Episode 210: The 5 Layers Of Legal Protection For Wedding Businesses with Braden Drake
All businesses have risks, and while running the wedding business isn’t the riskiest business in the world, it is a very emotionally charged business. This added emotion can increase the likelihood that your business will be at legal or financial risk at some point. We can’t control what our clients decide to do but we can control how we protect our businesses.
Think of protecting your business as a layered approach. Each layer is another comfy blanket that shields you from risk. You can reduce the risk of legal issues or financial loss by making sure you cover each of these legal layers of protection in your business. In today’s podcast episode, our guest is breaking down these 5 layers of legal protection and explaining exactly what to do to protect yourself and your business as best you can.
Braden is a California licensed attorney and tax professional. His tagline is your gay best friend here to help you get your legal and tax shit legit. Braden works primarily with service based, creative small business owners through his courses where he educates on contracts, business entities, cash flow, systems and taxes.
In this episode we’ll cover:
- What the legal layers of protection are and why they’re essential
- Why professional liability insurance is so important
- How insurance backs up your contract
- Common mistakes wedding pros make with contracts
- Why Frankenstein contracts are so dangerous
- How non-refundable retainers work
- Retainers vs deposits
- How much of a retainer or deposit you should take when you book a client
- How to avoid overcomplicating legal issues
- What business entities are and why they matter
- How an LLC provides liability protection
- Why you can’t abdicate responsibility for legal or tax issues to someone else
- How to vet lawyers and tax pros
Want to make your marketing easier & more effective?
Links & Resources:
Get on the waiting list for Wedding Business CEO Summit!
Join us inside The Wedding Business Collective!
Honeybook
Dubsado
Aisle Planner
Episode 134: Making Your Wedding Business Taxes Easier & Less Stressful with Melissa Whaley
More from Braden:
Website: www.bradendrake.com
Podcast: www.bradendrake.com/podcasts/unf-ck-your-biz-with-braden
Book: www.bradendrake.com/book
Facebook: www.facebook.com/groups/375843312994732
Instagram: @bradenadamdrake
Want more? To subscribe to the podcast, please use the links below and be sure to leave a review:
Click Here to Subscribe via iTunes (You’ll just need to click the blue “View In iTunes” button and then click the Subscribe button when your iTunes opens.)
Click Here to Subscribe via Stitcher
And please take 2 minutes to leave me an honest rating and review on iTunes by clicking here. It will help the show and its ranking in iTunes immensely! Thank you – I appreciate it!
