Setting Your Professional New Year’s Resolutions

2026 is here…and so are the barrage of promises for self-improvement.  In your “do better, be better” new year’s resolution planning, don’t forget to also consider your professional self. What will 2026 mean for you, professionally? You may be comfortable in your corporate ladder climb…and we wish you well. But it’s quite possible that you’re hearing the entrepreneur career path calling your name. Canada is welcoming to entrepreneurship. In fact, statistics demonstrate that Canadian entrepreneurs are a growing segment and that small-medium businesses positively contribute to the Canadian economy.  Will you be a part of this movement?  If yes, strategic planning is going to be a strong indicator of success.  Utilizing the law as a business tool to mitigate risks, structure deals, monetize intellectual property and so on should be a core component of your strategic planning. The law is not intuitive. You may not know what legal issues are relevant to your business. But this doesn’t stop them from impacting your business or exposing you to liability and/or risk. Here’s a run down of what you may want to consider in accelerating your business in 2026:

1. Is 2026 the year you are finally ready to make the leap to launch your business? 

Do you have a passion or hobby that you’re ready to fully commercialize? Is your side hustle growing to the point that you’re ready for it to become your main hustle? Ensure that you’re operating the business under the right business entity, as the structure you choose today can either support your growth tomorrow or limit it. There are a few options with regards to your business’ structure: sole proprietor, incorporation, joint venture or partnership. Each business structure comes with different implications for liability, tax efficiency, and investor readiness. When engaging third parties, non-disclosure agreements help set professional boundaries, clarify ownership, and protect leverage early on. Conducting proper intellectual property due diligence before going to market ensures that brands, content, and innovations are clear and owned, while early investment in IP transforms it from mere protection into a valuable asset that can be licensed, sold, funded, or leverage, even if the business pivots or does not scale as planned. If you’re working with consultants to build out aspects of your business, make sure that you enter into independent contractor agreements. It’s never too early to invest in legal protection. 

2. Does your side hustle have traction? Is 2026 finally the year you’re going to dot your legal “i’s” and cross those “t’s” and make it official? 

Some of you may be further along your entrepreneurial journey and are well entrenched (or well in the trenches – depending on your perspective) in your business. You’ve tested out your side hustle and you know that there’s legitimate traction. Now may be the time to focus on the legal issues. You may be operating as a sole proprietor and are ready to incorporate. You may be ready to properly codify all of your third-party business relationships through written agreements. This extends to clients and service providers all along your supply and distribution chain. Investing in your business at this stage means protecting your competitive advantage by securing and strengthening your intellectual property, clarifying who owns what, and reducing operational and legal uncertainty through properly structured agreements. At this stage, businesses often benefit from a legal ‘cleanup’ confirming that intellectual property is properly assigned to the company, formalizing shareholder or founder arrangements, and ensuring that all key commercial relationships are documented. These steps not only protect your competitive advantage, but also position the business for financing, partnerships, or a future exit. 

 

3. Is 2026 the year you will grow your team? 

There is something to the adage: “you’ve got to spend money to make money”. There comes a point when you realize that you can’t do it all. You can’t be the creator, the marketer, the book-keeper, the sales engine and the overall do’er and expect significant growth. If you dilute your efforts, guess what? Your returns are diluted. At some point, you need to build a team. There are lot of options as to how to grow the team: a business partner, an investor, an employee, a freelancer, a sales agent, a licensing partner, etc. As you grow your team, it’s critical to understand what you are giving up and what you are gaining, and to ensure that the legal framework reflects those decisions clearly. Growth is rarely just about adding people, it’s about adding the right structure so the business can scale without breaking. Whether you engage employees, contractors, or partners, it is critical to ensure that all intellectual property created in the course of that relationship is owned by the business. Missteps here are common and can materially undermine enterprise value. Where equity is involved, shareholder agreements and clear governance structures become essential tools for managing risk and aligning expectations. 

4. Is 2026 the year you will make a big marketing push?  

Is now the time for you to really expand your brand’s reach outside of its current customer base? How will you activate this? Through sponsorship? Hiring a brand ambassador? Creating an influencer marketing campaign? Hosting a series of retail pop up activations? Pushing your digital marketing campaigns? With each marketing push comes a different set of legal concerns: compliance with Canada’s Anti-Spam Legislation, negotiating contracts, compliance with the Competition Act, abiding by social media platform rules, avoiding intellectual property infringement claims, staying onside of influencer marketing campaign laws. The greater the brand exposure, the greater the exposure to risk. Mitigate those risks by planning ahead and avoiding legal minefields.

5. Is 2026 the year you will fully take your business online? 

Now more than ever, it is clear that businesses will not survive if they are not online. If you are collecting personal data from your customers or users, you will need to navigate privacy laws. How you use the online space determines the legal agreements you need, particularly when developing software, applications, or digital marketplaces where issues such as data ownership, user rights, liability, security, and intellectual property must be addressed early. Digital businesses often operate across borders; compliance with international privacy and consumer protection laws is increasingly important. Structuring your digital operations properly helps reduce regulatory risk, build user trust, and create a scalable structure for growth. 

6. Is 2026 the year your packaging and labelling will strategically connect with consumers? 

A truly successful brand appeals to the emotions of its consumer base and creates a value proposition that the consumer buys into. Strategic packaging and labelling for your business’ products and services can be beneficial in creating that emotional connection with your brand. Examples of such claims include Made in Canada or Product of Canada claims. In addition, the contents of your products can also be an impetus for consumption (i.e. gluten free, vegan, nut free etc.). Such claims are governed by specific legislation and it is important to ensure that your packaging and labelling claims are compliant with the law. 

7. Is 2026 the year you will expand beyond Canada? 

We love Canada. Truly. But with a population of only 41 million or so, you can reach your full potential somewhat quickly. Compare that with our neighbor south of the border, who has a population of about 333 million, and there’s a lot more opportunity for growth.  In addition, as we know, Canada is actively seeking international opportunities outside of the US. In today’s Shopify-powered world, global domination is that much more accessible. Be cognizant that as you expand internationally, your business will have to comply with the laws of that target country. If you are manufacturing internationally or sourcing materials internationally, ensure that your rights are protected in those countries. 

8. Is 2026 the year you will fully embrace corporate social responsibility? 

Corporate social responsibility (“CSR”) is a significant motivator for consumer purchasing behaviors and it’s unlikely to change. Will your business fully embrace CSR? Have you created corporate policies that bring into account human rights and environmental concerns? Will you bind your third parties to abide by these policies when they’re working for you? Will you become B Corp Certified? Do your manufacturing agreements bring into account sustainability, human rights and environmental issues? Do you have an internal supplier diversity procurement system? If not, you may want to factor these in. 

9. Is 2026 the year you will source out third party financing? 

Running a business, no matter how lean, is costly.  How long can you bootstrap finance your own venture?  At some point, third party financing becomes inevitable.  There are many ways in which you can secure this financing: loans, equity financing or government grants.  Each come with its own complications. Investors and lenders will scrutinize corporate structure, governance, and intellectual property ownership as part of their due diligence. Businesses that proactively address these issues are often better positioned to negotiate favourable terms and move efficiently through financing transactions. 

 10. The takeaway 

Starting a business venture is an exciting endeavor. It can also be overwhelming. Knowledge is power and hopefully this article gives you a small idea of what types of legal issues you should be considering on your entrepreneurial journey. Entrepreneurship rewards creativity and resilience, but sustainable growth is rarely accidental. Strategic legal planning, particularly around corporate structure and intellectual property can certainly transform ideas into durable, scalable assets. Knowledge is power, and understanding the legal dimensions of your business is often the difference between short-term momentum and long-term success.