Legal Road Map® Podcast S4E116 FB Live 109 What Our 7-Figure Clients Know That You Don’t
Learn some of the secrets to seven+ figure business success that we’ve uncovered through serving our clients.
In this episode we’ll cover:
- Why continuing to “bootstrap it” into seven-figures is a recipe for burnout
- The first two positions CEO/founders typically fill on their teams
- How handing over marketing to another team member can be a big stumbling block for seven-figure founders
- Why CEOs spend time with people who are further along in business than they are
- Why making 1, 5, or 10 year goals and being proactive is essential to get you to the business of your dreams
- The importance of putting solid infrastructure in place to build to seven or eight-figures
- What CEO/founders know about spending money to get in front of people (leads aren’t free!)
Key takeaway: Keeping an eye on those who are further along in business is one of THE best ways to ensure you reach their level.
Visit www.awbfirm.com/podcast116 for the audio/podcast version of this episode.
BONUS: get your hands on our FREE resource to help you write your contracts: The 5 terms I think every contract should include: www.awbfirm.com/5terms
Resources:
Get Paid podcast with Clare Pelletreau: https://clairepells.com/category/podcast/
Legal Road Map® Facebook group: https://www.facebook.com/groups/legalroadmap/
Have you poured your heart and soul into creating an online course? How upset would you be if one of your students copied some or all of your course content and tried to sell it as their own? Perhaps a more important question: how upset would you be with yourself if you didn’t have an agreement in place that expressly prohibits your students from doing something like this? Our Legal Road Map® to Protect Your Online Course contract template bundle can help you lock down your course content in the time it takes you to catch a few episodes of your latest Netflix binge.
To buy your bundle and start protecting your online course today, visit www.onlinecourselegal.com/yes.
This podcast is information, not legal advice specific to your situation.
Legal Road Map® Podcast S4E114 – The AWB Firm VIP day (FB Live 107)
We kept hearing from our clients that they didn’t have time to get legal projects done.
So we created a solution tailor-made for online business owners with the least amount of time who still want to protect their business.
In this episode we’ll cover:
- What the AWB Firm’s Legal VIP Day looks like: a 360-degree overview of the entire experience
- How you can get more legal projects done in less time
- The value of having white space on your calendar – for legal AND non-legal projects
- How blocking off an entire day to focus on legal for your online business can actually be FUN!
Visit www.awbfirm.com/podcast114 for an audio/podcast version of this video.
BONUS: get your hands on our FREE resource to help you write your contracts: The 5 terms I think every contract should include: www.awbfirm.com/5terms
Resources:
Legal VIP Day: www.awbfirm.com/VIP-day
Worried about the legal blindspots that may be lurking in your business? The AWB Firm can help! We start every VIP Day with a Legal Road Map® session, but you can schedule this session separate from a VIP Day too. One of our experienced attorneys will take a one-hour deep-dive into your business and provide you with a report of recommended steps personalized for your business. And you’ll be confident you’re not missing anything essential now, and you’ll learn what you might need to do later. For more info or to book your Legal Road Map® session, visit https://awbfirm.com/legal-road-map-session
This podcast is information, not legal advice specific to your situation.
Legal for Course Creators: LLC or Corp for your Course? – Legal Road Map® Podcast S4E108
Visit www.awbfirm.com/podcast108 for the audio/podcast version of this episode.
Learn why it’s a good idea for course creators to form a corporate entity, and which entities work best for different types of businesses.
In this episode we’ll cover:
Why it’s critical to speak to both a lawyer AND a CPA when you’re making the decision about the best legal entity for your business
What liability protection is and how forming an entity helps you get it
Some higher risk course topics and which entity you may want to choose
Why it’s time to form an entity if you have a physical location or if you hire employees
Tax and insurance issues to consider when choosing which entity to form
Different types of entities and when it’s a good idea to consider them
A few steps you’ll need to take to open your business bank account (and what order to do them in)
What the ‘corporate veil’ is and why you do NOT want to pierce it!
Key takeaway: Liability protection is the name of the game when it comes to forming a corporate entity, but consulting with a trusted advisor (or two!) can help you make the right choice for your business.
BONUS: get your hands on our FREE resource to help you write your contracts: The 5 terms I think every contract should include: www.awbfirm.com/5terms
Resources:
Corporate entity cheatsheet: www.awbfirm.com/podcast108
GDPR podcast episodes: www.awbfirm.com/podcast38, www.awbfirm.com/podcast39, www.awbfirm.com/podcast40
Have you poured your heart and soul into creating an online course? How upset would you be if one of your students copied some or all of your course content and tried to sell it as their own? Perhaps a more important question: how upset would you be with yourself if you didn’t have an agreement in place that expressly prohibits your students from doing something like this? Our Legal Road Map® to Protect Your Online Course contract template bundle can help you lock down your course content in the time it takes you to catch a few episodes of your latest Netflix binge.
To buy your bundle and start protecting your online course today, visit www.onlinecourselegal.com/yes
This podcast is information, not legal advice specific to your situation.
Podcast S3E65 FB Live 76 – Legal planning for 2019: Foundation for your business
Listen to this episode in podcast/audio format here
Transcript of this podcast episode available here
It’s planning season! Working with a lawyer usually isn’t at the top of people’s priority list for their business. But now is a great time to start thinking ahead about the legal needs your business will have in the coming year.
In this week’s episode of the Legal Road Map® podcast, I talk about how you can get your business ready for 2019 now by:
- Performing a quick audit and updating your contracts if you haven’t looked at them in a while (including all those policies on your website!)
- Taking inventory of the content you’ve created over the past year to see what you might need to protect with copyrights
- Adding a budget line item for legal (yep, it’s a cost of doing business)
- Setting a time to get a lawyer’s eyes on your business to point out any legal blindspots
- Look at your big goals and determine if you’re ready to have a lawyer on your team in an ongoing retainer arrangement
Key takeaway: Being proactive about legal in your business now will set a firm foundation for you to really take off in 2019.
Additional Resources:
5-Minute IP Audit worksheet: www.awbfirm.com/podcast
Legal Road Map® checklist: www.awbfirm.com/checklist
Legal Road Map® session: www.awbfirm.com/legal-road-map-session
This podcast is information, not legal advice specific to your situation.
Podcast S3E61 – FB Live 72 – Selling your business – Prepping your team for a successful sale, part 5
Listen to this episode in podcast/audio format here
Transcript of this podcast episode available here
It’s easy to want to check out when you’re ready to sell your business, but making sure you have a team in place to help with a smooth transition is an essential part of the sale process.
In this episode I talk about important questions to ask and preparing your team for the sale of your business:
- Important things to consider when thinking about who will run the business after you sell
- Terms to have in writing if you plan to stay on after the sale to help with the transition
- Why you might be required to sign a non-compete agreement
- Making sure your trade secrets are protected by nondisclosure agreements
- The right time to let your key employees know about the sale of your business
- Making sure your employees and independent contractors are appropriately qualified before you sell
- What you need to know about your independent contractor contracts before you sell
Key takeaway: Taking a step back from your business can be a stressful process, but with the right people and protections in place, you can confidently move on to your next adventure.
Additional resources:
Contract templates: https://awbfirm.com/contract-templates/
Episode 12: https://www.awbfirm.com/podcast12
Episode 37: https://www.awbfirm.com/podcast37
This podcast is information, not legal advice specific to your situation.
Podcast S3E60 – FB Live 71 Preparing your business for sale or investment, Part 4 – Valuation
Listen to this episode in podcast/audio format here
Transcript of this podcast episode available here
If you’re a business owner, it’s easy to get caught up in the month-to-month or year-end numbers. But when it comes to putting a price tag on it, how are you supposed to figure out what your business is worth?
I’m joined by Shannon Farr, CPA of Scenic City Consulting, who’s an expert in all things business valuation.
Shannon and I talked about the three standard business valuation approaches and more:
- How to figure out your business’s value if it owns a lot of intangible assets (like copyrights, trademarks, and trade secrets)
- Why you might need to do your own due diligence inside your business before the valuation process
- Why the Income approach is the most popular way to calculate a business’s value
- What you need to do now if you may be looking to sell or take an investor in your business in the future
- Why it’s difficult to compare your small business to other similar businesses in the market
- Important things to discuss with your CPA if you’re preparing to sell your business
- How getting an independent valuation is kind of like an appraisal for your business
- Why you shouldn’t be afraid of business valuation as a small business owner
Key takeaway: Business valuation might seem like an avoidable expense, especially if you’re a small business. But placing the right value on everything you’ve worked to build can help you make sure your exit from the business is a positive one, so you don’t leave money on the table.
Visit www.awbfirm.com/podcast60 for a transcript and show notes, and sign up to get a free 5 Minute Intellectual Property Audit. You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).
Additional resources:
Shannon’s company Scenic City Consulting: www.sceniccityconsulting.com
Heather Pranitis, Number Nerd Bookkeeping Solutions: www.numbernerdbookkeepingsolutions.com
This podcast is information, not legal advice specific to your situation.
Podcast S3E59 – FB Live 70 – Preparing your business for sale or investment, Part 3
Listen to this episode in podcast/audio format here
Transcript of this podcast episode available here
Are you thinking about selling or taking an investor for your business?
While we hope if you’re thinking about selling, it’s so that you can retire to the Maldives, whether for good or bad reasons, selling a business can be a stressful process. But a little planning and preparation now can make for smooth sailing when the moment to sell (or invite investment) arrives.
In this episode we cover the three main types of transactions and considerations for each:
- What are the assets and liabilities in your business?
- An asset sale – and why this can be more complicated than other types of transactions
- A stock or membership sale – and possible pitfalls
- A merger – and why getting a CPA or tax expert involved early is crucial when considering a merger
- Why it’s important to understand what your business actually owns before you start negotiating a transaction or investment (and a free resource to help with this!)
Key takeaway: There are many ways to structure a sale or investment transaction. Figuring out what assets and liabilities your business owns with a trusted legal and financial advisor can help you make sure you’re not leaving anything on the table.
Sign up below to get a free 5 Minute Intellectual Property Audit. You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).
Additional resources:
5 minute IP audit: www.awbfirm.com/podcast
This podcast is information, not legal advice specific to your situation.
Podcast S3E58 – FB Live 69 – Prepping your business for sale or investment: Due Diligence
Listen to this episode in podcast/audio format here
Transcript of this podcast episode available here
Due diligence might possibly be the two most boring words in legal jargon. In plain English, this is the process where a potential buyer or investor evaluates a business to decide if a deal makes sense.
This step is essential when you’re looking to buy, sell, or invite investment into your business.
In this episode, I talk about what to expect during due diligence, and how you can prepare:
- Who pays for due diligence? (and why you might want to consider a good faith deposit during negotiations)
- The important reasons you should use an NDA – nondisclosure or confidentiality agreement
- The different types of documents you’ll be asked to provide
- Why you might be required to produce your tax returns or bank statements and other financial records
- Why you need to make sure that contracts with your key business relationships are in order
- How protecting your intellectual property now could mean a bigger profit if you decide to sell down the road
Key takeaway: Not having your legal house in order can kill a buy/sell or investment deal in an instant. Preparing for due diligence with a trusted attorney and tax advisor can help ensure a successful transaction or agreement.
If you need an NDA (nondisclosure / confidentiality) agreement like the one mentioned in this episode, be sure to check out our contract template store: https://awbfirm.com/contract-templates/ Our templates are fully customizable by you and available for immediate download!
Additional resources:
Legal Road Map® episode 43 with bookkeeper Heather Pranitis: https://www.awbfirm.com/podcast43
Emily Ramsey with J. Smith Lanier in Chattanooga, risk management and insurance for large or high-risk companies, regardless of your location: https://www.linkedin.com/in/emilyramsey14/, http://www.jsmithlanier.com/
5 minute IP Audit worksheet: http://awbfirm.com/podcast
Contract template store: https://awbfirm.com/contract-templates/
This podcast is information, not legal advice specific to your situation.
Podcast S3E57 – FB Live 68 Preparing your business for sale or investment, Part 1
Listen to this episode in podcast/audio format here
Transcript of this podcast episode available here
Are you considering selling your business, stepping back from it, or thinking of taking on a partner or investment to grow it further?
Learn about many steps you can take early on to set yourself and your business up for success down the road when you’re ready for an exit, in this month’s series of podcast episodes.
In this episode, I cover the legal basics you need to have in place before even thinking about leaving or stepping back in your business:
- The importance of making sure your contracts are airtight (and a resource to help if you’re not sure yours are)
- Why your contracts need to be regularly revisited, especially if an exit is on the horizon
- The importance of choosing the right corporate entity
- Getting a handle on your business’s intellectual property assets with an audit or inventory
Key takeaway: A little preparation before you’re ready to sell or take on a partner or investor in your business will take time and financial resources. But if you’re planning to build your business to sell it so you can lounge on the beach with a cocktail in your hand, or take on investment so you can grow your business to the next level, planning for the future now has its benefits.
Visit www.awbfirm.com/podcast57 for a transcript and show notes, and sign up to get a free 5 Minute Intellectual Property Audit. You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).
Additional resources:
Forbes.com article about Autumn: https://www.forbes.com/sites/kellyhoey/2018/09/20/podcasting-and-working-with-influencers-is-how-this-attorney-is-scaling-her-practice/#3199465331f5
AWB Firm Legal Road Map® checklist: www.awbfirm.com/checklist
Small Business Administration: www.sba.gov
SBA checklist: available for download at www.awbfirm.com/podcast57
Customizable contract templates for online businesses: https://awbfirm.com/contract-templates/
This podcast is information, not legal advice specific to your situation.
Podcast S3E56 – FB Live 67 – Case Study Lewis Howes
Listen to this episode in podcast/audio format here
Transcript of this podcast episode available here
Lewis Howes is an inspiring entrepreneur whose backstory is almost more amazing than the incredible success of his 7+ figure online business.
In this case study I cover how Lewis Howes:
- Used his area of expertise (sports) to spot a hole in the market and start building the online business he has today
- Utilized online and in-person networking to up-level his business
- Tests online product ideas by selling before creating (and some of the potentially serious legal consequences of doing this)
- Participates in affiliate marketing in his business, and a few things you MUST know if you earn commissions as an affiliate, too
Key takeaway: As the saying goes, “start(ing) before you’re ready” can produce incredible results for some business owners. But you have to make sure all of your necessary legal protections are in place first to avoid any sticky situations down the road.
Visit www.awbfirm.com/podcast56 for a transcript and show notes, and sign up to get a free 5 Minute Intellectual Property Audit. You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).
Additional resources:
Lewis Howes: https://lewishowes.com/
Lewis’s affiliate page: https://lewishowes.com/resources/
This podcast is information, not legal advice specific to your situation.
Podcast S3E55 – FB Live 66 – Case study: Michael Hyatt
Listen to this episode in podcast/audio format here
Transcript of this podcast episode available here
Michael Hyatt has had a long, successful career ranging from traditional book publishing to the online space he operates in today. He has created and manages an interactive community platform, sells online courses, books, planners, subscription boxes, and runs a high level mastermind along with other live events. He and his business make for a fascinating case study of a robust and multifaceted online business.
In this case study of Michael Hyatt I cover:
- How Michael’s first business went under by growing too fast, and how you can potentially avoid the same mistakes
- Smart personal liability protections to put in place when starting your business (and why they may not 100% protect you if something goes wrong)
- How Michael created online training and resource platform by first writing a book
- If you run a membership or community, what you need to make sure is in your Terms of Use with your customers
- The special intellectual property considerations for physical products (Michael sells a planner)
- How to make sure you can use all the great photos you capture at live events in later marketing campaigns
Key takeaway: A business with multiple profit centers can present a wide variety of potential legal issues. When you’re playing at Michael’s level, it’s essential to have an experienced attorney who can help you with big-picture strategy and make sure you’re protected
Visit www.awbfirm.com/podcast55 for a transcript and show notes, and sign up to get a free 5 Minute Intellectual Property Audit. You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).
Additional resources:
Legal Road Map® podcast episodes:
Michael Hyatt: https://michaelhyatt.com
Platform University: https://platformuniversity.com/
Full Focus Planner: https://fullfocusplanner.com
Amy Porterfield: http://amyporterfield.com/
Pat Flynn: https://www.smartpassiveincome.com/
This podcast is information, not legal advice specific to your situation.
Podcast S3E54 – FB Live 65 Case Study: Marie Forleo
Listen to this episode in podcast/audio format here
Transcript of this podcast episode available here
Marie Forleo is arguably the original “multi-passionate entrepreneur”. She manages to effortlessly incorporate her love of things like dance and hip-hop while operating a multimillion-dollar online marketing and development company and inspiring millions.
In this episode, I did a case study on how Marie:
- Has built her digital marketing and development brand over a nearly 20-year (!!) career
- Successfully navigated collaborations – including when she created her signature product, B School
- Optimizes sales of her signature product through affiliate marketing – and how you can do the same in your business
- Protects her intellectual property while doing affiliate marketing
Key takeaway: Business strategies like affiliate marketing can exponentially increase your sales and your bottom line if done properly. But if you don’t work with an experienced lawyer to make sure you and your business are properly protected in the process, it could spell disaster.
Visit www.awbfirm.com/podcast53 for a transcript and show notes, and sign up to get a free 5 Minute Intellectual Property Audit. You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).
Additional resources:
Legal Road Map® podcast episodes:
- GDPR – episodes 38, 39, 40
- Marie Forleo’s affiliate program for B School: https://marieforleobschool.com/bschool-affiliate-partner-info/
Marie Forleo: https://www.marieforleo.com/
B-School: https://marieforleobschool.com/
This podcast is information, not legal advice specific to your situation.
Podcast S3E53 – FB Live 64 Case study: Danielle LaPorte
Listen to this episode in podcast/audio format here
Transcript of this podcast episode available here
Danielle LaPorte’s online business empire kicks off my September series of case studies. I’m pulling back the curtain of online businesses I admire and pointing out critical legal and business decisions, issues, and protections that helped them achieve their success.
From Danielle’s early days as a consultant to her current position as creator of one of the most recognizable lifestyle brands on the market, this episode covers investment, book deals, certification programs and more.
In this episode, I cover how Danielle:
- Paid a high price from taking on investment the wrong way early on in her entrepreneurial journey
- Started her current business by going back to basics
- Leveraged her intellectual property to create an online content empire
- Navigated the world of self-publishing for her books
- Created a certification program (and what you should do to make sure your content and brand are protected)
- Grew from a one-on-one consultant to a global business that reaches millions
Key takeaway: Choosing the right time to stop DIY’ing legal and start working with a lawyer can help you avoid potentially devastating missteps in your business.
Visit www.awbfirm.com/podcast53 for a transcript and show notes, and sign up to get a free 5 Minute Intellectual Property Audit. You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).
Additional resources:
Legal Road Map® podcast episodes:
- Book deals – episodes 26, 27, 28, 29
- Licensing – episodes 30, 31, 32, 33
- Trademark – episodes 5, 6, 21, 25, 45
- Copyright – episodes 5, 7, 52
Danielle LaPorte: http://www.daniellelaporte.com/
This podcast is information, not legal advice specific to your situation.
Podcast S3E51 – FB Live 63 – Virtual Team: Employee Benefits
Listen to this episode in podcast/audio format here
Transcript of this podcast episode available here
Providing employee benefits is a great way to retain talented employees for the long-haul, but as an employer what is your responsibility and what rules and regulations do you have to follow?
In this episode I cover:
- Vacation and PTO, and when rules and regulations kick in
- Which state you must consider when offering vacation and/or PTO
- Sick leave and family leave, and what jurisdiction’s rules and regulations might apply
- The level of responsibility required when setting up a retirement plan for your employees
- Important considerations for health, disability, and life insurance
Key takeaway: As a small business owner, there are many ways you can provide important employee benefits to make sure your employees are taken care of and protected in their personal lives, but you also need to make sure that you’re providing benefits in a way that protects you and your business, so be sure to consult with a qualified benefits provider.
Resources: IRS guidance on providing benefits
Department of Labor resource on fiduciary responsibilities
Department of Labor info on FMLA
Melissa Curtis – Woodall Agency Insurance
Visit www.awbfirm.com/podcast51 for a transcript and show notes, and sign up to get a free 5 Minute Intellectual Property Audit. You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).
This podcast is information, not legal advice specific to your situation.
Podcast S3E50 – FB Live 62 – Working with a virtual team: employees in other states
Listen to this episode in podcast/audio format here
Transcript of this podcast episode available here
Having virtual team members classified as employees can carry complex legal considerations. This week I’m joined by our resident labor and employment whiz Michelle Coakley to talk about what you need to know to make sure your business is protected legally when it comes to having employees on your virtual team.
In this episode I cover:
- The importance of properly classifying your workers
- Two reasons why the government cares how you classify your workers
- Best practice for how often you should audit your employment policy to check for federal and state & local compliance
- Why you should be sure to do regular performance reviews
- What you need to know about non-disclosure and non-compete agreements
Key takeaway: Employment laws and ordinances can vary widely not only state to state, but in some cases city to city. It’s important to seek out the right kind of advisors (legal, financial, human resources, etc.) to make sure your business is protected when it comes to employment matters.
Resources: Episode 12: Hiring employees and contractors the right way (with FREE download)
Episode 37: Labor & employment chat with AWB Attorney Michelle Coakley
Visit www.awbfirm.com/podcast50 for a transcript and show notes, and sign up to get a free 5 Minute Intellectual Property Audit. You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).
This podcast is information, not legal advice specific to your situation.
Podcast S3E48 – FB Live 60 – Building your virtual team, part 3: Taxes
Listen to this episode in podcast/audio format here
Transcript of this podcast episode available here
In this week’s episode of the Legal Road Map® podcast, I talk about what you need to know about taxes for a virtual or location-independent businesses from a legal standpoint. Whether you’re running an online business, or you have locations or customers in other states, one fact remains the same, your business has to pay taxes!In this week’s Facebook Live video and podcast episode I cover:
– The different types of taxes your business may have to pay (so you can make sure you don’t miss one!)- What you need to prepare for if you sell to customers in a state outside the state where your business is registered- Paying taxes in other states where you have employees or customers- The consequences you could face if you don’t pay your taxes- Free resources to help figure out what taxes your business needs to pay
Key takeaway: No matter which state your business calls home, you have to pay taxes, and it may be in more than one state if you’re selling or have employees or contractors in other states. Make sure you’re not at risk for a potentially costly audit by seeking the advice of a professional.
This podcast is information, not legal advice specific to your situation.
Podcast S3E47 – FB Live 59 – Location Independent Business, Part 2 – Registering as a foreign entity
Listen to this episode in podcast/audio format here
Transcript of this podcast episode available here
If you’re ready to do business in other states, have remote team members, or you’ve been doing business in other states for years, my latest episode of the Legal Road Map® podcast is a great overview of important considerations for location-independent and online business owners.In this week’s Facebook Live video and podcast episode I begin to cover this complex topic, touching on:
– Why registering as a foreign entity in other states could apply to online businesses as well as location-independent businesses- What constitutes “doing business” in another state- The tricky nuances of having independent contractors and employees in other states- The consequences of not registering as a foreign entity in states where you do business
Key takeaway: Fifty states can mean 50 different answers when it comes to doing business in a state outside your own. Seeking the advice of a trusted lawyer can prevent a legal nightmare for your online or location-independent business.
This podcast is information, not legal advice specific to your situation.
Podcast S3E46 – FB Live 58 – Running a location-independent business legally
Listen to this episode in podcast/audio format here
Transcript of this podcast episode available here
If you’ve been plotting your escape to work from your laptop anywhere in the world, this episode will inspire you to take the first concrete steps to being location independent. If you’re already running an established, 6-figure+ business and you’re ready to take your show on the road, legal is not an area you want to DIY.
In this week’s Facebook Live video and podcast episode I begin this month’s series on this complex topic, touching on:
Considerations for choosing the right corporate entity for your location-independent business
Where to set up your entity
What a registered agent is, and why you might need one, especially if you’re location independent
How to handle your business’s office address, or “principal place of business” (you usually can’t use a P.O. Box)
Why you need to consult with a tax expert
Choosing a bank that will work for you, wherever you’re located in the world
Key takeaway: Making sure you have your legal ducks in a row will allow you to truly enjoy the freedom that a location-independent business provides.
This podcast is information, not legal advice specific to your situation.
Podcast S3E44 – FB Live 56 with Emily Allen, business strategist
Listen to this episode in podcast/audio format here
Transcript of this podcast episode available here
Apologies for the tech glitch around minute 3:00 — I couldn’t see or hear Emily but she was on screen the whole time. We came back around 5:40 if you want to fast forward
Virtual Chief Operating Officer (COO). business strategist, and project manager Emily Allen and I discussed how a virtual COO can help your business. Learn how you can stop getting distracted by all those shiny objects and actually meet your goals!
We chatted about why PLANNING is so critical to growing your business to seven or eight figures, and why it’s so hard for most entrepreneurs to find the time to do it. Emily explained how a good project manager can help you prioritize which projects are going to help you achieve your big goals, and break them down into pieces so you can actually tackle them, or delegate to team members.
And, we talked about tracking project progress and outcomes to be sure you’re actually achieving what you set out to do.
Emily shared some of the benefits clients gain from working with a virtual COO or project manager, especially making sure you have the right team members in place and are filling their plates with the right tasks.
We talked about when it makes sense to bring in a project manager or virtual COO — this is not something a new business owner needs, but is critical when moving from six to seven figures.
I gave some insight to the changes I’ve seen in my own business after just a few weeks of working with Emily, and a few of my own a-ha moments. And Emily talked about some mistakes business owners make trying to scale rapidly on their own without bringing in an experienced business strategist.
Emily Allen is a Virtual COO (Chief Operating Officer) for small to medium-sized woman-owned companies that don’t yet require the services of a full-time COO, but have the need for more strategy, more time to work on what they do best, and more structure with systems and processes without giving up more of their time.
Her main focus is on execution. Through working together, she is able to help define/refine the business strategy and provide accountability for execution to the appropriate members of the team.
She ensures that the company’s everyday activities run smoothly and that there is a company-wide strategic plan in place to support the vision of the company. Emily brings her experience in business planning and project management from her previous corporate life.
Emily is a wife, mom of 3 kiddos, certified project management professional living in northeastern Wisconsin and loves all things planning and organizing.
Visit www.awbfirm.com/podcast44 to get a free 5 Minute Intellectual Property Audit. You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).
This podcast is information, not legal advice specific to your situation.
Podcast S3E43 – FB Live 55 with Heather Pranitis – Bookkeeping
Listen to this episode in podcast/audio format here
Transcript of this podcast episode available here
Bookkeeper and financial advisor Heather Pranitis from Number Nerd Bookkeeping Solutions and I talked about why you need to know the numbers in your business if you want to scale to seven-figures.
We talked about what numbers you should be keeping your eye on (overhead! profitability!) as you grow. Heather also explained what a bookkeeper can help with, and why it’s worth talking with one early in your business, when you’re still keeping your own books, to make sure you are set up and recording things correctly.
We also chatted about when is the right time to hire a bookkeeper, and how to find someone who understands YOUR business’s revenue streams and systems. Heather stressed how your professional advisors (attorney, CPA, bookkeeper) should work together and be able to talk to each other to support your growing business.
Heather outlined the benefits to working with a bookkeeper, including understanding what your numbers really mean, getting time back by outsourcing bookkeeping, and gaining an outsider’s perspective and analysis of your business’s finances.
Then we went down the rabbit hole of how it might cost you more in the long run to keep your own books once your revenues reach a certain point, especially if you are using Paypal or Stripe or running payroll.
Find Heather’s business workflow templates (they’re awesome) here:
I’ll be interviewing more of my favorite pros in these categories later this month; you don’t want to miss it!
Number Nerd Bookkeeping Solutions is a full-service virtual bookkeeping firm that helps individuals and businesses of all sizes get their numbers in order. Number Nerd offers monthly bookkeeping and payroll packages, QuickBooks file reviews, QuickBooks training, accounting software setup, accounting cleanup, and business process consulting services to their clients around the world. Owned and operated by experienced bookkeeper and accounting workflow consultant, Heather Pranitis, Number Nerd excels at delivering customized solutions to bookkeeping challenges, easy-to-read financial reports, and simple answers to tough finance-related questions. The Number Nerd team partners with their clients to improve bookkeeping processes and establish good accounting habits.
Sign up below to get a free 5 Minute Intellectual Property Audit. You’ll learn how you can make more money from the copyrights and trademarks in your business (you can also sign up there to be the first to know when new episodes are live and receive other legal updates and special offers from the AWB Firm).
This podcast is information, not legal advice specific to your situation.