There are so many legal requirements for starting an online business–is it even worth the effort? That's what one of my students asked me last week. So I decided to get an attorney to answer. But not just any attorney–you're gonna love this guy!
To help you turn these ideas into action, click here to download this week's free "key ideas" Worksheet.
Today you're going to learn…
- Why businesses need to get their agreements in writing.
- Why businesses need to have a strategy for their "legal stuff."
- The mistakes businesses make that can sink their brands.
- The legal mistakes business make with social media.
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Ray's Tip of the Week:
(2:25) This week I want to tell you about a new tool I've been using to create my own sparkling water instead of buying TONS of sparkling bottled water.
Tune in to find out my favorite new "drink maker" tool.
Spiritual Foundations:
(3:55) Do you pray for your business? Is that a selfish practice? I can't find any evidence of this in the Bible. But God does talk about worry.
Tune in to discover…
- What the Apostle Peter had to say about worry. He made it clear what God will do with all our worries–if we let Him.
- The magic that often happens when we choose to pray despite our worries. Even though God already knows how we feel, He doesn't want us to be shy and He often rewards us with this blessing while we're in the act of praying.
- How to build your faith and in God and how to apply His power in your business. You can get started with a simple daily task that works well in tandem with your daily prayers.
Feature Presentation:
Bobby Klinck is not your typical lawyer. Sure, he went to Harvard Law School. But he's not a stuffy curmudgeon. He's a fully-fledged online entrepreneur who understands our kinds of businesses. Better still, he tells funny stories, makes fun of lawyers, tells "dad jokes," uses pop-culture references, and even sneaks in the occasional poop emoji.
It's not that he doesn't think the "legal stuff" if serious. He just figures that having fun with it all makes it less daunting for entrepreneurs. And he's right!
Tune in to discover…
- (8:35) Why Bobby is "trying to give up" his regular law practice like a bad habit. How he got his law practice started almost by mistake and why he's now moving 100% into the online space.
- (10:40) How Bobby learned to network without networking. The surprising answer he gave to his life-coach that really pushed him to become a full online entrepreneur.
- (13:25) How failing in his first online course launch got him hooked on online marketing. Now he's an addict, even though he lost thousands in wasted Facebook ads on that launch and the only customer who bought refunded on day 29 of the 30-day refund period.
- (18:30) Why taking a little time at the start of your business to get the "legal stuff" set up correctly can save you massive headaches down the road. Even though lawyers are often a pain to work with, they do play an important role in helping you stay out of trouble.
- (19:35) Why relying on a faceless attorney service like Legal Zoom is a big mistake. But only relying on your friendly neighborhood attorney isn't enough either. You've gotta find a specialist who knows how your style of business really works.
- (22:40) Should you be a sole proprietorship, an LLC, an S-corp, a C-corp? Why getting this right from the start saves you all kinds of time and money.
- (24:30) Which type of business you should have if you have hired help, like a virtual assistant or a social media manager. If you don't have this type of business set up, you're not fully protected.
- (29:40) Why so many people think getting into online business is as simple as turning your computer into an ATM. There's a whole lot more to it, and getting your business entity set up correctly is a better investment than buying all those online courses.
- (31:05) How many rookie entrepreneurs put the cart before the horse. Why trying to harvest the grain before planting the seeds doesn't work.
- (33:15) The 3 policies every online entrepreneur should have on their website to protect themselves. It's the boring lawyer stuff, but without it, you're putting yourself at risk. (See this week's worksheet).
- (39:50) The 3 practices every online entrepreneur should get in the habit of doing, no matter what. Lawyers thrive on uncertainty and these practices keep you covered.
- (48:00) How Bobby has moved from "no-name" lawyer to super-successful online entrepreneur. In just the past year his income has more than doubled and there's no end in sight to his growth.
Resources:
Links mentioned on today's show:
- Check out Bobby's free training at YourOnlineGenius.com/academy.
- Check out Bobby's GDPR Kit at YourOnlineGenius.com/GDPR.
- Check out Bobby's fantastic legal templates at YourOnlineGenius.com/forms.
I'd love to hear from you. Tell me your biggest takeaway from today's show on Twitter @rayedwards, on Instagram @rayedwards, and on Facebook too.
Today's show was produced by Kris Edwards with show notes and worksheets by Doug Pew and Juan Lopez.
Until we meet again may you prosper in all things: health. wealth, and wisdom. Now go live your most prosperous life.