It is a new year, and its time to take your year by storm! These 5 tips will help you make 2018 the best year yet for your business.
Don’t let to 2018 go by without taking these steps to make sure your digital business is secure and ready to make money!
5 Tips to Legalize your Business for 2018
Take a moment to evaluate your business, is it the entity you want it to be? If you have no clue what that even means, then no worries, take a look a this article: What is a LLC? and is Your Blog a Business.
Now, that you have evaluated, then take a moment and see is it what you want to be? Many businesses at the start are a solo-proprietorship, but as time moves on, they want more protection. So with that in mind, its time to take a look at a couple of entities.
a.Solo-proprietorship- This is an entity in which you are the business. Your business is not a separate entity from the business owner.
b. LLC- “Limited Liability Company”- It limits some of the personal liability you have with the solo-proprietorship.
c. Corporation- Limits your liability. The corporation is a separate legal entity. It is responsible for taxes and paying shareholders.
2. Affiliate Disclosures
Take a look at everything on your website. It is time to do some cleaning! If you have any affiliate links on your blog, then its time to make sure you are following the FTC’s guidelines about affiliate disclosures. Everything from your blog posts, Instagram posts, Tweets, and the like, needs to be disclosed. Even more so, the FTC has said that these disclosures need to be before the “more” button, in each of these cases.
Make sure everything is clear and conspicuous. (Aka. make sure it is known and where everyone can see it).
In early 2017, the FTC contacted around 90 people to tell them they were violating the FTC’s rules. I don’t think they will be so nice time, so make sure you are following the rules: FTC Staff Reminds Influencers and Brands to Clearly Disclose Relationship
3. Terms and Conditions
Terms are conditions are like the legal framework of your website, and they should be regarding as such. Check out the article What are Terms and Conditions?
I regularly preach to the importance of Terms and Conditions, but still I see people that think Terms and Conditions is just so they can put a little check in a box. They are important to your business’ legal health. If you don’t have one, then make sure you do!
4. Start using Contracts
Ok, I could talk about contracts for hours and hours, but I will save that for the next webinar. I will make this short. Contracts are the cornerstone of a business. They help you bind yourself and other businesses in holy business matrimony. YET, I still see people almost daily asking should they use a contract with important business deals. (The answer is yes). 2018 is the year to make sure your business isn’t making the mistakes of years past, and getting a good contract will help propel you out of the business stone ages.
5. Make sure things are clear and conspicuous.
When I say “things” I mean all the things that could get you in trouble like failures to disclose and affiliate links. Any time you need to disclose something (it could be anything from an affiliate link to maybe a warning) need to be:
Well make it clear what this little link does. If a person clicks on it and buys something, then you get a commission. As the FTC says, not everyone knows what an affiliate link is, so quickly and briefly explain it. Make sure your readers know what’s going on in your post.
Don’t try to bury your explanation somewhere were people can’t find it. Put it up front and center. I like to put mine in italics so it’s distinguished. The key thing is to make sure your readers know that in a way you are acting as a salesman.