Feb 9, 2021
So many entrepreneurs have dreams of making big money in business when they first begin. Regardless of the exact amount of money or type of lifestyle desired, all entrepreneurs want to feel the pride that comes with having a successful business. But as a business progresses and the revenue increases, the legal stakes rise higher and higher too.
Today, we’ll be discussing the legal considerations that you may experience at different stages of your business. I’ve recently had conversations with a number of my legal clients who’ve hit the milestone of seven figures in revenue. While all of these clients have very distinct businesses, they’re experiencing a big overlap in the type of legal needs they have right now.
It inspired me to put this episode together so that we can talk about some of the most common legal issues that all business owners face at all phases of their business, not just those who’ve hit the million-dollar mark. You’ll hear me quickly go over the four business stages as I’ve created them, followed by the legal considerations necessary for each one. I’ll give you advice and tips for each stage and any caveats to be aware of.
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In this episode:
[02:23] - Danielle gives a few caveats about the four stages of small business.
[03:23] - Starting off with the first, Danielle dives into a short description for each stage of business as she sees it.
[04:37] - Then Danielle starts discussing the different legal considerations for the business phases.
[06:56] - At this point, business is likely moving beyond what you can handle by yourself, so you’ll need to recruit people who know your business.
[08:19] - With contractors, you’ll probably want to include this provision in your agreements.
[10:10] - There are a lot of legal implications when you get to this phase and begin hiring employees.
[11:19] - In business stage three, you may also start attracting different types of clients such as more corporate clients.
[12:37] - Unfortunately, this stage also has one of Danielle’s least favorite parts of business growth.
[13:59] - Not everyone wants to be in the CEO role and people often realize that during phase four.
[14:38] - If you have a business that’s heavily legal, you might want to think about doing this.
[15:57] - Danielle wraps up the discussion with some action steps.
Links & Resources:
Episode 003: “Do You Need an LLC?”
Episode 004: “How to Protect Your Website”