Do you need legal advice as an entrepreneur?
Lauren Boyd is an attorney and Founder of Guide My Business which provides a strong legal foundation built on a brand you own. She talks about how important it is to own your brand, trademark, and much more. If you start your own business you have to make sure you are owning your brand from the start as this is one mistake entrepreneurs make in the beginning. Owning your brand will help you set your business apart from the rest, and it can be important depending on your exit strategy. It’s also important to research a domain name, Instagram handle, and USPTO to see who else is similarly situated as your business with a trademark.
While doing this you should avoid making it descriptive of the business and make it recognizable. You should also avoid trademarking your name as that isn’t allowed and focus on making your business name recognizable. You should also make your Instagram handle and domain name the same. Doing this within the first year will also help you succeed as Lauren mentioned that there is a study that shows your business has a higher likelihood to succeed if you trademark your name in the first year and you’re likely to have 3x the revenue of businesses that don’t.
Being an entrepreneur is usually thought of as you start your own business, but you can also become an entrepreneur by buying a business. You’ll have to consider that you’re going to buy a specific list of assets and assume liabilities, but depending on the business don’t assume liabilities. You’ll also have to ask yourself is it a brick and mortar, lease, is it a franchise, and more.
For more tune in to our IG Live here: https://www.instagram.com/p/CeRuD_FvMbP/
Listen to our last IG Live with the co-founders of Swing Search, all about finding the right people for your business: https://thebadassceo.com/finding-the-right-people-for-your-business/