Talk about law, contracts and legal terminology, and you’re likely to elicit the snooze response in most people.
Quick disclaimer: we use some not-so-child friendly words in here so if you have little ears, maybe hit pause until later. It’s not F bombs, but it’s not G-rated either - a little more like PG-13 so, act accordingly!
Now, back to law:
I say this humbly: I initially went to University with the intention of being a lawyer…and then realized pretty quickly in my first few law classes that it was NOT for me. It turned out, law was a lot of reading, and a whole lot less sexy-TV courtroom drama than I expected.
While I definitely blame all the legacy Television networks for the dramatization of law. the truth is that for a lot of people, LEGAL show watching or NOT – legal documents can be boring, and tedious.
Unfortunately, as business owners especially, the law is PRETTY damn important for us to be able to do a good job, to operate, and to ensure we’re upholding - and delivering - for both our clients and our own interests.
The problem?
Legal stuff can be overwhelming.
If you’re anything like me, you put it off - sometimes, until it’s too late.
Also, like me, you might have legal documents that you’ve found on the internet, borrowed from a business bestie, copied and pasted, and that may not protect you from missing out on payments, legal action, or worse.
When it comes to legal stuff, you don’t know what you don’t know. And legal advice and documents are an investment, there’s no doubt about it.
Now those are the pretty obvious things - lawsuits, customers not paying you - it’s easy to quantify that, and be motivated to avoid it.
But there’s also a more subtle cost to not having your legal house in order:
When you don’t have the legal side sorted out, it can result in half-assing your business. When you feel overwhelmed, you don’t put your hand up for opportunities and expand your business because you don’t feel confident, or know where to start - like for example with collaborations, business partnerships, the podcast, or influencer marketing.
Insert Jaime Bell from The Contracts Market. Jaime is a business lawyer and the founder of the Contracts Market where she provides legal contract templates to entrepreneurs. She also started a law firm, Wild Coast Law, where she provides legal support to business owners in British Columbia, Canada. With over a decade of business law experience, these two businesses allow Jaime to serve entrepreneurs and help them legally protect their businesses.
Today, she’s here on Goalden Girls Podcast to help us deconstruct legal everything for the business owner, freelancer, and entrepreneur.
In this episode, you’ll learn:
Why now, more than ever, it’s important to cover your legal butt
The biggest legal mistakes entrepreneurs make - and how to avoid them
What scope creep and communication are - and why they are so important
What every website needs to be legally compliant
How to do affiliate marketing (again, legally, without getting you or anyone else in trouble)
A few stock phrases to help make your contract the “bad guy” so you can focus on delivering for your clients, and keep the flexibility, autonomy and best parts of your business (and work) work for you
Our promise to you? Besides keeping you awake and the conversation interesting - which I KNOW JAIME will do - we’ll make the complicated legal stuff approachable.
You’ll walk away more empowered to take ownership over the legal side of your business. You’ll feel confident with the important terms and conditions of your business, and take your business more seriously - which you know has a ripple effect on the growth of your business - and yourself!
Here are the juicy bits you can look forward to:
The biggest mistakes that entrepreneurs make when it comes to legal and contracts, and how to avoid them. (7:55)
Why understanding the legal side of things is especially important now. (18:45)
The pitfalls of having vague legal terminology. (29:45)
How our conditioning plays into our contracts. (42:30)
Stock phrases that can save you from hard conversations. (45:10)
What every website legally needs. (48:30)
How to be an affiliate in a legally conscious way. (51:00)
Some of the most valuable contracts for entrepreneurs to have. (57:35)
Quick tips for spotting legal issues in business. (1:01:05)
Why you should absolutely have a will. (1:04:10)
Rapid fire with Jaime. (1:07:15)
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Resources:
The Contracts Market: https://www.thecontractsmarket.com?ref=lisamichaud
Save 30% on contracts and 40% on bundles THIS Black Friday week
Finish Your Year Strong: http://www.lisamichaud.com/finishstrong
Quotes to Share:
Download and share the quotes you loved on your social and inspire those around you:
"Having a little bit of information about the legal side of your business actually gives you more confidence to grow and scale your business.” - Jaime Bell
“It is a good idea when we're going into potentially financially uncertain times to start looking at how you're collecting payments.” - Jaime Bell
“We have a tendency to do more than we're getting paid for often.” - Jaime Bell
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Thank you so much for listening.
xo,
Lisa
PS. Please note: some of the links shared may be affiliate links. This doesn't cost you anything: it simply means that Lisa Michaud might get an affiliate fee. Special care is always taken to make sure only the highest quality recommendations are shared: our highest value as a Community is YOU getting results in your life. We will always encourage you to show up with integrity and encourage you to create a business, income, and life you love - and make money doing it. We share this as an example of how we do this in our business by following these principles to serve you, and inspire you to do the same in your life.