Successful startup owners know that delegation is often the only way to get that every-growing to-do list done. These same startup owners also know that outsourcing is the perfect avenue to save time and money.
Outsourcing your crucial tasks is key to your success. Not only does it save you time, but it can improve your bottom line because outsourcing is often cheaper than hiring full-time employees.
Let's look at how outsourcing your startup’s legal work makes perfect cents
Lack of Legal Expertise
Most likely, the legal world is not your arena and this is one of the best reasons to outsource your legal work.
Don’t try to go it on your own. You want to form your business properly while following all city, state, and federal guidelines.
A professional can help you with patents and trademarks as well as the legal structure of your company.
If you incorrectly file your legal forms, you could end up with penalties, higher taxes, loss of loans, and a lack of investment capital.
Your startup is a real business, so let a real expert help you form it properly.
You want to save money for your startup and use your resources wisely. Outsourcing legal processes can save you the enormous salaries and benefits that come with in-house legal counsel.
Look around for a quality lawyer/legal firm. Be sure and know the going rates for good legal services so you know what to look for.
One tip is to ask your outsourced lawyer if they can charge you in a fixed fee arrangement. Some lawyers are willing to forgo their hourly rate for a fixed fee that may save you even more money.
Save Money in the Future
You know the importance of looking towards the future. This is why it’s important to consult with a lawyer at the beginning of your new venture. Once someone tries to sue you for copyright infringement, or the government comes after you, it can be too late and too stressful to find an attorney.
Save time and money by paying a lawyer in the beginning to keep you out of trouble.
In the long run, the cost you pay upfront is much less than the cost you’d pay once they had to deal with potential legal problems.
Your outsourced lawyer will charge less to structure your business, negotiate contracts, ensure HR compliance and file your licenses than he or she would to research and defend you at a lengthy civil trial.
With the use of current technologies, it is becoming easier to hire legal help regardless of geographical location.
With video conferencing capabilities, you can schedule your meetings online and save time. There’s no travel time and no time spent waiting in the reception area.
You literally go online, have your meeting, and you’re done. It’s a win-win for both you and the lawyer.
We’ve looked at how outsourcing your startup’s legal work makes perfect cents. Now, let’s back that up with some interesting statistics:
According to a study of 2,000 companies over 10 years by consulting firm, Bain & Co., it’s rare for companies to create and sustain value year after year. In fact, they found that only one in 10 companies achieves sustained, profitable growth.
The important take-away from this study is what set the winners apart. Those companies who succeed use outsourcing to harness the knowledge of experts and save money.
Successful companies leverage the talent of others to move quickly and push products faster to market.
The bottom line is that outsourcing your legal work makes perfect cents because you have the opportunity to save both time and money.
Are you a new startup ready to succeed? Are you looking to get your new business off the ground and watch it rise to success? We are here for you. We can help answer your questions and guide you through the process. Outsource your HR duties, finances, payroll and more to us. Contact Escalon today to get started.