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In this episode of the Thoughtful Entrepreneur, your host Josh Elledge talks with CEO and managing director of Business Legal Lifecycle and author and business coach, Jeremy Streten

Jeremy and Josh discuss common starting mistakes that new entrepreneurs make, and both agree that you have to have the right growth plan and foundation. Don’t tell yourself you’ll “fix that later” – start strong and on the right foot. Business adulting is an important part of starting any business. 

Jeremy admits that law is not something that most business owners find exciting, but it’s vital that you seek proactive legal advice. Jeremy is passionate about helping business owners see where their proactive legal issues are so they can put the right things in place to protect themselves and their businesses. 

Josh and Jeremy also talk about Jeremy’s book, the Business Legal Lifecycle. The book lays out 13 phases, with the first three phases being the business conception phases. This is all about how you develop the proper foundation to launch your business off of. Jeremy also talks about the importance of setting your goals along with the building of your business foundation so that it grows in the direction you want it to. 

Risk reversal marketing can be successful, but make sure you proactively line up expectations and clarity on the front end. This is a great example of being legally proactive with your business. 

Jeremy shares stories of how companies with massive potential failed and went bankrupt simply because they never consulted a lawyer. Putting legal safeguards in place for your business should be one of the first things you prioritize while building your business. 

Josh and Jeremy also explore how to structure liability among your team, employees, and clients. Always make sure to protect yourself legally in terms of your specific agreements and terms.. Jeremy explains that the first step in this process is to have the adult conversation and better communication on the front end with your clients. Honesty and transparency up front, especially relating to risks and liability, are an important part of this communication. 

Josh offers some ideas to facilitate this communication, including filming a video that explains your agreements to your clients rather than just handing them a thick document. You don’t want your agreement or the time it takes to go through it to be a roadblock. This will also ensure your client always understands the details of your agreements. 

Learn more about Jeremy and his work at https://jeremystreten.com/

Check out Jeremy Streten’s Linkedin at https://www.linkedin.com/in/jeremystreten/detail/recent-activity/posts/

Check out Jeremy’s books at https://jeremystreten.com/books-by-jeremy-streten/

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