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.
- 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!
- 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.)
- 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!
- (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?
- (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?
“Before someone starts to work with you its really important that they see what your rules are.”
“Having that proof is so crucial.”
“They [social media platforms] have an obligation as well not to perpetuate stolen content.”
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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)
“Life is a gift, and it offers us the privilege, opportunity, and responsibility to give something back by becoming more.” Tony Robbins