Keep ‘Em Separate
One of my professors during my first year of law school had a saying for not confusing certain legal concepts. He would tell my class to “keep ‘em separate!” When he got frustrated with our underdeveloped legal brains, he would emphasize the importance by saying, “Keep ‘Em Separate, stupid!” Needless to say, I’m glad that chapter of my life is over, but this phrase has come up numerous times in many different contexts since graduating from law school, especially when dealing with ambitious entrepreneurs.
Entrepreneurs have the flexibility to build their businesses whichever way they choose. This freedom allows an entrepreneur to expand in ways that most people cannot. An entrepreneur can decide to add a service or product to their business without having to go through the rigmarole of pitching an idea to an employer. This freedom comes with some potential pitfalls though. The freedom to do so many things can turn into a business with no real focus or purpose, at least to potential clients. You want to make sure that your current clients and potential clients know why they are doing or should be doing business with you. You probably shouldn’t offer plumbing services and sell hot dogs under the same business! I just can’t see a client being willing to buy hot dogs from the person currently fixing the leak in their bathroom pipes.
However, if you are passionate about being a plumber and selling hot dogs, you should probably have separate businesses for each. Keep ‘em separate! Maybe your distinction is a little subtler than hot dogs and plumbing, but the thought process is no different. This doesn’t mean that you can’t have both but you should be aware that you may be confusing your current clients and potential clients if you are not strategic in the way you offer your various products or services.
If we’re thinking about the legal stipulations, some businesses come with a higher chance for legal disputes than others. For example, being a landlord renting out residential space to tenants has a higher change for legal issues than an online handmade jewelry business. Both are great business ventures but tying them together under the same entity is not wise. You don’t want your jewelry business to be affected by the latest tenant issue in your gig as a landlord. Keep em’ separate!
The Styles Law Firm can work with you to strategize and decide whether you should start a separate business or if you should add a product or service to an existing business. Once you’ve work with us to strategize the game plan for your business, we can register your business with the Secretary of State, federally protect your intellectual property, and help you with a host of your business’ various legal needs.
Schedule a consultation with us, so we can help you strategize all of your amazing ideas and answer any of your questions. Let’s get to work!
