Do you have a brilliant idea that you’re ready to turn into a startup? In today’s entrepreneurial world, the process of bringing an idea to market is often called “launching a startup.” But what makes a startup “successful”? Hold on—this time, we’re not going to tell you how to do it right. Instead, we’re here to tell you how not to do it. Here are a few things you should absolutely avoid when turning your idea into a reality:
01 | A Vague Agreement Between You and Your Co-Founders
We get it. You’ve been friends for years, maybe even built a few things together before. What could possibly go wrong? Well… a lot. If your startup becomes wildly successful, those “what ifs” can quickly become reality. It’s critical to work with a skilled lawyer to draft agreements that clearly define the relationship, ownership structure, and rights between you and your co-founders.
(P.S.: No, leaving this to an accountant with a “one-size-fits-all” contract template is not a good idea. Trust us—“I don’t even recognize my co-founder anymore!” is a line you don’t want to end up saying.)
02 | Investment Processes Aren’t Like the Movies
What do we mean by “the movies”? In short, you won’t land the perfect investor with just a confident handshake and a charming smile. Sure, your smile might light up the room, but it won’t shield you from potential lawsuits or disputes caused by a messy investment process. Recent global and regional financial crises have also made the legal landscape for funding more complex than ever before. Setting up your investment process correctly isn’t just important when things are going well—it’s critical if things start to go south.
03 | Choosing a Name That’s Already Taken (And Getting Stuck With It)
We live in a world where everything is trademarked, copyrighted, or already owned. Finding a unique and available name for your product or company is becoming increasingly difficult, especially if your name uses common words or phrases. Before you fall in love with a name, check the trademark database (in Turkey, this would be Türk Patent) to see if it’s already registered. Trust us, getting a cease-and-desist letter years after launch because your name is already taken isn’t the kind of surprise you want.
04 | Ignoring Copyright and Trademark Details
Your company’s name isn’t the only thing that needs protecting. Your startup’s logo, visuals, product name, or anything you’ve created that gives your business its identity should also be registered and protected. While you may already have some default rights over what you or your team create, formally registering your intellectual property provides a much stronger level of protection. Without this, you might see knockoffs of your work popping up sooner than you think.
05 | Doing Everything Yourself (DIY)
Don’t. Just… don’t. This applies not only to setting up a company but also to listening to people who say, “You can set up a company for just a few hundred dollars!” Yes, it might look like you’re saving money upfront, but without a skilled lawyer guiding you through the process—helping you choose the right company structure, ownership model, and other critical decisions—you could end up paying far more in fines, penalties, and cleanup costs down the road. (And we’re not even counting the lost time and headaches.)
06 | Vergiler
Evet, bu kelimeyi duyunca bize de kramplar giriyor. Ancak bu, tüm endişelerinizi halının altına süpürüp “Bu işi sonra hallederim.” diyebileceğiniz anlamına gelmiyor. Riski minimize etmek için yetenekli bir avukata ihtiyaç duyduğunuz kadar, vergi indirimlerinden faydalandığınızdan ve beyannamelerinizin olması gerektiği gibi verildiğinden emin olmak için de yetenekli bir muhasebeciye ya da mâli müşavire de ihtiacınız var. Bir mâli müşavirle konuşmayı ertelediğiniz için kendinizi vergi cezaları öderken ya da en kötü senaryoda hapse girerken bulmayın.
07 | Forgetting About Taxes
We know—just hearing the word “taxes” can make anyone’s stomach churn. But ignoring them isn’t the solution. To minimize risk, you don’t just need a skilled lawyer; you also need a competent accountant to ensure you’re claiming the right deductions and filing your taxes properly. Don’t procrastinate on this—falling behind could mean hefty fines, or in the worst-case scenario, even jail time.
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We know—this article might make starting a business sound complicated and overwhelming. That’s not our goal. What we do want is for you to understand that there are serious considerations to keep in mind when building your startup. By tackling these challenges head-on, you can turn what could have been a messy process into something smooth and enjoyable. Do your homework, take the necessary steps, and set yourself up for long-term success.
04/10/19
Disclaimer: The content provided on this page is for informational purposes only and cannot be construed as advertising, promotion, or any similar intent. It should not be interpreted as legal advice or used without authorization. Reading this article does not establish an attorney-client relationship with our firm.
