Last week, I promised to walk you through how to use the law to:
- Keep more money in your business;
- Earn more money with your business;
- Make your business run more smoothly; and
- Build a business that is more valuable.
So, here we go . . .
Let’s start with how the law can help you keep more money in your business.
Keeping more money is a hidden way to make more money, or more accurately, to make your business more profitable, without having to bring in new business.
If you find and shore up the money leaks, that’s more money for you or for investing in growing your business (or, sometimes, the difference between whether you “keep the lights on” or not).
What I am identifying “keeping more money” includes the protection most think of as the major function of the law. When you legally protect your business, what are you protecting against, exactly?
You’re protecting against loss. And that loss is, in some way, shape or form, of money or property: What you’ve earned. What you’ve built. What you’ve put your life and heart’s work into.
But what I’m talking about is not just law-as-insurance-policy. In my experience, your business gains from the process of using legal tools, like contracts, LLCs, trademarks and copyrights even if nothing ever goes wrong.
There are 4 basic ways you can use the law to keep more money in your business:
- Write a client contract that takes care of your cash flow
- Elect S-Corp status
- Protect your business name and logo with trademarks and your original work with copyrights
- Own your trademarks and copyrights separately
Stay tuned for the WHAT and the WHY of each . . .
If you got an Aha! from this post, please share it and help out another creative entrepreneur.