31 Mar 17 Pain Points Small Business Owners Face and How a Business Attorney Can Help

 

Running a small business comes with its fair share of challenges. As a business owner, you’re juggling multiple roles, from marketing to operations to finances. But one area that often gets overlooked until it’s too late is the legal side of things. Having a skilled business attorney by your side can help you navigate legal complexities and prevent costly mistakes. Below are 17 common pain points small business owners face and how a business attorney can assist.

 

Business Owner Common Pain Points

 

1. Starting a Business

Pain Point: Deciding on the best business structure (LLC, Corporation, Sole Proprietorship) can be confusing.
How a Business Attorney Can Help: An attorney can advise you on the most suitable structure for your business based on factors like liability protection and long-term goals, ensuring you’re set up for success. This decision should also be in consultation with your tax advisor.

2. Drafting Contracts

Pain Point: Knowing how to create clear, legally binding contracts is often a mystery for small business owners.
How a Business Attorney Can Help: A business attorney can draft, review, and negotiate contracts to protect your interests and prevent disputes down the road.

3. Intellectual Property Protection

Pain Point: Understanding how to protect your intellectual property, such as trademarks, copyrights, or patents, can be overwhelming.
How a Business Attorney Can Help: An attorney can help you secure patents, trademarks, and copyrights, ensuring your intellectual property is protected and you’re not exposed to infringement.

4. Employment Law Compliance

Pain Point: The complexities of labor laws can be daunting, especially when hiring or firing employees.
How a Business Attorney Can Help: A business attorney ensures that your practices comply with labor laws and helps with employment disputes.

5. Dispute Resolution

Pain Point: Conflicts with customers, clients, or employees can disrupt your business.
How a Business Attorney Can Help: Whether through mediation, arbitration, or litigation, an attorney can help resolve disputes efficiently while protecting your business relationships.

 

6. Protecting Personal Assets

Pain Point: Small business owners worry about personal assets being at risk from business debts or lawsuits.
How a Business Attorney Can Help: By consulting with you on business structures like LLCs, and ongoing corporate compliance, a business attorney advises you on steps to take to protect your personal assets from liabilities incurred by the business.

 

7. Regulatory Compliance

Pain Point: Navigating through local, state, and federal regulations can be overwhelming.
How a Business Attorney Can Help: A business attorney can guide you through the regulatory landscape specific to your industry, ensuring compliance and helping you avoid penalties or fines.

 

8. Drafting or Reviewing Leases

Pain Point: Commercial leases can be tricky, and many business owners don’t understand the terms.
How a Business Attorney Can Help: An attorney can review and negotiate lease agreements, ensuring that terms are favorable, including renewal clauses, rent increases, and maintenance responsibilities.

 

9. Business Sale or Merger

Pain Point: Selling a business or merging with another company can feel like a complicated process.
How a Business Attorney Can Help: A business attorney can guide you through the sale or merger process, structure the deal, draft necessary agreements, and work with your tax advisor to ensure the deal is tax efficient.

 

10. Debt Management & Collection

Pain Point: Struggling with unpaid client invoices or business debt is a common issue.
How a Business Attorney Can Help: A business attorney can draft clear payment terms, assist in collections, or help you pursue legal action to recover overdue payments.

 

11. Franchise Agreements

Pain Point: Franchise agreements are often confusing and require careful attention to detail.
How a Business Attorney Can Help: An attorney can review or negotiate franchise agreements, ensuring that the terms are favorable and that your rights are protected before you commit.

 

12. Privacy and Data Protection

Pain Point: With the rise of data breaches, protecting customer data is a top concern.
How a Business Attorney Can Help: A business attorney can ensure you’re compliant with privacy laws (e.g., GDPR, CCPA) and help create policies to protect your customers’ sensitive information.

 

13. Non-Compete Agreements

Pain Point: The fear of employees leaving and starting competing businesses can be troubling.
How a Business Attorney Can Help: A business attorney can help you draft enforceable non-compete clauses to protect your business from unfair competition.

 

14. Product Liability

Pain Point: Concern about lawsuits or claims related to product defects can cause anxiety.
How a Business Attorney Can Help: A business attorney can review product safety protocols, draft liability waivers, and help mitigate risks related to product defects.

 

15. Shareholder Disputes

Pain Point: Disagreements with business partners or shareholders can disrupt operations.
How a Business Attorney Can Help: A business attorney can draft shareholder agreements and help resolve disputes to prevent conflicts from escalating and affecting the business.

 

16. Succession Planning

Pain Point: Business owners often worry about what will happen to their business if something unexpected occurs.
How a Business Attorney Can Help: A business attorney can help you create a clear succession plan to ensure the future of your business is secure in the event of death or incapacity.

 

17. Exit Strategy

Pain Point: Knowing when and how to exit your business is a major concern.
How a Business Attorney Can Help: A business attorney can help you structure an exit strategy, whether it’s selling, transferring ownership, or winding down the business.

 

Conclusion

As a small business owner, it’s easy to get caught up in the day-to-day operations of running your business. However, ignoring legal considerations can lead to unnecessary risks and complications. By partnering with a skilled business attorney, you can tackle these  pain points head-on, ensuring your business remains compliant, protected, and positioned for growth. With the right legal guidance, you can focus on what you do best—growing your business!

#businessattorney #buysellagreements #partnerships #llc #corporations #franchiseagreements #contracts #startups