For the past few years, we’ve seen an increase in the number of female entrepreneurs in Africa. In the 2017 MasterCard Index of Women Entrepreneurs (MIWE) report, Uganda – as one of the only two low-income economies to be included in the report – had the greatest number of female-run businesses in the world, which corresponds to 34.8%. The country even superseded high-income countries like New Zealand (33.3%), Australia (32.4%), and Russia (32.6%).
2017 has been an amazing year for many African women who chose to take the entrepreneurial path, so as in 2018. If you’re thinking of launching your own business, now is the time to do so.
There are many kinds of business that require very small capital, some you can even start from home. Sometimes, a loan can help you get started if your savings are not enough.
Why Should You Hire an Attorney?
You’ve got a great business plan. A great product. A great concept. But how do you transform all your ideas into a tangible, operational business that is headed for success?
Of course, you need help from the professionals.
You probably have thought about hiring an accountant already. The reasons are pretty obvious. You need someone to help you with your books, make sure you’ve got the numbers right, and manage all your business taxes.
But how about an attorney? You probably haven’t thought about it yet. Or maybe, you think that it’s too soon to get one.
But the truth is that you will most likely need a good business attorney at every aspect of your business, from ensuring that you meet all the requirements set by the Companies and Intellectual Property Commission (CIPC) to organize your business (what type of business is most suitable for you as well as your tax structure), getting copyright and trademark advice, and many more.
And as your business grows, a good attorney can help you carry out your expansion plans, understand the tax consequences of any changes with your business structure, prepare and execute contracts with your customers, suppliers and business partners, and file or deal with a lawsuit.
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Hiring an attorney is essential to achieving your business goals. Check out the following tips and suggestions in order to find the best lawyer to help you:
1. Look for an attorney who specializes in business law
Like doctors, attorneys are becoming increasingly specialized these days. Some specialize in family law, others in criminal law or real estate law.
Basically, you want to hire the attorney who has the experience and skills with corporate and mercantile laws. He or she should be skilled with making contracts, familiar with various business structures, understand real estate (you might have leasing issues for your commercial space), experienced with tax and licensing matters, etc.
Depending on the nature of your business, you will also need other legal services. For instance, if you’re into media, design or any other creative type of business, you will need a lawyer who will help you get copyright protection for your work.
2. Look for an attorney who is familiar with your industry
He or she may not know every aspect of the industry you’re in, but the right lawyer should be at least familiar with it. Don’t forget to check the track record of the lawyers you are considering.
He or she should have a pretty good understanding of the industry’s ins and outs. Also, make sure that the lawyer does not represent any of your competitors.
The last thing you want to happen is to have your confidential business info leaked to your competitors.
3. Find someone who educates
A good attorney does not just give you the results you want. He or she also keeps you well-informed about the legal concerns your business is facing.
The attorney should be willing to educate you and your staff about your current legal needs and situations, how it affects your business, and how similar problems can be prevented in the future.
Your lawyer should also be proactive about updating you with recent policies or changes in existing policies that affect your business.
4. Get a good attorney who charges a reasonable fee
Most lawyers charge an hourly rate, but some do a fixed rate. Good lawyers are willing to negotiate with their fees without compromising the quality of their services.
Choose an attorney who is flexible with his billing. It is not all the time that you will need his or her services so paying monthly or hiring a company lawyer may not be a strategic idea yet, especially if you are just starting your business.
Hiring an attorney for your business should not be that complicated as long as you keep all these suggestions in mind.
Once you found the right one, keeping a good relationship with your attorney is the key to ensuring that he or she will be there when you need help.
This article was written by Lidia Staron
Lidia Staron is a part of Content and Marketing team at OpenCashAdvance.com. She contributes articles about the role of finance in the strategic planning and decision-making process. You can find really professional insights in her writings.