Why Managing Your Business Risks (& Getting Your Legals Sorted Early) Is Critical For Your New Business.

December 12, 2019

Why Managing Your Business Risks

Starting a new business is incredibly exciting. You’ve got a great idea, and possibly a rough business plan. So, you busily start registering business names and ABN’s, and ‘getting all those ducks in a row’.

However often, it can also be pretty overwhelming. Purely, because there is so much to think about, plan for and get organised. Between websites, marketing plans, social media presences, accounting systems – your head no doubt will soon be swimming.

So much so, that the ‘legal stuff’ (dangerously) gets pushed to one side. Trouble is, this could be exposing you and your business to risk, that could completely jeopardise your business and your future livelihood.

It’s easy to ignore your legals…

With the zillions of start-up tasks on your ‘to do’ list, the legal stuff often gets pushed to the bottom of the pile. Your focus tends to be on launching your website, your Facebook business page, maybe straightening out your LinkedIn or tackling Instagram.

Perhaps then you move on to a marketing plan, and you start posting on your socials, writing eager blog posts and networking like crazy. All, so you can start making those all-important first sales.

And all of that is all well and good. Yes, your business needs sales to prove your idea has legs, and to start bringing in an income so you can pay the bills. The question becomes though, are you really ready for those sales (and the clients and customers) and are you legally protected, should anything go wrong?

Too many business start-up owners put their legal stuff in the ‘too hard’ basket. It’s the whole “it won’t happen to me” syndrome, or “we’ll worry about that stuff later when we’re bigger” and they simply brush it aside.

They focus on the fun and exciting stuff, and simply hope like hell that nothing goes wrong. Trouble is, it can and it does. When you’re dealing with clients and customers, no matter how hard you try to please them, people are people and problems crop up.

The other problem? Most business owners aren’t aware of or know precisely WHAT they need, in order to protect themselves – and seeking the assistance of a lawyer or solicitor is far too expensive when cashflow and start-up funding is limited.

Assessing the potential risk…

Unfortunately, the second you launch a business, and have some type of online presence with your name on it and start trading – you’re now at risk. You’re automatically expected to oblige by Consumer Protection laws, whether you’re aware of them or not. And your customers and clients can hold you accountable with any product or service you provide.

Even the most basic of website functions, such as asking people to sign up for a newsletter, creates a risk to you. Because once you are provided with someone’s data, you are then liable for what happens to that data. It needs to be secure; it needs to only be used for what that person gave you permission for.

You need to know all this – and you also tend to need a legal policy available on your website which clearly defines what you’re responsible for, and what you’re not.

Just because managing your business risks hasn’t crossed your mind, does not mean that you are free from any risks.

So, what happens if you’re gathering user’s personal data from your website and things go wrong? If, you don’t have your terms and conditions sorted, setting up the rules for those using your website? If a customer or client complains, you’re held completely accountable. Without terms and conditions, that clearly defines who is responsible for what, you often don’t have a strong argument that will limit your liability.

Without proper legal documentation, you could be at unecessary risk.  For example, at those times when your customer is in the wrong, you want to be sure that your legal needs are in order so it’s there to protect you and your business. Otherwise it can be left to your word against theirs, meaning you might then have no choice but to bow down, provide refunds, and possibly even damages – in facing liability.

This ‘legal stuff’ really is incredibly important. You want you and your business to be as protected as possible, to avoid any unnecessary drama.

And it’s worth the effort doing it upfront, BEFORE you score that first sale and expose yourself to risk.

Protect yourself now…

Previously, a lot of businesses did their best to ignore their legals, particularly when in start-up mode, because seeking the services of lawyers to draft, review and give advice on documents tends to be expensive.

And as you may well know, traditional lawyers love charging their hourly rate even if its just to draft a legal document. So, when you need several documents – that sure adds up pretty fast.

Which is where Boost Legal Templates come in to provide you with the guidance needed. 

Our unique, fully automated, online template generation system can help provide you with high-quality legal documents templates, at a fraction of the cost. Potentially saving your start-up, thousands.

Protecting yourself and your start-up business NOW, will ensure your long-term business success. Because no one wants to encounter any nasty legal surprises that could potentially send you under, before you even begin.

Get your online documents sorted with Boost Legal Templates today.

The other problem? Most business owners aren’t aware of or know precisely WHAT they need, in order to protect themselves – and seeking the assistance of a lawyer or solicitor is far too expensive when cashflow and start-up funding is limited.

Who is Boost Legal Templates?

Boost Legal is a product of AMK Law, a Melbourne CBD based, award-winning commercial law firm who has helped many clients with businesses in all stages of the business lifecycle.

Important disclaimer: The material contained in this publication is of a general nature only and it is not, nor is intended to be legal advice.

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