When Do I Need A Contract For My Business?

I recently wrote a blog about why every business needs legal contracts. Quite simply, a contract is essential to protecting your business. If you do not have a contract, you will have an uphill battle trying to prove what was agreed upon. The timing of that contract is also important to get right. When should you enter into your contract? In most cases, the answer is today. Or, more than likely, yesterday. 

It is time to put your agreement in writing as soon as you have a client looking to buy, an idea that you wish to discuss with a potential business partner, or a contractor that you would like to join your team.

You might be tempted to wait for more clarity or more money or more clients or whatever it is that you tell yourself that you need. It is imperative to get everything in writing now so that if something goes awry, you can look back to your contract and confirm exactly what was agreed upon.  

I get it. Paying a lawyer to draft a contact is expensive. But paying a lawyer to fix a problem after the fact, will be a lot more expensive. If paying a lawyer is out of your budget and you need a basic agreement for your business, my DIY contract templates might be a more economical option for you. Whichever method you choose, please just get it in writing. 

Admittedly it is hard not to get caught up in all. the. things that you would like for your business (hello new computer, business retreat in exotic locations and masterminds that promise to take your business to the next level). Legal contracts are not typically one of those hot ticket items. But legal contracts will help you to stay in business, get paid faster and have happier clients. And that sounds pretty exciting to me!