The Episode: The Boring Legal Stuff You Must Know If You Train Clients Online
You cannot escape the realities of running a business, and this means that there are inevitable legal hoops you have to jump through at certain points. We are here to tell you that the sooner you do this, the better. Clearing your mind of any concerns will help you sleep better at night and will also make sure you are securer in your work going forward. You do not want to pay the price for avoiding necessary work that you can do now and put it to rest. If you run a growing business, which most of are or at least want to, the chances are that you will encounter some legal issues at some point. This does not have to be a train smash if you have the right things in place, so let’s get these out of the way and move on to more fun stuff!
In This Episode
- Taking responsibility for a coaching business and its expenses [0:11:25]
- The importance of financial literacy and realistic expectations [0:15:12]
- Four essential components to a legally functioning business [0:16:28]
- The situations that arise that can derail you [0:22:20]
- A proactive approach and how it will serve you down the line [0:25:03]
“When you become an online trainer, even if it’s a side hustle, you are operating a business. You should act like you are operating a business. Most people do not.” — Jonathan Goodman
The Expenses of Running a Business
If you are not clear on this already, here is a reminder: it will cost some money to run a business. That is just part of what it means to start something and keep it afloat, and expenses are to be expected. Unfortunately, this part of financial literacy seems to be frequently missing from many businesses and is a basic building block for becoming a functional entity.
Four Legal Components of Business
The four legal areas we want to highlight as most foundational to coaching are insurance, terms of service, privacy policies, and a PAR-Q. If you are able to cover these bases, making sure the way you are set up in relation to your clients and their information, your relationship with our insurance company, your records, and so on, you are well on your way to moving past these administrative hurdles. Getting the help of a professional for any task is advised, as this will make the ins and outs a bit more comprehensible to the average person.
Reasons to Stay Proactive
It is not possible to be in control of when an issue or difficult legal situation might arise for you. Most often these things happen when you least expect them, or worse, when you are least able to deal with them. For these reasons you want to be ahead of the game, and putting things in place while your business is still small, will mean that it will be that much more simple. It will also give you time to learn the ropes and get used to the particulars of the legal side of your business, so there is no good reason to delay!
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