I've noticed that I have the same recurring conversations and answer similar questions from my creative clients. So today I’m revealing the answers in one spot so you too can know the legal secrets that every creative entrepreneur must know. 

The Power of Tailored Client Service Agreements

Your client service agreements, when customised for your unique business, can be the most powerful tool in your arsenal. Don’t use templates, copy someone else or cobble something together from Google searches. Instead, invest the time and resources to have these documents tailored specifically for your business. Engage a business lawyer who understands your industry and the unique risks you face. This will ensure that nothing is overlooked and you are properly protected. 

Your Processes and Systems are Important

Having tailored legal documents is only part of the equation. Your processes and systems are equally vital to ensure that these documents are implemented and executed correctly. This includes how you issue your client service agreements, proposals, and quotes. It also involves the sequencing of these documents and the proper wording in your correspondence with clients.

By developing robust internal processes and systems, you not only set yourself up for success but also manage client expectations and compliance with consumer law. If you get the process wrong, you might not be able to rely on your agreements at all. 

Your Intellectual Property is Your Gold - Protect It

As a creative, your intellectual property (IP) is one of your most valuable assets. This is why it's imperative to protect your IP through your client service agreements. Clearly define who owns the IP in your creations, the scope of any licenses granted, and the terms of those licenses.

Consider the importance of trademarks if exclusivity over certain aspects of your business is crucial. However, understand that trademarks can be complex and not everything is trademarkable. 

Build from Solid Foundations

Many business owners overlook the importance of a solid business structure. Although not the most exciting side of business, having the right legal business structure is foundational to your success. This involves understanding your options, from operating as a sole trader to incorporating as a PTY LTD company. 

As your business evolves, make sure you reassess and adjust your structure as needed, consulting with your lawyer and accountant to ensure your structure aligns with your current needs and goals. The right structure provides confidence, flexibility, and clarity, allowing you to focus on building your business and sharing your genius with the world.

Know Your Risk Mitigation Strategy

Reducing risk in your business is crucial, and there are three main components to focus on: your business structure, insurance, and legal documents. Of these, insurance is often the most misunderstood. Many creatives ask if they really need insurance, and the answer is a resounding yes.

However, not all insurance policies are created equal. Whatever you do, don’t buy insurance online - you won’t understand what's covered and what's excluded. Instead, work with an insurance broker who can guide you in selecting the right insurance for your unique business needs. 

LINKS:

Discover the Masterclass Series here

Check Your Legals with the Essential Legal Checklist here

Book a Free 20-minute Initial Consult with me here

Join me on Instagram here