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In this video, the importance of having a service agreement when operating a business is emphasized, especially for newcomers who may be eager to get started on their first contract. The speaker highlights that when receiving paperwork from clients, including vendor agreements and insurance information requests, it is crucial to take the time to protect oneself by ensuring a service agreement is in place. This document helps outline the terms and conditions of the working relationship, protecting both parties involved. It is essential to not neglect this step in the rush to start earning money.