Legal Strategies for Growth and Expansion in the New Year
Level Up Your Business:
Legal Strategies for Growth and Expansion in the New Year
By: Sarah Gilliland, Attorney at Law
As you’re planning for growth and expansion in the year ahead, it’s important to make sure your legal protection grows with you. Think of it as building a strong foundation for your business house. Here are some key legal strategies to “level up” your business in the new year:
1. Expanding Your Brand: Trademark Power
Your brand is more than just a name and logo; it’s your reputation, customer loyalty, and everything that makes your business unique. As you introduce new offerings, products, or services, remember to protect them with trademarks. This prevents competitors from using similar names or designs, and confusing your customers into buying with them. Getting sound legal advice about your trademark will also give you the peace of mind that your new brand expansion isn’t stepping on another brand, which could mean stressful and expensive legal trouble.
2. Contracts: For Better Business Relationships
Whether you’re partnering with a new supplier, hiring freelancers, or signing on a big client, always have a solid contract in place. A well-drafted contract outlines everyone’s responsibilities and expectations. They aren’t about tricking or suing people – contracts are business relationship savers, helping you avoid misunderstandings and costly disputes down the road.
3. Growing Your Business with a Team: Internal Legal Power-Ups
As your team grows, so does the need for clear internal legal guidelines. Here’s how to protect your business from the inside out:
- Employee Handbooks: These lay out company policies, expectations, and code of conduct, ensuring everyone is on the same page.
- Employee and Contractor Agreements: These define roles, responsibilities, compensation, and intellectual property ownership.
- Non-Disclosure Agreements (NDAs): Protect your confidential information (like secret recipes or client lists) by having employees and contractors sign NDAs.
- Trade Secret Protection: Implement measures to safeguard your trade secrets, such as secure storage, limited access, and clear internal confidentiality policies.
Bonus Level: Keeping Your Business Compliant
Running a business means navigating a complex web of laws and regulations. There’s so much that “nobody tells you about”. Here are some key topics to keep a pulse on:
- Corporate Transparency Act: This act has been hotly debated and as of the end of 2024 is the subject matter of federal lawsuits. If the act stands up to its challenges, every business must report its owners in a “BOI Report”, or could face large penalties.
- Honest Commercial Practices: Maintain transparency and ethical conduct in your advertising. This builds trust with customers, but also keeps you out of trouble with the Federal Trade Commission.
- Labor Laws: Ensure you’re complying with all applicable labor laws, including wage and hour regulations, anti-discrimination laws, and workplace safety standards.
When you’re ideating and creating, legal isn’t the most “fun” part of growing your business, but there’s nothing less fun than legal troubles. Being proactive with these protections allows you to focus on what you do best: growing and thriving in the new year!
Contributing Author:
Sarah Gilliland
Attorney at Law
Sarah Gilliland is the founding attorney at Rising Brand Legal and The Legal Shoppe. Her practice focuses on protecting business clients with trademarks, contracts, and legal strategy. You can find her on instagram @thelawyersarah or her website www.risingbrandlegal.com
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