Top 5 Tips for Start-Ups
Many of my clients are start-up companies. I'm often asked to advise new business owners on the legal issues that are involved in starting and running their new business.I believe one of the keys to growing a successful business is thinking ahead and planning for the future. I like to call this 'Future-proofing'. This week on YOU LEGAL TV, I discuss my Top 5 Tips for Start-ups. I'll share with you some of the common legal issues that I encourage new business owners to consider.You can also learn more about starting and running a new business in our blog post on our Top Tips for Start Ups. If there is a topic you would like to feature on an episode of You Legal TV, I would love to hear from you! sarah@youlegal.com.au
See below for complete transcript of this episode -
Are you running a start-up? If so, listen up. My name is Sarah Bartholomeusz and this is You Legal TV. At You Legal we help leaders in growing companies, make bold decisions in their businesses.
We work with a lot of start-ups and these are the top five tips that we have for them.
Firstly, your intellectual property. Protect it, it's the most important thing that you've got. Make sure that you have people entering to confidentiality agreements and understand that it's the most important asset in your business so far. Protect it.
Secondly, terms and conditions. At You Legal we like to say we help people future proof their business. And what that means is, if you've got terms and conditions that you're operating under, it's very clear if there is any sort of dispute or disagreement. The terms in which you're operating can save you a lot of time, a lot of angst and a lot of money, if something goes wrong. Definitely recommend having a set of terms and conditions for the business.
Thirdly, employment contracts. It seems silly but sometimes it's not clear on which terms an employee is engaged, because in some cases start-ups people don't necessarily work for money. Make sure that you've got those employment agreements documented.
Fourthly, the structure in which you're operating. A lawyer or accountant can probably help you work out which structure will be best for you and it would depend on how the business is operating. You might be a sole trader, you might be working as a partnership or as a company structure, so it might just be a simple as you having an ABN and operating under your own name in the first instance, but make sure you know which structure is going to be best for your business type.
And finally, team work. In some cases, start-ups have investors, in some cases start-ups have people who work for them for equity in the business. Making sure it's very clear on what terms people who are helping you are engaging with the business, will help you both now and in the future, so make sure you get that sorted out.
If you have any questions for us about starting your own business, or running your own business, or being the leader of a growing company, give me a call or shoot me an email. We look forward to seeing you on the next episode of You Legal TV.
What Should I Do Next?
Contact us if you would like further legal advice on starting and running your business. Our lawyers at You Legal will be happy to assist you in whatever way we can.
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* This blog is for general guidance only. Legal advice should be sought before taking action in relation to any specific issues.