Entrepreneurship offers a variety of paths. A person’s entrepreneurial path can be different from yours. But if there is one thing that both of you have in common, it is none other than the need to have a lawyer. It is the one factor that easily applies to all forms of entrepreneurship.
You might think that hiring a lawyer is a complete waste of time and money. But believe it or not, it can go a long way from being professional legal assistance to making your entire business successful. If you have doubts about this idea, then you have come to the right place.
Here are the reasons why it is important for entrepreneurs to consider hiring a lawyer.
1. What if your product comes with a defect that makes it dangerous?
Becoming an entrepreneur comes with a great feeling, especially if you are able to create and sell a product. This is even true if you do so in the most ethical manner. But, as an entrepreneur, you are expected to go beyond your limits. And this would sometimes mean standing by your product no matter how ugly things can be like in the case of having a defect.
Let’s say you are a food manufacturer. As such, it is your responsibility to recall any products that could have been at risk. For instance, it got contaminated with the infamous E. Coli or Salmonella. As you already know, these can be fatal to one’s health. Failing to identify them at an earlier stage can endanger your customers. What is worse, your business can go down due to a lawsuit. In case this happens and you do not have a lawyer beside you, things can easily plummet. With a lawyer, you have a good fighting chance.
2. What if your employee does something wrong that affects your company?
Sometimes, you do not have the power to control your employees or oversee what they are doing on a daily basis. After all, you are busy running the core of the company, such as getting new contracts, building new partnerships, or planning a huge marketing campaign. In this case, it is easy for the company to be affected if one or more employees start messing around.
For instance, your company is starting to grow and you already have a huge following. However, one of your employees is caught driving under the influence. Whether you agree or not, this can paint a bad reputation to your company, especially since people love to connect things on social media. If you do not have a lawyer – particularly an OUI lawyer – you will have a hard time finding a way around this situation.
3. What if Your customers sue you for bad professional advice?
Being an entrepreneur means having business insurance. Unfortunately, a lot of entrepreneurs these days love to run their business without setting up an insurance plan. This is where the need to have a lawyer on standby comes in. Let’s say you are a health coach and you advised the idea of using your products to improve a person’s health. Apparently, one of your customers took your advice and bought your product. The only catch, however, is that his/her health became worse after consulting your advice.
What do you think will happen? Do you already have an idea or two about how you are going to go through this? Your lawyer knows exactly what to do and which strategy to use. If you are going to do it alone, you may only make the situation much worse.
A lawyer will definitely result in spending a bit of your profits. However, it’s one of the best investments you’ll ever make to keep your business running in spite of the deluge of challenges you’ll face as you grow.