I read with great interest this recent article entitled, 100 Ways to Become a Better Entrepreneur. In general the article gives pretty solid advice. But it always concerns me when articles automatically assume the entrepreneur is unable to afford paying a lawyer to draft a business contract. (See No. 74).
I understand that many entrepreneurs must watch their dollars very closely. Hiring a lawyer to write a business contract may seem like a luxury the struggling entrepreneur cannot afford. The problem is that I have seen business contracts written by the entrepreneur come back to haunt them many times. Trust me, litigation is a whole lot more expensive than having a lawyer review or write a contract. At least go talk with a business lawyer to find out how much it will cost. Don’t automatically assume it is something you cannot afford.