant who understands the unique factors of your business. Ideally, your consultant should look at your business like it is very different from all the others on the market.
3. Reevaluate Your Finances
Sometimes, getting past legal regulations is hard for companies that are limited in funds. If following the rules is a financial burden, reevaluate your finances from top to bottom. Improve your company’s budget and have extra money to pay for regular inspections that are required by law. Monitor every way that you, your coworkers and your employees handle money.
Dealing with the red tape seems pointless and wasteful for many professionals. However, not dealing with it is a bigger burden to your company. Know the cost of business before you make any type of financial investment. To know this cost, you need the expertise of various legal and business professionals.
I hope you enjoyed this article about ways to help cut through the legal red tape of getting your startup going.
Interested in more articles about startup preparation?
Read My Posts:
- 5 Steps To Start Your Entrepreneurial Journey
- 7 Steps To Starting Your Own DIY Business
Published by Michael J Schiemer
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