Protect your business with business legal templates

Full disclosure — as a lawyer, I am ALL ABOUT making sure your legal ducks are in a row. UGH — legal. I know, I know.

Every coach I have met is intuitive, empathic, creative. They have these attributes that serve them well as coaches. They are driven to serve. Otherwise, they are in the wrong profession! But as business owners, it’s important to occasionally take off the creative, service-provider hat and focus on the business side of your business.

What’s the saying?

There is time to work IN the business and time to work ON the business. The first and foremost item on your “Work ON the Business To-do List” should be getting your legal foundation in place to protect the business you are building.

So what does protecting your business include? Here are the basics for a solid foundation to protect your business:

Create a legal entity. A legal entity creates a separation between the debts, obligations, and risks of your business and your personal assets.

Carry the proper insurance coverage in adequate amounts. Appropriate policies may include error and ommissions, professional liability, a cyber policy, disability, or workman’s comp.

Get your contracts in order. This is where the proverbial rubber hits the road. Your legal entity and insurance protect your business from the world. Your agreements are what specifically protect you from potentially unhappy clients.

Legal contracts don’t have to be complicated or overly wrought with pages and pages of legalese. Such onerous contracts are understandably off-putting for coaches and clients. As a business owner, the last thing a coach wants is to drive off a potential client with a burdensome contract. That’s where In The Know Legal business agreement templates can shine! A solid coaching agreement template (such as the individual coaching agreement, for example) gives the coach the ability to customize the coaching contract to their specific needs — without worrying whether it is legally sound or not.

Using a well-drafted, customizable legal template lets the coach work ON the business in a way that works for them — on budget, on their time — without feeling overwhelmed or confused. Getting the legal foundation set, and using coaching agreement templates to help do that, means the coach can get to working IN the business — which is really what they want to do because that is where they shine!

Sure, coaches can probably find a free template online or borrow a colleague’s agreement. But is the source trustworthy? Does the agreement accurately reflect the business practices and policies? Does it genuinely protect the coach’s unique business? Without customizing it, how could it? Is the coach comfortable customizing it without direction or guidance? What a waste of effort to find out, when it’s too late, that these free, questionable boilerplate templates don’t hold up. Why risk it?

Coaches never advise that their clients take the easy way out. Worthwhile things take effort. Reliable legal templates will require a little work to customize and complete, but the protection is worth it.

Source: https://theknowlegaldigital.medium.com/protect-your-business-with-business-legal-templates-9e9aa9be974d

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