It’s a new year and as a creative entrepreneur you are focused, ready to “be great” and reach mogul status like Diddy and Jay Z. This is your level up year and time to make major business moves. You are going to take a leap of faith and turn your side hustle into a full-time business. You have committed to scaling your online magazine into a multi-million dollar brand.
According to the Small Business Administration (SBA) estimates, over 627,000 new businesses open each year. SBA statistics also show that at the same time about 595,000 businesses close each year (latest statistics as of 2008). But that still leaves a potential 32,000 companies to power through to success the next year. In addition to proper marketing and advertising, honoring ethical agreements and having a valuable product, being reasonably savvy with the legal side of starting a business helps, too.
Here are three legal tips to help you protect yourself as a creative entrepreneur and your business.