10 Common Mistakes When Launching a New Business By

1. Choosing A Business Name Without Rights To An Online Presence
1. A business should ensure that they can have exclusive right to use it in association with the goods and services of their company to prevent others from hijacking or diverting attention from their brand
2. The Business Name Does Not Comply With Applicable Legislation
1. There are many factors and limitations in choosing a business name. Generally, the business name should be unique and not confuse a consumer with the goods, services, or trademarks of another business. The name should also not falsely describe the business.
3. Failing To Trademark A Business Name
1. A business must obtain the necessary federal, provincial/territorial and municipal permits and licences, Business Number, registered business name, GST/HST number, corporation income tax, payroll and import/exports accounts
4. Failing To Obtain International Trademark Protection
1. The last thing a business wants is to be ready to launch after pitching to funders and investors only to find out that someone else holds the trademark rights. It’s important for founders to think about where their markets are or could be in order to protect their brand in those markets.
5. Failing To Properly Secure The Intellectual Property Rights From Co-Founders, Employees, Licensees Etc.
1. A startup may fail to spend money to obtain the intellectual property rights (patent, trademarks, copyright, including moral rights) from independent contractors such as website developers, software engineers, programmers, graphic designers and their own employees working on and developing ideas and improvements to existing intellectual property rights.
6. Disclosing An Invention Outside Of The Time Limitation To File A Patent
1. . New business owners make the mistake of disclosing an invention without the necessary protections and then lose their right to filing a patent leaving it vulnerable for competitors to come in and steal their ideas. It is advisable to not disclose the invention where possible and if absolutely necessary,
7. Failure To Sign Agreements With Co-Founders
1. .Todos los fundadores deben asignar todos los inventos, ideas y todo lo que hayan trabajado o contribuido al negocio propuesto por la empresa. De esta manera, si un fundador se va, una empresa no está en peligro de perder los derechos de propiedad intelectual que la acompañan.
8. Use Of Generic Non-Disclosure Agreement And Templates
1. The danger is that legal concepts found in foreign laws may not be applicable to contracts in the business owner’s jurisdiction. For instance, a template from the internet may have a clause stating that the governing law is in London, UK but the parties may both reside in British Columbia
9. Failing To Put Together A Proper Pitch Deck Or Business Plan
1. It is important for a business to have a good business plan which can even be a one page business plan. The principles for creating a good business plan can be found in the book, “he Lean Model Canvas consists of the following elements:  Problem  Solution  Value Proposition or Mission Statement  Competitive Advantage  Key Metrics  Distribution Channels  Customer Segments  Cost Structure  Revenue Streams  Legal Disclaimers
10. (Unknowingly) Violating Securities Laws
1. In the rush to get launch a business, a new entrepreneur may miss the important details or be sloppy in protecting their ideas or assets. A business owner may even make things worse in the interest of saving money and time in the short run. While Eric Ries expounds on the virtues of having a “lean” start up model, the misinterpretation has resulted in many start ups taking the concept of being lean to the extreme and not spending money in areas where they should. Hopefully, this legal checklist dispels that myth and spending money wisely is more important than being lean when starting a new venture.
Launching a new business for the first time is not always easy. There many factors to take into consideration – whether financing, marketing, customer acquisition or dealing with legal issues. Many new businesses place legal concerns on the back burner due to costs and time constraints. They assume that legal problems can be dealt with later, but it may be too late or even more costly to fix
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10 Common Mistakes When Launching a New Business By

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