90's Nostalgia Commemorative Issue April 2017 | Page 51

MADEXXXX
MADEINC
How
I MADE
It with
JASMINE
BROWLEY
JASMINE BROWLEY
(@JasmineBrowley) of the “HowIMADEIt” Podcast sat
down with Patrice Perkins,Intellectual Pro(perty Lawyer and Founder of
CreativeGenius Law to discuss wys creative professionals can protect
their art(and make money from it).Here are the cliff notes.
Instead of offering a free or
low-cost initial consultation,
Perkins charges $250 for
what she calls a “legal
strategy session.” That
screens out people who
aren’t serious about their
business. If the person
decides to hire Perkins, she
charges a flat fee and gives a
$250 credit.
What Patrice’s legal
strategy sessions consist
of:
Map out of goals that are
attainable in 5-10 years in
three target areas:
• Business structure
• Contracts
• Intellectual property
strategy
• Identify opportunities for
long term growth.
• Set up two separate
accounts that is utilized for
specific purposes
Key lessons she’s learned
as a creative entrepre-
neur:
At what point should an
entrepreneur pay them-
selves a salary?
• Scale back on impulsive
reaction to creative business
ideas she frequently; fight
the natural tendency to
launch all endeavors at once,
but follow the idea that is
closest to you.
• Create an exit strategy be-
fore even attempting to start
the business.
• Early on, start with a small
percentage of total business
revenue and funnel into
apersonal account.
What are some key
things to consider before
taking on an investor?
• Make the business
investable
• Black business in
entrepreneurship: 97% have
0 employees. This is
unattractive to investors
What are some action-
able steps new entre-
preneurs can take to
separate personal and
business assets?
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