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Rocket Lawyer Polls 1,000 Small Business Owners and Provides Tips to Help SMBs Avoid Costly Legal Mistakes
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Rocket Lawyer Polls 1,000 Small Business Owners and Provides Tips to Help SMBs Avoid Costly Legal Mistakes

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The Rocket Lawyer survey reveals small business owners’ anxiety over Legal Costs, and shows uncertainty over 2011 economic outlook. …

The Rocket Lawyer survey reveals small business owners’ anxiety over Legal Costs, and shows uncertainty over 2011 economic outlook.

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  • 1. Survey Reveals Small Business Owners’ Anxiety over Legal Costs, Shows Uncertainty over 2011 Economic Outlook
  • 2. Tough Economic Times • In this tough economic climate, consumers and companies are more cautious than ever about how they spend money, but legal matters still arise, often causing worry and significant unplanned costs. • Rocket Lawyer enables small business owners to easily manage multiple legal projects from their online account for peace of mind and savings. From incorporating a business to putting important contracts in writing and hiring employees, everything created with Rocket Lawyer is securely recorded, stored and can be shared and accessed by all parties through the same online legal service. • Rocket Lawyer™, the fastest growing online legal service, polled 1,000 small business owners to gauge key SMB trends and predictions for 2011.
  • 3. Key Findings 51% of small business owners say the main reason they would avoid seeking legal counsel is because it is too expensive; 25% say legal issues pose the biggest risk to their company, according to a new Rocket Lawyer survey. YET
  • 4. More Key Findings 28% believe 2011 will be a better economic year than 2010 72% aren’t sure or don’t think it will be any better next year 52% President Obama’s program to provide more credit access to SMBs has not opened up more credit 44% Says it has or they don’t use outside credit
  • 5. Full Survey Results Of the following list, which would you say pose the biggest risk to your company? (Choose all that apply) Selections % of Responses Benefit costs 31% Legal 25% Financing 25% Accounting liability 11% Hiring 9% Other 40% Not sure 5% 0 10 20 30 40 Benefit costs Legal Financing Account liability Hiring Other Not sure
  • 6. Full Survey Results What are the top issues your business is facing or has faced this year? (Choose all that apply) Selections % of Responses Tax issues 40% Delinquent payments 30% Contracts & negotiations 17% New business startup 15% HR needs 10% Real estate and leases 10% Lawsuit or crisis situation 6% Not sure 16% Tax issues Contracts & Negotiations New Business Startup HR needs Real Estate and Leases Lawsuit or Crisis situation Not sure Delinquent Payments
  • 7. Full Survey Results Which one of the following reasons is most likely to keep you from seeking legal counsel? (Choose one) 0 10 20 30 40 50 60 Not sure None of the above/other Intimidating Time consuming Confusion on when to use Had to cut budget Too expensive 51% 4% 4% 3% 1% 36% 2%
  • 8. Full Survey Results Has President Obama’s plan to provide more credit access to small businesses opened up credit for your business? 0 10 20 30 40 50 60 Not sure Do not utilize outside credit No Yes 3% 52% 41% 4%
  • 9. Full Survey Results Will 2011 be a better economic year than 2010? 0 10 20 30 40 Not sure No Yes 28% 40% 32%
  • 10. Empowering Small Business Owners “Running a small business is always a challenge, especially when the business is just getting started. Listen to small business owners, like we did in our survey, and they say that legal risks weigh on their minds as a key factor for their success or failure. That’s why Rocket Lawyer exists – to make it simpler and less expensive to understand and do something about everyday legal issues. While legal issues and expenses can seem overwhelming, by going online for legal help, small business owners can get legally organized at a much lower cost than expected.” Charley Moore Founder & Chairman Rocket Lawyer
  • 11. Top 5 Tips for Small Businesses 1. Put the Incorporation in Ink. To protect your individual assets and your company as a whole, look into incorporating your business. While business incorporation offers many benefits, it is not for every situation. Do your research. 2. Take time to Trademark. Determine trademark availability once you’ve selected your company name and register your domain name, twitter handle, Facebook page and company blogs. 3. Proof and Protection. It’s important to document all proof of your company’s operations, as it can be critical information if your business is involved in a lawsuit. If your company is based around proprietary intellectual knowledge or property, take the steps to patent your idea or invention. 4. Get Guidelines. Many companies face employee-related lawsuits, in fact, it is the most prevalent type of litigation faced by small businesses today. That’s why it’s important that companies protect themselves by developing an employee handbook that provides a clear guideline for all important issues such as employee/employer rights, HR issues and paid time off policies. 5. Enlist the Experts. Leverage a community of entrepreneurs and expert professionals, like lawyers and accountants, who can help guide you through the steps necessary to protecting yourself and setting your business on the path to success. There are many sites available, like www.RocketLawyer.com that can provide advice and cost-effective solutions for helping your company at all different stages.
  • 12. About the Survey • Rocket Lawyer commissioned Zogby International to conduct an online survey of 1,000 small business owners from 9/21/10 to 9/22/10. • A sampling of Zogby International’s online small business panel was invited to participate in the survey. • The margin of error is +/- 3.2 percentage points. Margins of error are higher in sub-groups. The MOE calculation is for sampling error only.
  • 13. About Rocket Lawyer • Rocket Lawyer™ (www.RocketLawyer.com) is the only complete legal service on the Internet, providing over a million businesses and individuals with a simple, easy and affordable way to manage their legal needs. • Rocket Lawyer allows members to personalize legal documents through a simple interview. • These documents can then be securely stored, shared, e-signed, and reviewed by thousands of attorneys in the Rocket Lawyer network. • Rocket Lawyer also offers a suite of marketing tools and customizable client referral services for attorneys who join their network. • For more information on Rocket Lawyer, visit http://www.rocketlawyer.com and follow us on Facebook and Twitter.