There are two main fears that come up for solopreneurs frequently that can be managed quite effectively with well-crafted legals. Starting your business, creating products and services, your brand and marketing your business while putting yourself out there can be daunting.
It’s something all people who start a business experience.
You need to build resilience so you can deliver your products and services in your business.
Whether you’re just starting out or have an established business already, the two common fears at the back of your mind are:
- not getting paid, and
- protecting your business information.
In this video I share how to manage those fears with well-drafted legals.
Fear of not getting paid
When you are working with other businesses or people they will hand you a contract to sign. That contract includes terms and conditions such as how and when you’re getting paid.
It’s a common mistake to believe that you need to be handed a contract.
Not many people know that you can actually have your own client contract. Your terms and conditions will state how and when you’re expecting to be paid by your client for the work you are doing for them.
This is important because when you’re working for yourself as a freelancer. There is no certainty of where your next client is coming from and when you’re going to get paid next.
You are relying on your clients understanding your payment conditions and their compliancy with those conditions.
You need to get paid to provide for yourself and your family. This is not an unreasonable expectation.
You don’t have to rely on someone else’s conditions. Have your own terms of engagement that outlines to people how they can work with you and your payment conditions.
Fear of exposing your business information
When you are creating a business, there are things about your business, your plans, your strategies, people you want to work with is not information you want to share with people.
There are some things that require a certain amount of privacy in the interest of growing your business. When you work for yourself you engage other people to help you. Website developers, copywriters, bookkeepers, financial advisors, business coaches and the like. Protect your business information from the get to.
To do that make sure you always have a non-disclosure agreement in place. Do that before you discuss any part of your business plan and your strategy with anyone you bring into your business in that helping capacity.
When you are developing a new product or service and you are taking that to another provider to get advice on, ensure that your legals include the protection of your privacy for your business information. This is to ensure that they don’t develop another product like yours or discuss with other clients of theirs and passed on as casual information and disclosed.
These are things important to your business strategy and you should protect your interests.
Both of these fears can be managed sensibly by having well-drafted documents that cover both getting paid and the protection of your business information.
Make it a practice to provide the documentation to your clients before commencing working with them. This creates an understanding between the two of you on the terms under which you will work together.
Lawyer, Contract Specialist, Speaker & Advocate for Women in Business.
Drawing on more than 15 years’ experience as a lawyer and a woman in business, Shalini Nandan-Singh helps Australian service-based entrepreneurs protect their businesses and their bottom lines with empowered legal advice and contracts.
Encouraging listeners to #loveyourlegals, Shalini firmly believes that business legals should be an authentic extension of your business. Her goal is to educate audiences that, rather than confusing legalese, business legals should be an authentic extension of your business, creating positive business boundaries that support you in working with your clients with compassion and understanding.
Disclaimer: This blog is written to support business owners to consider legal requirements and issues that may arise in business. The information provided is for general and educational purposes only. It is not intended as legal advice for your individual circumstances. Please consult your lawyer for advice specific to you and your business.