Are you confident that your online business is legally protected?
This week, I have Tracey Mylecharane of TM Solicitor on the show to share her expertise with you. Tracey is a small business lawyer who works with business owners to navigate their obligations and legal roadblocks so they can focus on driving their business with peace of mind.
In the messy middle, we’re often busy up-levelling our systems and frameworks - a big component of this includes our business legals. In this episode, Tracey is here to provide her expert insights, advice and knowledge to help you look at your business from a legal perspective and ensure you have the important parts covered.
Many business owners find the legal side of their business daunting and confusing. Tracey is here to clear everything up for you with her motto of prevention is better than cure. Business owners often don’t realise they need to reach out to a business lawyer until a difficult situation lands on their desk and they’re panicking.
Tracey explores the importance of setting up clear, tailored and accurate legal documents in your business and website, your obligations under Consumer Law, the 3 core documents every business must have as a foundation, and 3 big no-nos when putting together your legal documents.
This episode is valuable to all business owners who are feeling uncertain over how legally protected their business is, now and in the future. Make sure you write down Tracey’s top tips and listen back to this conversation again to ensure you’ve got it all covered.
The most fundamental tool you have in your business to protect yourself is your legal documents. Tracey advises all business owners to make the investment with a legal expert to breathe a sigh of relief and take the mental load off their shoulders.
Topics We Covered:
[1:41]: I joined Tracey over on her podcast, Rise Up In Business! Check it out here.
[2:33]: Tracey explains why business owners often engage a lawyer. Small business lawyers support small businesses through all their legal needs like, setting up the business structure, legal documents, navigate processes and systems, and dispute resolution. Remember, prevention is better than cure.
[3:24]: Working with a business lawyer helps you identify your legal obligations, ensure you’re complying, set you up to be protected, and encourage professionalism.
[4:11]: Small businesses have obligations under the Consumer Law.
[5:43]: Tracey explores why comprehensive legal documents are a necessity in small business. More than 60% of small businesses fail in the first 3 years. Firstly, cash flow is a cornerstone for any small business. To ensure you get paid in your business, you have to set clear expectations with your clients from the outset.
[6:27]: If expectations have been misaligned, you will encounter awkward and tricky conversations with clients and cash flow will be impacted.
[7:10]: Secondly, the Consumer Law states that small businesses need to tell consumers what their terms are before they engage you. If you don’t do it in the right order, you won’t have the protection of the Consumer Law provisions.
[7:48]: If you’re a business providing services, your client must know your dispute resolution process, cancellation policy, refund policy and rescheduling. If you’re selling goods online, you have to set out your terms and conditions in the right places on your payment page.
[8:36]: It only takes one difficult client or unexpected situation to significantly impact the bottom line of small businesses. This is why we need to set up our legal documents properly from the start.
[9:56]: The first 12 years of Tracey’s career were in dispute resolution and all day every day she was in court for business owners. She has seen businesses destroyed, livelihoods destroyed and marriages break down. Most of what she saw could have been avoided if business owners did it differently.
[10:42]: Tracey launched her own business, TM Solicitor, with a mission to deliver confidence for business owners. By putting your legals in place now, you have peace of mind and confidence that everything is done properly.
[13:02]: There are 3 core documents that are the foundation of your business:
#1 Tailored Business Terms and Conditions
#2 Website Terms and Conditions (these are not the same as #1)
[16:36]: The big no-nos of putting together your legal documents:
#1 Putting it off
#2 Copying somebody else's documents
#3 Using templates
[19:07]: Your business legal documents need to be in your voice, understood and you should feel proud every time you send them to your clients. Tracey works with her clients to build tailored documents and spends time ensuring that her clients understand every single clause.
[21:46]: If you’re not investing the time and money into your legal documents, you won’t know whether they do the things they need to do. You won’t know until the situation arises where you need to rely on them.
[23:07]: Once you have your legals done properly, you don’t have to do them again.
[24:16]: Tracey wants to help you avoid any sticky situations. She provides a safe space where there is no judgement and is passionate about delivering on her mission to give confidence to business owners.
[27:15]: Prevention is better than cure. If you feel you don’t have everything covered, make the investment and engage an expert.
[27:58]: Where to find and connect with Tracey.
Links and Resources
Previous episode mentioned:
Connect with Tracey Mylecharane:
Download Tracey’s Annual Legal Checklist here
Connect With Me:
Free Download: Ideal Client Avatar Workbook
Work with me: Business Strategy Workshop
Work with me: 1:1 Business Accelerator Program
Join the waitlist: The Run Your Business Like a Boss Academy
Visit the website: www.kristyrobinson.com.au
Connect on Instagram: https://www.instagram.com/kristyrobinson_consulting
Connect on LinkedIn: https://www.linkedin.com/in/brisbane-business-coach/
Mixed and edited by:
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About your host, Kristy
Hi, I'm Kristy, thank you for tuning in to the Run Your Business Like a Boss Podcast. My purpose for the podcast is to help Business Owner’s in the growth stage of business (messy middle) have a sustainable business, they love.
I’m an online business coach, based in Brisbane, Australia. I provide 1:1 business coaching, to Service Based Online Business Owner's and a group coaching program commencing in 2022. I believe whole heartedly that having a Business Coach is what gives you the competitive edge. As your coach I support you to overcome challenges quickly, uncover blindspots and make business decisions with confidence and clarity. All of which keeps you moving forward and maintaining momentum.
As your Business Coach, my role is to help you organise and formulate your ideas, turn them into a goal and then into an actionable plan! All while meeting you where you're at and providing you relevant tools and support along the way.
Thank you for tuning in to the Run Your Business Like A Boss podcast!