Every business needs the support of a highly skilled lawyer to complete the legal formalities and also fulfill business contracts without any hassle.

Be clear about the type of lawyer to approach

There are different types of legal services you might be seeking at different stages. There might be times where you might have to talk to a criminal lawyer at The Clark Law Office or hire a legal advisor when you have to sign contracts. For the incorporation of the business and contracts, a business attorney would be able to help you.

Make sure that you find a lawyer with similar experience

When you are already new to running a business you would need someone who is well versed in the field, in the legal proceedings and terms. If the lawyer has already worked in the industry then he would understand the operation of the business better. This would avoid difficulties in explaining your business to the lawyer when you yourself would be in a stage where you learn from what you do.

Connections

Networking is of great value in the early stages and later on as well. Find a lawyer who knows people. Someone with a big network and powerful connections would be able to increase your contacts and fetch you, great clients.

Check the fees

Understand the fees charged by your lawyer and the split up of the fees. There are some that continue with conventional hourly billing structures. There are others that have standard service based rates.

Not too big a firm nor too small

Big firms and small ones have their own limitations and advantages. So be clear about the option that weighs better in your business’ perspective. Even if you do hire a small firm there might be cases in future where you might have to approach a bigger firm, say when you have to choose a service that the small firm doesn’t offer.

A lot of people and by that I mean a lot many people come around to find out what exactly they must be doing in order to make sure that their business is up and running and that they also have sufficient savings to either reinvest back or to find an alternate source of income.

When I was beginning to intern at my own business which then belonged to my father, I had no idea that we needed to have more than enough juice in the company to be able to be ready for a rainy day.

I personally like to tell all entrepreneurs and the owners of small business at least that it is important that they live off from only their personal savings for a couple of years. All businesses, especially the small and the medium ones, need an incubation period and that is the reason why a rainy day fund should always be devised irrespective of the fact that there may be a need for it or not.

Is saving for a rainy day fund absolutely essential:

Precisely the point! Exigencies in the new business may arise or not at all. But the fact that a fund is ready can give the entrepreneur enough guts to face up risks in business. It is common knowledge that a businessman that takes risk goes a long way.

It gives immense peace of mind to the entrepreneur to know that he has something to fall back on in case things go haywire.

The science behind it:

It has been noticed that contrary to the belief that businessmen can become reckless with their decision in case they had a hedge fund to fall back on, businesses actually flourish if the owners of the small businesses take this prudent decision at the right time.

I also read an article on my interview on this website called CouponoBox and I thought I should share it for everyone to read. In it, I am talking in detail about how you can carve out a fund and then It’s only a matter of maintaining it till you have a decent amount in it in case of emergencies.…