Using subcontractors can get your small business out of a jam when you have more work than you can handle. If you don’t want to add additional employees who will linger on your payroll long after the end of a temporary surge, you can assign a portion of your work to another business or to an individual. Subcontracting involves hiring someone else to perform work your business has contracted to do.
You’ve come up with a great idea for a new, original invention. How do you make sure someone else doesn’t steal your idea and capture the market? You get a patent.
Succession planning involves anticipating how you’ll turn your business over to someone else when you retire. A good succession plan will also anticipate what should happen if you die unexpectedly or if you suffer an injury or illness that prevents you from running your operation. How you go about succession planning depends on whether your business is family-run or if you have partners.
Contracts are the basic building blocks of business. Many parts of your business operations, from opening a business bank account to ordering inventory, are based on agreements between you and other parties. Knowing the features of a valid and enforceable contract can protect your business – preventing disputes up front and enforcing your agreement when things go wrong.