While in law school, I came up with the idea for Traklight when I saw the errors made by small business owners during my time in the Tech Ventures clinic. For one company, the lack of a business entity and co-founder agreements created such havoc that it set them back a year. I distinctly remember thinking, "if only these entrepreneurs knew about some simple first steps, they could have avoided wasting time and money." Our mission at Traklight is to remove the guesswork from starting up and running a small business. We provide a roadmap to success using software to identify issues and provide education and resources.
Most business ideas are not initially well-funded, and attorneys are viewed as expensive so many try to go the free or DIY route. In short, there is a gap between inventors and entrepreneurs and lawyers. Founders, owners, or inventors have:
- A lack of understanding of the steps or tasks required to startup or grow a company.
- A fear and, in some cases, distrust of attorneys (and other professionals) from both a cost and knowledge basis.
- The desire to get on with business and avoid the administrative detail or boring tasks.
Attorneys have the legal solutions but with the above issues, entrepreneurs do not understand the necessity of good foundational legal work. To address the above issues, there is a need for client education on the “why” of the legal steps first before jumping into the “what.” Closing that gap is what we do with Traklight’s software, which is like a legal health checkup for your business.
Launch by LegalShield shares the same principle in terms of client education and assistance. Starting your company may be a first step but to get started on the right track, however it’s critical to first understand which type of business entity is best. Education and plus regular checkups allow for a business to identify issues and risks that can be solved by LegalShield Business plan attorneys.
Uncertainty is a problem for startups and many avoid lawyers because they are worried about fees. Although it’s scary to call up an attorney for help with the clock ticking, ignoring steps or issues can ultimately cost much more. Using subscription plan attorneys or legal plans, like LegalShield for small business, can provide cost certainty. #onwards.