Demystifying Business Legals | Episode 31

by | 1 Nov 2021 | Podcast | 0 comments

Tracey Mylecharane is my go-to when it comes to all things legal. In this episode of ‘Your Business Boost’ the podcast, Tracey shares how she helps her clients prevent the pain of legal mishaps with preparation. She is the founder of TM Solicitor and takes an unconventional approach to law.

So, how does Tracey demystify all things legal for businesses? ‘As a business owner the to-do list never ends and usually, legal is not on the top of the priority list because legals aren’t exciting for people’ says Tracey. ‘It’s about educating and empowering to create confidence and clarity.’ The first reason to get your legals in order is due to the consumer law as it applies to all of us. Secondly, you want to be protected meaning you should have; Business T&Cs, Website T&Cs and a Privacy Policy. Tracey says, ‘You have one chance for a first impression, so your legal documents should be professional, branded, on point and, an extension of you.’ Tracey shares her helpful checklist (www.tmsolicitor.com.au/checklist) which explains the basic documents we need to be covered.

As the business grows, evolves and pivots our legal requirements may change. Online courses have boomed over the last 2 years. Tracy says, ‘We need to make sure that the Website T&Cs are incorporating what we are selling. The same goes for online memberships.’ Most importantly, these documents protect you. ‘The layers of protection come through the development of your terms and conditions which, also extends to your free items.’ It’s also very important to note changes to your team and employment contract agreements.

When it comes to IP and copy cats Tracey says, ‘If you are creating original content, you have copyright in that and don’t need to go an apply for copyright protection of that content.’ However, it’s not a black and white area of the law so Tracey encourages us ‘stay focused on what it is that you do.’ And, there may be a need to seek professional advice if you want to have exclusivity, which would involve trademarks. ‘Once you reach a point in your business where you are getting traction, it’s really important to re-visit your legals’ says Tracey.

Getting paid can be a struggle in business. Tracey has created a course just for this reason – ‘Getting Paid Made Easy’ which includes templates and checklists. However, again it all comes back to our Terms and Conditions. ‘It’s the foundational document to make sure you are going to get paid. Have it tailored to your business so it works for you’ says Tracey. ‘Strategy is your friend. When things start going wrong, the sooner you confer with a legal professional, the better.’

And finally, we hear Tracey’s business and life boost –The book ‘Think Like a Monk’ and Podcast by Jay Shetty.

Links:
TMSolicitors Resources
Getting Paid Made Easy Course
Find ‘The Annual Legal Checklist’ here
Follow @tmsolicitor on Instagram
Michelle Broadbent
Connect with Michelle via email
Follow @michbroadbent on Instagram

Resources:
Think like a Monk by Jay Shetty.

ABOUT ME

Business Strategist. Business Manager. Providing entrepreneurs with smart, strategic and practical solutions to achieve the next stage of business growth.

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