Before starting a business, it is always a good idea to go speak wth your lawyers and understand what could be the pitfalls of a certain business. It is usually hard to get a clear thinking on every legal aspects of a project without getting some external advice. Guidance will make you more efficient and avoid you to be lose time in the future with items that should have been foreseen.
Still, once in a while, when creating a new business and meeting our lawyers, we get the answer that what we are trying to achieve is simply not possible. To be done legally, it has to be created in a way that completely removes its purpose.
Depending on the market and industry you want to play in, laws can have a big and deterrent impact on an opportunity. Going through this process makes you realize how some of the regulations in place protect whole industries and how they are not always beneficial to the end consumer. This is where you could have a huge opportunity if you have the right lawyers.
If you find a market where some laws prevent a certain type of business to be done, you can start to think of solutions that could still be completely legal and would allow you to execute your vision. For that, you need to have a very strong team of creative minds with a lot of expertise to find ways to do what you want to do. This can offer also the great advantage of trying to do something that has never done before. It was to a certain extent protected. The challenges and hurdles that the company will have to face to get their solution to market could leave you with an empty room in terms of competition for a while.
Obviously, such businesses which try to find new and innovative ways to legally operate in legacy markets have an increased risk as any unforeseen legal provision could jeopardize the future of the company. On the other hand, finding these areas could lead entrepreneurs to create new things and profoundly change the status quo. You just need to make sure that everything has been carefully thought through before you make a move.