There are three decisions entrepreneurs need to make before starting a prize competition. If they don’t make the right decisions, they can end up losing money, wasting time and breaking the law.
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All posts by David Walker
If you’re reading this article, you’re probably thinking about starting a new business. This may be something you have always dreamed of doing, or it may be that recent events have shown that being employed isn’t as safe and secure as you once thought.
However, as much as starting a new business is something you would love to do, you may be worried about the timing.
You may be asking yourself, “Is now a good time to start a business or should I wait until the economy picks up?” Read More
You may be wondering why I’m writing this article. After all, I’m a solicitor, not an accountant. Well, in my opinion, preparing a cash flow forecast is not a task for your accountant, it’s a task for you. Being able to prepare a cash flow forecast is an essential skill that every business owner should have.
What is a cash flow forecast and why is it so important?
As the name suggests, a cash flow forecast is a spreadsheet on which you forecast the amount of cash flowing through your business. You’re predicting what money is coming in, what’s going out and when this is happening. Read More
If you’re thinking about running a prize competition, either to promote your existing business, or perhaps running multiple competitions as a business in itself, you need to go about it in the right way.
If you don’t you will end up losing money and wasting a great deal of time and effort.
You may also find yourself breaking the law and inadvertently running a gambling business or an illegal lottery! If you are, you run the risk of being shut down.
As a solicitor, I’ve worked with a huge number of promoters helping them set up and run their prize competition businesses. The most successful ones follow a process similar to the one I have set out below. Read More
In my previous article, “In defence of the contrapreneurs”, I looked at the dangers of the contrapreneur exposé videos. I highlighted the fact that some of the business celebrities trying to bring these contrapreneurs to justice were distributing just as much false and misleading information as the contrapreneurs themselves.
I have another issue with them too.
Many of the exposé videos I have seen are so focused on their moral quest that they fail to answer two very important questions:
- Are these contrapreneurs actually breaking the law? And
- If they are, what can you do about it?
Like many people, my LinkedIn feed seems to be full people claiming to be experts in a whole host of subjects. When I watch YouTube, every other ad seems to be from these self-proclaimed “experts” telling me how easy it is to make money and become a millionaire by following their simple formula.
Most of the time I keep on scrolling, but occasionally, something catches my eye. When I stop and look it’s shocking to see the techniques they’re using to lure people to their events, sell their courses and convince them to join their mastermind groups. Read More
When it comes to brand protection, clients often ask me, “What can I register as a trade mark?”
They know they can protect a name or a logo, but there’s often many more elements to their brand than that. When we form a strategy for protecting their brand, we look at all the elements that distinguishes their business, products and services from those of their competitors. So, in this blog we’re going to look at each of the opportunities you have to stand out from the crowd when it comes to brand protection. Read More
Most people in business have heard the terms “Intellectual Property”, “Trade mark”, “Patent” or “Copyright”. Often these terms are used interchangeably, but they’re actually mean very different things. So, in this blog I’m going to explain what they are and what each form of intellectual property protects. Read More
This is a case study of a contractual dispute in which I was representing the claimant, John. The facts are true but names have been changed to protect client confidentiality.
Summary:
An offer must be formally accepted before a legally binding contract can exist. Offers cannot be accepted by silence. If you do not have a legally binding contract and a dispute arises, you are unlikely to be able to reclaim any money owed to you. Read More
Heads of agreement (also known as heads of terms, a letter of intent or a memorandum of understanding) are a useful tool when negotiating complex contracts. Generally, they’re not legally binding, they act as an aide memoir of the headline points agreed whilst a formal contract is being drawn up.
However, as helpful as they can be, they can also be a hindrance if not used properly. So, in this blog we’re going to look at when you should use heads of agreement and what should or shouldn’t go into them. Read More
