How a Trusted Lawyer Can Help Female Entrepreneurs Earn More Money

While women-owned businesses represent almost half of privately owned companies in the country, around 75 percent of these businesses struggle financially. According to a Forbes report, these struggling businesses rarely seem to grow past $50,000 in annual revenue.

Furthermore, compared to male-owned businesses, the problem is even more dire. Of more than $14 trillion in sales revenue reported in 2012, only 11.3 percent went to female-owned businesses – that’s a paltry $1.6 trillion. Comparatively, male-owned businesses took 79 percent of total sales.

Creating Business Success in the Face of Adversity

In the face of such challenges, what’s a savvy businesswoman to do? One of the main problems is that women often struggle to access financing. Additionally, women leaders tend to multitask instead of being able to delegate tasks, often due to lack of staff. When revenue is low, it’s hard to hire the people you need to make things work.

One way to help yourself is to partner with a trustworthy lawyer who can help you earn more money – and save the money you have. Consider the following advantages of working with a trusted lawyer.

You’re in a better position to receive necessary financing. Growing a company often requires the use of outside funds, but women sometimes struggle to obtain the necessary loans they need. According to one report, women’s business loan approval rates hover between 15 and 20 percent – which can seem pretty dismal.

However, an attorney can improve your prospects. In addition to gathering good corporate records and other documents regarding intellectual property, a trusted lawyer can represent you and provide the necessary guidance in handling your legal needs. With this kind of assistance, you’ll be in a much better place to obtain funding from a bank or financing company.

You’ll be better able to hire the right people. Working with independent contractors can sometimes seem risky, especially considering the IRS’s legal criteria for contractors versus the criteria for employees. An attorney can provide the legal understanding you’ll need to make sure you’re working within the legal parameters for hiring. An attorney can also help you partner with other business owners – with the confidence you need to remain in control over your own business and prospects.

You’ll save time and effort. Burgeoning entrepreneurs – both female and male – often make the mistake of assuming they can handle complex legal issues on their own. While it’s certainly possible for you to set up business entities and write up a comprehensive contract, it’s not necessarily the best use of your valuable time and resources.

Do What You Do Best, and Let a Lawyer Handle the Rest

An attorney has a lot of expertise and education. He or she can help you draft legal documents, support you in making critical decisions, and provide other legal advice. Focus on doing the things you’re good at, which will help you increase revenue.