Starting a business is one of those rare things that greatly fulfill you as a person. There is great joy and satisfaction in seeing an idea that once only existed in your head coming into reality before your very eyes. Some say it is like giving birth to a baby, and you want your baby to grow up with the best circumstances possible.
Of course, the process is not as easy as we have just described. You have to overcome numerous hurdles including pooling enough resources to form the capital for the business, securing a strategic location, getting a good deal on the premise lease term and so forth.
As if that was not difficult enough, there are tons of legal and accounting issues we have to wade through. Here is where most startup small businesses learn the important lessons in the industry in a very expensive way; thas is if they will afford to recover from the mistake. These lessons are usually learned after the damage has already occurred, and the business is in a crisis mitigation mode.
A lot of dreams and lives have been shattered at the altar of ignorance; businesses that simply could not recover from a crisis simply because they lacked the necessary financial muscle to bounce back from the mistake. That is why we endeavored to seek out an expert in matters legal, financial, and corporate affairs to help you, our readers, avoid these common pitfalls brought about by legal and financial ignorance.
Without further ado, here is a snippet of our interview with an expert who can help you avoid the common mistakes in accounting, legal, and financial that can torpedo your new business into oblivion.
Tell us about yourself
What led you to choose this career?
I always wanted to be an attorney since childhood, as cliche as that sounds, I did not consider any other career choice. I spent my “corporate career” working for federal government agencies and I figured out quickly that I need to have something else going. I started what would eventually blossom into the present business as a side hustle around 2006 or 2007. I started purchasing real estate around 2008 but never understood the power of building a portfolio until recent years when I got serious about investing.
How and when did you get started?
I went the traditional route in real estate and for my side hustle, I simply started doing consulting on the side via word of mouth and then made it more formal.
What are some of the basic understanding a business should have about brand protection, tax litigation, and IP Protection?
First, they need to have a very clear understanding of their industry. Once you understand your industry, you can understand what systems you will need to have in place to protect your business. Second, they need to have a clear understanding of how they see the business. Is it merely a replacement for the 9-5? Are they building it to later sell for profit? Is this the thing that will make their brand a household name?
For tax purposes, business owners need to get a handle on keeping good records, having a monthly, quarterly, semi-annual review. They need to pay their business taxes on time as agreed, and preferably quarterly.
For IP protection, businesses need to take steps to formally obtain trademarks or copyrights. In recent years, there have been several changes to how and when you can claim protection in both trademark and copyright infringement claims. Further, they need to have a good handle on how to monitor their IP and what to do when they believe there has been infringement.
At what point should a business seek your services for the above-mentioned?
[When starting or when up and running and possibly caught up in trouble?] Business owners should ALWAYS have access to a lawyer, regardless of the stage of business. Legal needs vary and are different at different stages. For those that wait until they are caught in trouble, it will be very, very, costly.
What advice do you have for small businesses in 2020?
Take advantage of every quality free and low-cost educational resources where you can learn some basics on your own. Invest in your business education, just as they would into learning a new skillset for their business. Further, every business owner should know basic accounting principles and understand how to position their business to eventually scale.
About LeTonya Moore
She is the visionary behind 360° Brand Protection Strategies™, developed to address the holistic needs of the entrepreneur. The 360° methodology enables brands to develop strategic growth and expansion to the national, international, and global marketplace.
Recently, LeTonya reached a major milestone of introducing her brand protection methodology to the United Kingdom in 2018. She is the founding member of The Global Growth Group (G3), a society of experts collaborating to provide entrepreneurs, including speakers, authors, and coaches with a guided pathway to protecting their brand both in the US and abroad. Through her work, she is now affectionately known as the Global Brand Protector ™.
In 2019, LeTonya released, “Stop Brand Stealing Thieves Now! Your Brand Protection Playbook”, a handbook for the growth minded business owners seeking to avoid legal pitfalls by being proactive in protecting their business.
In 2020, LeTonya will officially launch the International Brand Protection Institute, a virtual legal training program developed to teach individuals and business owners from underserved and economically disadvantaged populations basic legal concepts in the areas of business law, asset protection, contract law, intellectual property, employment law, tax law, international business and more.
Additionally, the Institute provides programming on business growth and development, business strategic planning, and more. She hosts the 360° Brand Protection Mastermind events, a three day, invitation-only lock-in style business building event three times per year in Huntsville, AL.
LeTonya is a sought after speaker who brings value and shares priceless insight and wisdom with her audiences. LeTonya is no stranger to overcoming obstacles and living life on purpose, with purpose. She shares her success story in her, “LeTonya Speaks” motivational presentations that spread a message of faith, perseverance, and the hard work to audiences small and large. LeTonya’s “Real Talk” presentation style proves enlightening, educational, and entertaining for diverse demographics. LeTonya hosts several live events throughout the United States each year.
To learn more about LeTonya Moore visit her official website at www.iprotectyourbrand.com.
Follow her on Facebook @iprotectyourbrand
Follow her on Twitter/IG/Snapchat/LinkedIn @letonyamoore