You might think that running a business is all fun and games, until you get caught up in compliance issues and it all gets a little confusing.
That's why it's important to know where you stand with the legalities of it all and exactly which bits of business compliance you're responsible for.
Lucky for you, we've got Laura Casselman here to help you better understand it all and make sense of what your next steps should be…
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What is the most dangerous thing to miss when starting a business?
- I think a lot of time when you’re running a business you’re just doing absolutely what’s necessary to get things going.
- You’re not thinking about what’s down the line as far as legalities and what you are responsible for compliance and policy with your third party vendors.
What are we responsible for as business owners?
- Absolutely everything in your business you are responsible for.
- It depends on the industry that you’re in and what format you are operating in.
- It’s important for people to know what are your responsibilities and the avenue that you do business in.
What’s the first steps for someone in working out the different areas of legality and compliance?
- I think the first step is basic research.
- You can go to particular websites like the FTC and learn about what you are responsible for.
- You are going to have to know anyone that you do business with and their guidelines and policies.
When you're looking at those guidelines what are you looking for?
- I think the FTC is really important.
- It’s all about transparency and your marketing.
- If you get to a point where don’t understand you should call an attorney that specialises in FTC.
What are the top 3 or 4 things that maybe marketers doesn’t know they are doing wrong?
- The payment processors are cracking down on get rich quick or make money fast.
- Any financial claim and it happening in a short amount of time or on autopilot in any way shape or form they aren’t seeing it being perceived as a get rich quick scheme.
- I think the biggest thing is not selling something and promising that it will work.
- Instead, say this has worked for others and that it may work for you if you put the work in.
If your web host is in the US or autoresponder is, is it true that the FTC can close you down if you aren’t in the US?
- From what I understand yes they can.
- It’s just smart business that if your user base is in a certain country to then respect those countries laws.
How do we build something that is compliant not only from a legal standpoint but from a payment processor standpoint as well?
- The first piece of business advice I would give no matter what industry you are in is you need to diversify.
- When it comes to using a platform, if you do not know if that platform is adhering to all required legalities then you shouldn’t be doing business there.
- You need to have multiple places you are processing money through in case one of them shuts down.
What is your final advice to give to listeners and us?
- I think the biggest thing is knowing your consumers.
- Answer the questions and or solve the problems that your end consumer has.
- Give them the answer in a very honest format.
A book that you would recommend…
Rise Of The JVZoo Superheroes
What is your top success habit?
Being organized and daily, monthly, yearly checklists.
Who do you look up to?
What are your favourite apps right now?
Slack is my life.
Here’s the big one… who do you like more, Rob or Kennedy?
I think you are both great!