Dealing with legal issues in your new business venture
Posted on November 2, 2016
No matter how young or old you are when you start a new business the problems all entrepreneurs face are very similar. Start out with a good business plan set out properly because the first problem is likely to be finance; setting up a business requires some capital or line of credit and having a business plan will help secure it. When that problem has been overcome, there are legal issues to think about. The business must be put onto a proper legal footing as soon as possible.
Get the necessary official forms completed immediately and sort out any insurance cover that is required. The Small Enterprise Development Agency (Seda) provides useful support services and business development advice for entrepreneurs.
Anyone who has taken the leap into making a business idea or concept a full-blown reality will be familiar with the excitement and anticipation that comes with it. For those going through the process for the first time it can be exhilarating and worrying in equal measure.
Establishing a new business venture takes much more time and effort than you might realise, but fortunately it isn’t too difficult to make a checklist to cover the basic components of setting up a new commercial concern.
As well as having a clear idea of what products or services you will be supplying, and a notion of your unique selling point that sets you apart from rivals and competitors, there are issues of funding, renting or buying workspace, whether or not you will need to employ other people straightaway and much more. Each of these carries with it certain legal and regulatory demands and requirements that you may not even be aware of when you start out on the entrepreneurial path.
Find an expert
Potential legal issues need to be considered well in advance of moving forward with any deal or new enterprise. It is essential to ensure you aren’t storing up trouble for yourself some way down the line, that could turn out to be very costly and threaten your business. The best way to identify any legal issues that might apply to new operations in your own country or in a region or country your business is attempting to enter is to take professional advice. Look for a fully qualified lawyer working in your area that has knowledge of business related legislation. Search out someone like Henner Diekmann a practising attorney with more than 20 years’ experience in the Namibian legal profession. Check the individual’s qualifications; e.g. Diekmann has a degree in law and commerce from Stellenbosch University. A lawyer of such standing can help with setting up contractor agreements, drafting financial contracts and creating the most beneficial structure for domestic or foreign businesses. Ask around in your business community and you are certain to find someone that can recommend an individual lawyer or a legal firm they have used to their satisfaction.
One of the biggest mistakes a young entrepreneur can make is to think that he or she already knows everything necessary to succeed. Part of running a successful business venture is knowing when to seek outside help and choosing the best third-party specialists to ensure that everything is set up correctly and to solve problems if they do occur. It is a lesson that many businesses learn the hard way. The old advice, ‘if you don’t know, ask’ is very relevant in business. Seek help if you feel out of your depth, particularly when it comes to legal matters.