Episode 016: How to Protect Yourself as an Entrepreneur: Legal Must-Haves for Online Business Owners with Sam Vander Wielen

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Episode 16 Show Notes

In this episode, we are diving deep with lawyer to online business owners Sam Vander Wielen. Sam will share with us the top mistakes most entrepreneurs are making (and how it can get you in trouble), plus what you MUST have in place to protect your booty. 

Takeaways:

  • When you’re starting a new business, make sure you have all the preparation steps accomplished. Your business entity, bank account, payment portals, etc. Make sure before you have your first client, you’re completely ready!
  • If you take a privacy policy from another business, it’s actually illegal! It’s a copyright infringement. Be sure that your policy covers YOU, and your business.
  • Terms and Conditions are the rules and regulations of your site, and your business. They’re super important for business who have a digital download on your site. If you have that, it sets the rules for your privacy, but also your clients have to agree that they agree before downloading. It’s essentially your version of a contract. (Refunds, installment payments, etc.)
  • You have to have a privacy policy to have a Facebook Ad.
  • Their are ways to help stop your photos or content from getting stolen. You can watermark your photos, add code to keep people from copying your text, or possibly try contacting social media platform to get it taken down.
  • Find a local accountant who provides service who understand online business. Someone who you can meet with throughout the year. That way when tax season hits, it isn’t all at once. You can check in to have a better idea what and when you’ll owe.
  • You owe taxes on revenue. EXAMPLE: If you have 100,000 that comes in, and 50,000 of expenses. You now pay tax on 50,000 of the left over. If you’re an Sole LLC, you owe federal, self employment tax, and state tax. This is why its helpful to make sure you’re keeping track of your business’ money.
  • Save 25%-20% of what you’re making for taxes so theres no surprises!
  • GDPR: The people moving forward on your list living in the EU, Its not okay to have them opt into your freebee and then add them to your general list, UNLESS you get their approval. Privacy Policy needs to have the 6 rights that are listed in the GDPR, info you collect, when you collect it etc. This makes it super important to have a SPECIFIC privacy policy to you and YOUR business.

Highlights:

  • (1:59) A little more about Sam
  • (4:45) Sam’s traveling background, and how she led
  • (7:44) What do you need to start an online business?
  • (11:00) Privacy policy’s, and why they’re so important for your business.
  • (15:10) What are the Terms of Service and what do they do for your business?
  • (17:20) What could happen if you don’t have any policies set on your website?
  • (20:15) What advice does Sam have for people who get their photos stolen?
  • (25:03) Sole Proprietor or LLC?
  • (27:29) If you’re just starting your business, how much money should you set aside for taxes?
  • (34:00) Cool things you can do as a tax write off at the end of the year.
  • (35:05) GDPR: What is it, and how to prepare for it?
  • (43:00) What’s Sam’s training, and why you should do it!
  • (44:02) What does it mean to Sam to make an impact?
  • (46:06) How can people connect with Sam?

Quotes:

“Before someone starts to work with you its really important that they see what your rules are.”

“Having that proof is so crucial.”

“They have an obligation as well not to perpetuate stolen content.”

Resources:

samvanderwielen.com

DIY Legal Templates

Instagram: @SamValderWielsen

Facebook community for free trainings: Fearless Femmepire 

Fearlessly Legal Course

10-Step BYOB Checklist

Convertkit

Thanks so much for Listening! Comment below with your #1 takeaway!

To help out our show I would love it if you subscribed and leave an honest review on iTunes. Your ratings and reviews really help the show and I read every single one!

Want more? 

Listen to Episode 13: Entrepreneur Mistakes

Listen to Episode 14: Talking All About Creating an App

Listen to Episode 15: Ways You Can Systematize Your Business (with event planner Josey Stafford)

Snapchat: Rachelngom

Email: clientcare@rachelngom.com

“Life is a gift, and it offers us the privilege, opportunity, and responsibility to give something back by becoming more.” Tony Robbins

PS. Be sure to join my free online community for female entrepreneurs! Join here.

Episode 016: How to Protect Yourself as an Entrepreneur: Legal Must-Haves for Online Business Owners with Sam Vander Wielen

Thanks so much for listening! Comment below with your #1 takeaway!

To help out our show I would love it if you would subscribe and leave an honest review on iTunes. Your ratings and reviews really help the show, and I read every single one!

Hey! I’m Rachel. I’m a former Big Ten volleyball player turned entrepreneur and professional cheese taster (kidding–but that would be a sweet job).

I’m a Pinterest strategist for female entrepreneurs who are sick of struggling on Facebook & Instagram and want to automate their traffic and get more leads on autopilot. I’ve used Pinterest to increase my blog traffic by 34,000/month…for free!

Obsessed with: adventure, champagne, chocolate, and yoga pants.

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Tony Robbins

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