You’ve discussed, planned, and saved for it. Now it’s time to start your business and bring your idea to fruition.
Starting a business may seem overwhelming, and you may not be sure how to legally form it, or what agreements you may need. Whether you have spreadsheets and digital files, or an idea on a sticky note- an attorney can assist with forming the entity that’s right for you, as well as provide you with the agreements and documentation you need to begin your entrepreneurial journey. Having the proper legal agreements in place is important to not only protect you, your business, and/or employees, but to also dictate how your business will be structured and how it will operate. The proper documentation can also assist you in opening a business banking account, filing taxes, determining the amount of equity for each shareholder, and even using your business to purchase a property, among other things.
I’m thinking of starting a business, should I trademark the company name and logo? Well, let’s paint a picture. Say for example, you love to cook, so you decide to one day create a few meals for a friend’s event. Using your own recipe, you’ve plated everything so well it looks like you got the idea from Pinterest, and you even put some labels on it to make it look nice. You received so many compliments on the taste and presentation of the food, that you have now considered starting a business. Almost a year later, someone from the event loved the labels so much that they started their own business using your company name, and even had it trademarked. You have now spent an entire year working on a business that has started to become successful, only to now have to completely rebrand. As an entrepreneur, you want your brand to be recognized, remembered, and well-known, but you also want to ensure that people know that it is yours. Trademarking your company name and/or logo can legally protect your brand, and provide you with the rights to take action if need be.
If you host a podcast, write songs or literature, or are an artist of any kind who plans on distributing or sharing their work, you should have your work copyrighted. You worked hard on creating your unique masterpiece, and although the world should get to see it, you want to make sure they don’t have the opportunity to copy, sell, or use your work without your permission. Who knows, you may grow to be the next Maya Angelou, Ne-Yo, or Banksy. Remember growth is about mindset, so think big and make sure you are protected!
So, get ready, set, innovate!