James Schramko Podcast

Discover innovative ways to level up your recurring subscription based business.

Episode topics:

01:49 - The need for key agreements

03:20 - Agreements you should have

05:19 - If your business is online

07:29 - Why you shouldn’t just cut and paste

10:26 - When it comes to affiliate marketing…

13:52 - READ those clauses

16:40 - The subject of partnership agreements

22:01 - A quick review

24:35 - In matters of disputes

27:18 - Choosing your lawyer

32:13 - When emotions get in the way

36:26 - Improving your cash flow

40:43 - Look out for these things

42:21 - You need to communicate

45:33 - Being the first to get paid

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Download the PDF transcription and Guide To Setting Up Key Agreements In Your Business

Part 1 of the series

Part 3 of the series

Transcription:

James: James Schramko here, welcome back to SuperFastBusiness.com. This is actually Part 2 of a three-part series called Are You Legal?, where I have my special guest Joanna Oakey from AspectLegal.com.au. Welcome back.

Joanna: Thanks, James.

James: Now if you haven't listened to the first part of this series, you want to go back and listen to Are You Legal Part 1, which is where we were talking about having the right structure, setting the foundations, protecting your intellectual property, staffing, and how to protect yourself from potential risks there.

And that leads us into Part 2. In this episode, we're going to be talking about the key agreements that you need to have in place for your business. We'll talk about disputes and contracts. We'll also talk about having some systems for cash flow. Also, you might look at that as a debt collection idea.

When we get into Part 3, we're going to be talking about building your business to sell. But we're not there yet.

So let's start off with key agreements. Let's talk about why we need to have key agreements in a business. We can't just make stuff up as we go, Joanna.

The importance of key agreements

Joanna: Yeah, absolutely. So I see good quality key agreements as something that's imperative to a business to help set the relationship between each of the key stakeholders in your business. So that might be your staff, your contractors, your suppliers, and importantly your clients as well. And business partners as well. So good quality key agreements give you the foundation to set up the relationship right from the beginning, and to help set the expectation between the parties so everyone knows what to expect, which then reduces the likelihood of arguments down the track.

James: How often do agreements need to be called upon?

Joanna: Yeah, well it depends how you view agreements. So I think I mentioned in the

What key agreements support the relationships in your business?

Bond Halbert In the episode: 01:09 – An overview of the book 03:31 – Why Bond is an expert 05:02 – Gary Halbert’s way 07:50 – Where father and son differ 11:44 – How to keep people reading 15:23 – Never-before-covered topics 16:25 – Helping them decide to read 20:33 – The hunt for “that” 22:10 – Letting the formula seep in 24:42 – A simple beginning trick 26:30 – Some smart editing tips 29:18 – Apply these words with caution 30:15 – Should you use templates? 33:59 – Two kinds of writers 37:10 – Are you doing this with your copy? 41:54 – When picking a copywriter… Grow Your Business in just 2 days Click HERE Download the PDF transcription Transcription: James: James Schramko here, welcome back to SuperFastBusiness.com. Today, we are talking with pretty much a legend. Got my friend Bond Halbert on the call. Welcome. Bond: Thank you, thank you very much. James: Bond Halbert, son of Gary Halbert, brother of Kevin Halbert, son of Nancy. I mean, there’s a good positioning in life, really. Bond: I couldn’t agree more. James: And you got some nice kids as well, passing on the Halbert generation. Now, what we want to talk about specifically today is The Halbert Copywriting Method Part III, which is The Simple, Fast and Easy Editing Formula that Forces Buyers to Read Every Word of Your Ads. Bond, tell me about the title of this book. What’s in the book Bond: OK. First there’s two parts. One, we kind of called the title The Halbert Copywriting Method Part III: The Star Wars Launch, because I always say that the power in your copywriting is research. It’s knowing your prospect so well that you can trigger their impulse to buy that will, because you know what to offer them, you know how they speak, so you know what to say. You know when to say it to them. So you know all of that information. “The first draft is the shortest part.” CLICK TO TWEET And then eventually, the second part of the copywriting process is where you’ve developed that unique hook, offer or solution, which usually comes out of the research. And then you put down in words, in a first draft. And usually, that is the shortest part of the entire copywriting process. People think that copywriting is sitting down at a screen and piecing together little elements of copy and stuff like that. It’s not. It’s doing the research, doing whatever it takes for you to get into the creative mindset to come up with that first draft, and then the professionalism comes from editing. And you will hear other great copywriters tell you that, but you will never find anybody telling you how to do the editing, until now. And so I am working right now. I am actually writing Part I, and Part II as well, and Part III was ready first, and it was so needed and it was so new and everything that I went ahead and released that first. And the second part, where I explain the simple, fast and easy editing formula that forces buyers to read every word of your ads, a lot of copywriters and marketers make the mistake assuming that people will read all of their ads.

Get people to read your ads from start to finish with Bond Halbert’s easy editing formula.

In the episode:

02:07 - Are you tracking conversions?

03:18 - You NEED this pixel

06:18 - Target with dedicated audiences

08:52 - What’s a Lookalike Audience?

10:23 - Not all interests belong together

11:42 - Why you have to exclude

12:59 - Do you really need all those placements?

15:32 - Too broad or too large

17:16 - You have to have a strategy

19:28 - What you need to test

22:27 - Social proof defined

23:08 - The role that images play

24:53 - How to carry over social proof

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Download the PDF transcription

Transcription:

James: James Schramko here, welcome back to SuperFastBusiness.com. Today, we are continuing on a series that was very successful the first time around, and I brought back my special guest, Ilana Wechsler. Welcome.

Ilana: Thank you James, thanks for having me back.

James: That's because you did really well with the first episode, we were talking about 10 classic AdWords mistakes, and we were very kind and we told people how to fix them as well.

Ilana: Yes.

James: On that episode, which was 487 at SuperFastBusiness.com, we provided a nice little infographic with the 10 mistakes, so you could use that as a checklist to see how you're going with AdWords. But this time, we're going to be talking about Facebook, because over at GreenArrowDigital.com, you have been providing a service where you help people with their Google AdWords and Facebook advertising, just because you like a challenge, I imagine. And you've seen some of the common mistakes, and it's probably a good time to discuss them on this episode, which is 10 Classic Facebook Advertising Mistakes (And How To Fix Them).

Ilana: Yeah, sounds good.

James: Alright, so you've broken this into three sections for us, which is very nice. We're going to cover the setup, we're going to go into targeting, and then we're going to talk about the ads themselves. And I believe there's a rumor that you might have actually chucked in an 11th tip, a very special tip that will be the tip of all tips, but we need to cover the first 10 before we get there, right?

Ilana: That sounds right.

Mistake #1 - No conversion tracking

James: Well, let's start with the number one. What is the number one classic Facebook advertising mistake that you see when you go and set up someone's account for the first time and they hand over the agency and say, "Here you go, Ilana, help us out." What's the problem?

Ilana: Alright. So we audit a lot of accounts, and I've just sort of summarized all the really, the 10 mistakes that we see most people make. The first one is part of the setup, is they haven't set up conversion tracking. So that was one of our AdWords ones, but people do the same mistake on Facebook.

How to fix it

And you have to set up conversion tracking so you know what's working and what's not working. They're both equally important.

James: So just in a really basic sense, what does conversion tracking mean, like how does it actually work?

Ilana: Basically, it enables you to determine which ads are working for whatever goal you're trying to track, basically. If you're trying to make sales,

Are you guilty of these Facebook advertising slipups?

Podcast highlights:

01:15 - Why you need to set up the right structure

03:02 - Typical business structures

05:40 - Risks to expect

08:49 - Taxes and expenses

13:06 - Protecting your trademark

14:44 - Easiest and cheapest way to protect your business

16:10 - What you can protect

18:34 - Things to consider when choosing a brand

19:31 - The best trademark right you can get

20:36 - If someone is using your brand name…

23:56 - Should you get help?

27:24 - Legal aspects of having a local staff

33:25 - Fundamental things to check

39:51 - Managing your overseas staff

44:46 - If you’re ever considering selling your business...

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Download the PDF Transcription and Guide to Setting Up The Foundations of Your Business

Part 2 of the series

Transcription:

James: James Schramko here. Welcome back to SuperFastBusiness.com. Today, we're getting legal. Actually, I found a really nice lawyer. I'd like to welcome to this episode Joanna Oakey.

Joanna: Thanks James.

James: It's good to have you on the show. I love talking to you about legal stuff because you explain things so clearly, and you've got very, very good information. So when you said, "Hey, I'd love to come and explain some of the common questions that I get asked on the show," I thought that would be a terrific thing to do.

So this is episode one of a three-part series. We've got the Are You Legal three-part series. Part one is all about setting up the foundations for your business. So let's talk first, Joanna, about the structure of your business, because I think this is something that is like the fundamental step. If you're just starting in business or even if you've been in business for a while, there's a chance that you haven't got the right structure, and that could be very, very important at some point down the track.

Joanna: Absolutely. Structure is one of these things that can be a bit of a moving goal post. So often, when people set up a business, they start in a particular structure, something that's really simple for them. But then, they forget that they need to move the structure of their business as it grows. And indeed, quite often, people start off with a structure that leaves them so exposed. Their personal assets exposed. But they just have no real understanding of the implications of the structure that they've chosen.

James: OK. So now, we've got an international audience. Is this where we issue some kind of a disclaimer about the information you're giving?

Joanna: Ha-ha. That's right. Well, I'm an Australian lawyer, so I deal mostly with Australian businesses. I do deal with a few international-based businesses as well. We're talking specifically about Australia. But the things that we're talking about here today are really pretty universal. So the concept of choosing the right structure is different depending on the jurisdiction you're in, depending on what size your business is, and depending on what phase of business your business is in at the time. So this is one of the things where it's more important just to be aware of what the risks are and then to make sure you get the right ad...

Set up the foundations of your business protection the right way by learning the fundamental steps and legalities of running a business.

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