Being the owner of a small business is challenging enough. You have to navigate through the market, find the right segment to penetrate, worry about supply and production as well as deal with other micro-management tasks along the way.
Investing in knowledge is always a great idea as a small business owner. Many entrepreneurs I know choose to go with a business administration degree, but there are actually a lot of advantages to be gained when you pursue a master of science in law degree. Here are three things that will make you consider a law degree right away.
Better Interpretation of the Laws
No matter which market you’re in, your business is governed by law. There are regulations about the products you are selling, how you can market them, how to interact with customers and regulations surrounding your liabilities to them. A better interpretation of the law can really help you as a small business owner.
You don’t have to worry about unintentionally breaking the law when you know exactly what the regulations mean. You can also find better ways to do business without disappointing your customers or overstepping your boundaries.
It is also good to be able to interpret the law when it comes to marketing and ethics-related issues. When you see an opportunity to do a marketing campaign with an influencer, for instance, you can quickly understand how the campaign should be disclosed according to the FTC Endorsement Guides.
Draft Smarter Contracts
Of course, you will also learn about how to draft better contracts for your business as you study for your online masters in law degree. Universities that offer online master’s programs in law all include business contracts and the skills around drafting a good one in their curriculums. This is an essential skill to have as a business owner.
Sure, you can always rely on your lawyers to deal with contracts and legal papers. That said, being able to quickly scan through the contracts you’re signing and know exactly if its good – and balanced or beneficial to your business – will help you avoid unwanted bad deals and other potential problems in the future.
Focus on Your Business
Aside from the two previous advantages, there are a lot of other skills you will pick up as you study to become a master in law. One of the most valuable skills to have as a business owner is the ability to read a situation and deescalate a potential legal issue quickly. This is among the many things taught in law school and it is certainly a skill that can save you a lot of hassle – and money – in the future.
Law has always had a bit of cloud surrounding its practices. Being able to see through that cloud and know exactly what you’re doing is great, especially in the eyes of a business owner who always has to deal with regulations and the law. These three benefits are proof that a law degree can help you a lot as a small business owner.