7 Steps Every Business Needs to Break 6 Figures

7 Steps Every Business Needs to Break 6 Figures

 

Are you ready to start making more money in your business AND keep it? It’s time to start asking yourself the right questions so you can turn your side hustle or passion project into a real business. Here are the 7 steps every business needs to break 6 figures. 

 

 

 

 

Did you know 12 million lawsuits, on average, are filed every year against small businesses? You can’t afford to ignore the legal aspect of running a business, even if you’re just starting out! This post is going to walk you through the biggest legal mistakes I see my clients making in their small businesses every single day–& how to avoid/fix them.

 

Disclaimer: What kind of attorney would I be if this didn’t have a disclaimer? I’m a licensed attorney and I practice in Utah and Idaho. I am not your attorney. This is not official legal advice. If you have any questions, please consult with a legal professional in your jurisdiction.

 

 

 

 

7 Steps Every Business Needs to Break 6 Figures 

 

Before I jump into the 7 steps I first want to encourage you to start showing up for yourself and your business. Take it more seriously and do the work necessary to get that success you’re wanting so badly. There’s no better time to start than right now! 

 

Step #1 to Breaking 6 Figures: Start with a really strong legal foundation.

 

I know I know–the lawyer in the room wants you to get your legal ducks in a row. But it’s true! When I help small businesses set up their LLCs, I’ve seen new business owners not understand how important this step is. It’s more than signing your initials at the bottom of a contract or on your website.

 

You are drawing a line in the sand and declaring what you do as an official business. You want to show up with the energy that you know what you’re doing, you’re being intentional with your time, talents, and process–and because of that, you are going to look and feel like a real business.

 

Quick Tips for Setting Up a Strong Legal Foundation:

 

• Set up a business bank account(s)
• Set aside at least 25% of your income for quarterly taxes 
• Read the book “Profit First” for more info on paying taxes for your business
• Check out my course “Lawfully Ever After” for extra support

 

Step #2 to Breaking 6 Figures: Make sure you’re getting paid and securing that money with ironclad contracts. 

 

You need to be making enough money to keep your business running, which means you need to be intentional with your pricing. You will need to think through the benefit and cost ratio of your products and be prepared to back up your pricing to your clients/customers. 

 

To protect your business revenue, you should have ironclad contracts with your clients/customers, vendors, manufacturing partners, collaborators, and influencers/affiliates who may be helping advertise your products. 

 

You want to have really clear expectations with each of these parties. Boundaries are super sexy right now, and for good reason. Everyone wants to have a clear understanding of who is doing what, what each party’s role looks like, and what to do when the unexpected happens. 

 

 

 

 

Step #3 to Breaking 6 Figures: Grow your brand.

 

Easier said than done, right? But the best way to do this is to put boundaries around your brand and content. Doing so will help you feel secure about posting and sharing content online and engaging with the creative community. Along with that, you’ll feel confident in doing so without having to worry about stepping on someone else’s toes because you’ll be using the correct intellectual property tools. 

 

Some of these IP tools include copyright protection on your content, trademarks to protect your assets, and NDAs or confidentiality clauses to protect all of that business secret sauce. 

 

Step #4 to Breaking 6 Figures: Have a compliant website.

 

The first step is to make sure you have a privacy policy that allows you to use marketing and the modern features of social media without getting into trouble. One thing the privacy policy should include is the right for you to run ads on your site. 

 

You also need to comply with state and federal privacy laws. This is especially important if you want to do email marketing and/or SMS marketing. The main need here is to make sure people agree to give you their private information (like their email address) when they opt into receiving your emails. 

 

You also want to make sure your website is ADA-compliant and follows the WCAG guidelines for best practices for developing and upgrading the functionality of your website. 

 

Lastly, make sure you are using affiliate disclosures, truthful advertising, and making it easy for people to cancel subscriptions. Above all, you want to be completely transparent and intentional about setting up a trustworthy relationship with your customers and clients. If you don’t have anything to hide, don’t look like you have anything to hide. 

 

 

 

 

Step #5 to Breaking 6 Figures: Be compliant with all things employment law.

 

As you grow your team, you will probably use independent contractors at first. This is normal to do for small businesses, but you want to make sure your new team members are properly classified as 1099–not W2 employees. 

 

Make sure you are using the right contracts and complying with any extra things that you have to do as an employer. Especially be aware of the laws for remote workers. You need to comply with the laws in your state AND in the state where your contractor(s) lives. 

 

Step #6 to Breaking 6 Figures: Be compliant with social media.

 

You’re probably using the benefits of social media in your business to drive traffic, engage customers, and increase your brand awareness. You want to make sure these social media tools keep on being available at your disposal. Simply stated, this means you are playing in someone else’s sandbox and you need to play by their rules. 

 

Quick Tips for Staying Compliant with Social Media:

 

• Do not use commercial music in commercial activity if you do not have the license to do so.
• Disclose when you use affiliate links and sponsored or advertising content.
• Don’t use words that could be against the terms and conditions.
• If hosting a giveaway, make sure you have the required fine print to host it legally. If you’re not sure what this would be, check out my Giveaway/Promotion Bundle and it’ll give you everything you need from start to finish! 

 

Step #7 to Breaking 6 Figures: Have a plan & know the rules of the game.

 

When you know the rules of the game as a business owner you get to bend or break them if you want to. Don’t be afraid to start talking about your business with others. But also be aware there will be certain hoops you need to jump through to keep your business legally protected. 

 

 

 

 

7 Steps Every Business Needs to Break 6 Figures

 

Are you ready to take on the new year as a legally legit business owner? I can’t wait to see you take these 7 steps every business needs to break 6 figures. As you continue on your journey, remember that it’s your responsibility to teach other people how to treat your business. While it’s not guaranteed that you’ll make 6 figures if you complete all 7 of these steps, I can guarantee you that the businesses that are making 6 figures and beyond have taken care of all of these things. 

 

I’m so happy you’re here and if you have any questions, send me a DM over on Instagram! You can find me @brittanyratelle. 

 

 

READY TO GET YOUR BUSINESS LEGALLY LEGIT?

Download my free legally legit workbook HERE – your free guide to getting your business set up, protected, and ready for growth. When you sign up you’ll also get access to my newsletter with tips and tricks for YOUR growing creative business.

 

 

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LET’S CONNECT

Are you interested in getting a copyright or trademark? Book a brand-protected strategy session with Brittany HERE and get a game plan together for your brand and content.

 

Interested in working with Brittany for one-on-one legal services? Sign up for a 15-min phone consult at brittanyratelle.com/services.

 

Want an attorney-drafted, industry-tested legal template for your business? Take a free quiz and find out exactly what you need for your creative business at creativecontracts.co.

 

Or, browse through my quick tips and tricks by connecting on Instagram.