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.
Category Archives: Start Up
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 I advise a client that they should have them in place and offer my help in preparing them, their first reaction is often “No, don’t worry, I’ll copy them off someone else’s website”
If you’ve read our previous blog, the DNA of NDA’s, you will understand the importance of confidentiality agreements (also known as NDA’s and Non-Disclosure Agreements) for protecting confidential information.
However, you should not rely solely on the confidentiality agreement to protect your confidential information because once confidentiality is lost, it’s gone forever. Therefore, you should also take practical steps to protect the information as far as possible.
Here are our seven top tips for protecting confidential information. Read More
Why do I need a shareholders or partnership agreement?
If you own and control 100% of your business, you can run it (subject to complying with the law!) pretty much however you choose. You don’t have to consult with anyone before making decisions and you can change your mind at the drop of a hat.
If you don’t own and control 100% of your business, you can’t do this. You have to consult and agree with your business partners about how you will run your business.
How these decisions are made and what happens if you can’t reach an agreement will have a huge impact on the success of your business so this is what we are going to look at in this blog. Read More
When a client comes to see me about starting a business, we always talk about the essential contracts their business needs.
Initially, they can be reluctance to spend money on them and often ask “Can’t I just download them from the net?”
I fully understand that money is tight and clients are keen to keep costs to a minimum wherever possible, but this is an area where cutting corners usually proves to be a false economy. Legally binding contracts are the foundations of your business and as I’ll explain, having solid foundations in place is one of the best investments you can make for the future. Read More