Dec 10, 2020
Here Are Three Reasons Why Legal Advice Could Help Your New Business Make More Profit Faster
It’s no secret that great ideas can turn into multi-million dollar businesses. One man that epitomizes this is Colonel Harland Sanders.
If you don’t know who Colonel Sanders is, then maybe you don’t like fried chicken. But the Kentucky Fried Chicken pioneer had one idea of how to cook his chicken differently and completely changed the food industry forever.
He wasn’t rich. In fact, his father died when he was 6 years old, and he had to help feed his younger brother while his mom was out working long hours to make ends meet.
By the time he was 12, his mom re-married, but he was forced to work 80 miles from home because his step-father wasn’t fond of him and his brother.
After spending the first half of his life doing odd jobs to make ends meet, Colonel Sanders opened a service station and served his iconic chicken through it.
The chicken became so popular that he eventually removed the gas pumps and extended the area into a full-fledged restaurant.
Why are we doing a history on KFC? Well, Colonel Sanders not only wanted to sell chicken through his restaurant. He wanted to franchise it.
If he had the legal advice, in the beginning, he would have been able to do it faster.
Colonel Sanders didn’t experience true success until he was in his Mid-seventies.
Are you going to wait that long for your business to flourish? If not, then the following three reasons will show you the value of getting legal advice.
Legal advice stops people from stealing your ideas
Intellectual property is critical. As stated before, it only takes one good idea to secure your family for a lifetime. Many business owners get an idea and act on it without realizing that it might put them at risk of losing thousands of dollars in the long run.
If someone were to take your idea and change the name, they’d be making money from your intellectual property. The only way you could stop that from happening is by ensuring that you get your ideas registered and patented. The right legal advice could help you get the protection you need so that all the profits stay with you.
Legal advice shows you how to manage your business taxes
Every business has to sign up with the IRS and pay taxes. One thing that everyone knows is that taxes are a lot. With legal advice, you can set up your business in such a way that you pay the least amount of tax possible.
And for the record — this is completely legal, but you’d never know what your options are without getting the right legal advice!
Legal advice can help you set up your business for success
Entrepreneurs have the best ideas, but legal advisors have the best vision. With the right legal advice, you’ll be able to evaluate the potential of your idea and then get the help you need to turn that potential into profits.
The right legal advice for your business is critical. Not every advisor specializes in dealing with small businesses. If you’re a business owner in Dallas and neighboring cities in Texas, Vision Legal has the experience and expertise to help you get ahead.
