3 Ways to Grow Your Business & Staying Out of Legal Hot Water

A lot of times people ask me, “What can they do to grow their business, while simultaneously protecting
their hard-earned assets?”

 

And that’s a great question, because here in the United States, we live in one of the most litigious
countries in the world. Meaning that for most businesses, the question isn’t if, but when you’ll find
yourself in a middle of a lawsuit.

 

So with that in mind, let’s take a look at some things you can do to grow your business…and safeguard
those assets.

 

Create a Legal Business Entity. This is absolutely vital and is something I encourage ALL of my clients to
do, regardless of industry. So by business entity I’m talking about an LLC, S-Corp, Limited Partnership or
C-Corp entity that protects your personal assets from potential business litigation.

 

So as an example, you are operating your business as a sole proprietorship or general partnership and
you have a business partner, and for whatever reason, an action your partner took on behalf of the
business got you guys in legal hot water.

 

And now as a result of that action, you’re getting sued personally.

 

Not good.

 

But assuming you have your business set up properly, with the right business entity in effect, there’s no
reason to worry about business litigation taking your personal assets. Think of your business entity as a
“firewall” of sorts, that literally protects any adverse legal action from coming through.

 

Now as you can see from the choices above, not all entities are created equal, so you want to make sure
that you choose the right one for you. If you’d like some thoughts on how you can set yourself up for
success, email support@reiblaw.com for a copy of our audio series on “What Business Entity is Right for
You?”, where I go over the pros and cons of each entity, and offer some advice on which one is best for
you.

 

And don’t worry if you already have a business that’s been going on for years…you can always create a
new entity based on your situation, so go ahead and shoot us email or download our free resource.

 

Create a Client Avatar. Some of you may be familiar with this term, but if not, no worries. A client
avatar is simply a detailed description of your ideal client. The type of person that would be a perfect fit
for your business.

 

As an example, one of our client avatars is business partners. In other words, people who currently are,
or are thinking about entering a business partnership arrangement with someone else. But we don’t
stop there. More specifically we’re looking for someone who:

 

● Has 2+ Full time employees,
● Is making over $250,000 in revenue,
● Leases commercial space,
● Has experienced a legal issue in the past 36 months,
● Has a decent sized number of assets to lose/protect (e.g., house, boat, retirement funds).

 

Wow. That’s a mouthful!

 

Now obviously we work with others who fall outside of those parameters, but in terms of an ideal
client…someone who is an absolutely slam dunk for potentially working with us. That’s our ideal client
profile.

 

And if you want to grow your business, and attract more “ideal clients”, then you’ll want to develop a
similar profile.

 

WARNING: Don’t get hung up on whether or not this is the ONLY person you’ll be able to work with,
because the answer to that is absolutely not. You can work with whomever you’d like.
But by creating an ideal client, you have a better idea of the person with whom you want to work in a
perfect world…and then you “back up” from that, depending on the situation. But by having profile
locked down and thought through, you’ll have a clearer idea of who you’re trying to reach, and as a
result find it much easier getting referrals and attracting similar clients.

 

Trademark & Copyright Your Intellectual Property. This is something that if you’ve heard me speak
before, or read some of my stuff online, you’ll know I’m a stickler on.

 

Copyright and trademark your intellectual property, because for a lot of businesses, their ideas are their
business!

 

For example, I work with a lot of coaches, consultants, speakers and thought leaders…people who have
tons of ideas, and put those to work in the form of articles, speeches and online programs. For them,
their ideas are literally how they get paid!

 

So for those folks, filing trademarks and copyrights are absolutely non-negotiable, otherwise
competitors can literally steal your work, say it was there’s first, then turn around and sue you! (You’d
be surprised.)

 

Now sometimes people ask what (trademark or copyright), and when.

 

No problem.

 

Trademarks are used for relatively major things like the title of your coaching programs, while
copyrighting is used more for the content of your books, blogs and podcasts. (FYI: Sometimes people
ask about books, and what they can do on the copyright/trademark front with those, and the short
answer is you can’t trademark a book title, but you can copyright its content.)

 

Bottom line: If you produce content on a regular basis (or are thinking about doing so in the future),
shoot us an email and we can set up some time to talk real quick (on the house!) to discuss some action
items for protecting your business.

 

So there you have it: 3 Ways to grow your business while staying out of legal hot water. Now get out
there and start growing your business!