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EYL #167: How to Start a Business in 2022 · Earn Your Leisure

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  Speaker 1: An illegal alien from Guatemala charged with raping a child
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  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
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  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
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  Speaker 1: filming and selling child pornography in Michigan. These are just
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  Speaker 1: some of the heinous migrant criminals caught because of President
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  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
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  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
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  Speaker 1: crossings are at the lowest levels ever recorded, and over
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  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
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  Speaker 1: are here illegally, your next you will be fined nearly
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  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
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  Speaker 1: never return. But if you register using our CBP home
• 0:46
  Speaker 1: app and leave now, you could be allowed to return legally.
• 0:50
  Speaker 1: Do what's right.
• 0:51
  Speaker 2: Leave now.
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  Speaker 1: Under President Trump, America's laws, border and families will.
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  Speaker 3: Be protected sponsored by the United States Department of Homeland Security.
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  Speaker 2: You have to think about up front who's doing what
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  Speaker 2: and who is responsible for what, especially in partnerships and
• 1:09
  Speaker 2: when it's just you it's cool. Everything falls on you
• 1:11
  Speaker 2: when you start needing to answer questions and you're being
• 1:15
  Speaker 2: checked by people. It's good to be able to say no,
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  Speaker 2: this is the rules, this is what we said, this
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  Speaker 2: is what we agreed on. People are emotional, and emotions
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  Speaker 2: in business do not mix. They may say, oh, well,
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  Speaker 2: I'm gonna buying I need some money, so I want
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  Speaker 2: to take out some money from the business. No, no,
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  Speaker 2: we said that the money was locked up. It's a
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  Speaker 2: lock up. Nobody's taking any distributions for the first two years.
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  Speaker 2: That now makes it a personal problem and not a
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  Speaker 2: business problem. And we agreed on this. My graduates from
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  Speaker 2: my school being forced back drop drop drop, backdrop.
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  Speaker 4: All right, guys, welcome back, e y l. This is
• 2:06
  Speaker 4: a very nostalgic episode. I'll explain. So, you know, we
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  Speaker 4: started earning Alesia and the original concept was just me
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  Speaker 4: and Troy and we were talking about like different relevant
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  Speaker 4: stuff and pop culture relating into business, business case studies,
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  Speaker 4: things of that nature. And we didn't have any guests.
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  Speaker 5: No, no, no, just us.
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  Speaker 4: Yeah. And then the first guest that we had episode
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  Speaker 4: eight eight.
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  Speaker 5: You said, let's just invite somebody man.
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  Speaker 4: Yeah, sure, yes, Miss Business. So I met I met,
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  Speaker 4: I met Miss Business through MG shot at MG went
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  Speaker 4: to his workshop that he had. I spoke at his workshop,
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  Speaker 4: and this is two years ago and going on three
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  Speaker 4: years man almost three, but it's like it was like
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  Speaker 4: two because we didn't have a guest. We start, yeah,
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  Speaker 4: like two and a half years ago. To long story short,
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  Speaker 4: I met Miss Business there and you know, the accounting CPA.
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  Speaker 4: So around that time, Amazon had a big story in
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  Speaker 4: the news where they didn't pay any federal taxes taxes
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  Speaker 4: federal right, no federal taxes. Yeah, and they had made
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  Speaker 4: like eighteen billion dollars that year and they didn't pay
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  Speaker 4: any taxes. So it was a real big trending topic.
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  Speaker 4: So I'm like, all, this is the perfect time to
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  Speaker 4: actually talk about this, but instead of me and Troy
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  Speaker 4: talking about it's bring an expert in to talk about it,
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  Speaker 4: and then not only talk about that, but to give
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  Speaker 4: general you know, tax tips because for like, taxes was
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  Speaker 4: something that was very, very important. So, long story short,
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  Speaker 4: inviting Miss Business and she was the first guest of
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  Speaker 4: E Y L. And then I was opened up the
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  Speaker 4: floodgates for everybody.
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  Speaker 5: Everybody about you did have me.
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  Speaker 2: Talking about we were talking about every brother. Yeah, I
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  Speaker 2: believe that was two years ago. Yeah, that was that
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  Speaker 2: has happened in two years.
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  Speaker 5: A lot has happened, a lot of things in change,
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  Speaker 5: a lot of things.
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  Speaker 2: We was at the we was at the dining room table.
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  Speaker 5: This is a fact. Now I just eat dinner there.
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  Speaker 4: Yeah, that is a fact. So so this is a
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  Speaker 4: full circles moment. So if you're familiar with us, then
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  Speaker 4: you're probably familiar with miss Business CPA short in there
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  Speaker 4: and she's been one of these people that's kind of
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  Speaker 4: been a fiction with ey L where she's done events
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  Speaker 4: for us. She's did market Mondays, We've done YouTube live,
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  Speaker 4: We've done she's done taught a lot of classes for
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  Speaker 4: Eyo University. She's been she's been with us, kind of
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  Speaker 4: like how MG has been with us, but we have
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  Speaker 4: not done a follow up episode. So I thought this
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  Speaker 4: was the perfect time and for a follow up episode.
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  Speaker 4: Different topic though this time is probably one of the
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  Speaker 4: most requested topics that we have ever had, where it's
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  Speaker 4: like we talk about business so so much, and one
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  Speaker 4: of the top topics is how do you start a business?
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  Speaker 4: Like what is the steps to start a business? From
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  Speaker 4: setting up an LLC to setting up EI in number,
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  Speaker 4: the bank account, the idea of actually starting a business,
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  Speaker 4: the operation agreements, and then once you have a business,
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  Speaker 4: as far as how do you put stuff in your
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  Speaker 4: business name, how do you take tax deductions? Yeah, all
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  Speaker 4: of that stuff. Retirement, how do you sort of retirement plans,
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  Speaker 4: How do you hire employees? How do you put employees
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  Speaker 4: on payroll? So much stuff. It's like, you know, even
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  Speaker 4: if you go to business school, a lot of this
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  Speaker 4: stuff is not taught. Most of the stuff's taught in
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  Speaker 4: business school is like more theory, things of that nature,
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  Speaker 4: supplying demand charts. But this is real world business and
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  Speaker 4: what happens is most of the time is that you
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  Speaker 4: just learn as you go. The problem with learning as
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  Speaker 4: you go is that you make a lot of mistakes,
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  Speaker 4: and you can avoid some mistakes if you have some
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  Speaker 4: level of mentorship. And this is what EYO has become,
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  Speaker 4: kind of like mentorship and the sorts. So this conversation
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  Speaker 4: is extremely important. We're gonna be talking about how to
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  Speaker 4: start a business, how to keep the business afloat, how
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  Speaker 4: to run a business, operations, everything you need to know
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  Speaker 4: to have a successful business this year, next year, and
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  Speaker 4: every year. So first and foremost, thank you for joining us, appreciate.
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  Speaker 2: It, Thank you for having me again.
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  Speaker 5: Welcome back, now back. This is you know what, it's
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  Speaker 5: also perfect timing.
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  Speaker 3: We just saw of report that four point five million
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  Speaker 3: people quit their jobs, right, and we saw that a
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  Speaker 3: lot of people are not they're not going back to work,
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  Speaker 3: but they are becoming entrepreneurs. So we saw the ADP
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  Speaker 3: numbers rise, and so that's an encouraging sign, especially if
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  Speaker 3: you're looking at like who's trying to start their own business.
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  Speaker 5: So this is the absolute pristine time and.
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  Speaker 2: The perfect way to start the year, perfect way to
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  Speaker 2: start on twenty twenty two.
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  Speaker 4: Indeed, that's a fact. Yes, that's a fact. A lot
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  Speaker 4: of people have New Year's resolutions of starting a business.
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  Speaker 4: So what better way. And even if you have a business,
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  Speaker 4: this is gonna be information that you can usually take
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  Speaker 4: your business to the next level and just run things
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  Speaker 4: more efficiently. So all right, not even gonna waste any time.
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  Speaker 4: Let's get into it. So the first question that I
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  Speaker 4: have we're gonna start from like the beginning all the
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  Speaker 4: way to the end, is choosing a business. Like when
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  Speaker 4: you're considering a business, you have passion projects and you
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  Speaker 4: have businesses. A lot of times people start businesses for
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  Speaker 4: the wrong reasons. They start the wrong businesses. So what
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  Speaker 4: are your advice as far as like starting a business idea?
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  Speaker 2: So when people have everyone has ideas, right, I believe
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  Speaker 2: that we're all phenomenal and we all have these amazing ideas. However,
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  Speaker 2: I think that when you're considering I say passion versus profit,
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  Speaker 2: because you hear all the time you need to like
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  Speaker 2: follow your passion, and you need to follow your passion,
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  Speaker 2: and sometimes that passion leaves you broke right, And so
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  Speaker 2: I think that when you are thinking about all these
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  Speaker 2: different ideas that you have, you have to think about
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  Speaker 2: what is going to turn me a profit, so that
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  Speaker 2: way it will allow me to then go after my
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  Speaker 2: passion and then serve my passion. If your passion happens
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  Speaker 2: to serve you and turn you a profit, then congratulations.
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  Speaker 2: But most of the time people are just one looking
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  Speaker 2: at what other people are doing, and that's not the
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  Speaker 2: right thing to do. You have to think about what's
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  Speaker 2: important to me. What problem am I solving?
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  Speaker 3: Right?
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  Speaker 2: Like with you guys, you guys came out and yes
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  Speaker 2: you were talking about financial literacy, but you were presenting
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  Speaker 2: it in a more digestible manner. You knew that you
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  Speaker 2: like the culture needed to hear financial literacy from a
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  Speaker 2: different perspective, and so just thinking about, Okay, what what
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  Speaker 2: is the market missing? What can I add? What's important
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  Speaker 2: to me? Answer all of those questions and then say, okay,
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  Speaker 2: I'm going to first do this one thing because that's important.
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  Speaker 2: One thing is important because people will say I want
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  Speaker 2: to do real estate, I want to start t shirts,
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  Speaker 2: I want to you know, do a sock line, and
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  Speaker 2: they will try to do everything at one time. You
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  Speaker 2: can do that. So I think the first thing is
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  Speaker 2: becoming very clear on what is that first thing that
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  Speaker 2: you're going to put out that's going to either be
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  Speaker 2: your your passion if it turns a profit. If and
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  Speaker 2: this is my opinion, you guys can say what you think.
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  Speaker 2: I think that people should go after it should be
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  Speaker 2: what's important to them. But I think that you should
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  Speaker 2: figure out how can you make an impact while making
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  Speaker 2: a profit to then do all the things that you
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  Speaker 2: know make you feel all gushy inside. So what do
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  Speaker 2: you guys think?
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  Speaker 3: Yeah, I was told like, if it doesn't make profit,
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  Speaker 3: it's not your passion, Like then you're just having a hobby.
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  Speaker 3: It's something that you like to do, but it's not
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  Speaker 3: something that you necessarily should be doing. Right, you're not
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  Speaker 3: passionate about it. You got to find out how can
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  Speaker 3: I add value?
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  Speaker 5: Right?
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  Speaker 3: Once I have those things all right, this is my passion,
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  Speaker 3: I've added value. Now what like I got to crumb
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  Speaker 3: up with a business name or something like. That's what's
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  Speaker 3: the next thing I want to do.
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  Speaker 2: So after you figure out and you're very clear on
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  Speaker 2: what product or service you're going to offer, the next
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  Speaker 2: thing that you have to consider is your name. So
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  Speaker 2: your business name is going to be everything, right, because
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  Speaker 2: this is what people are one going to refer you,
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  Speaker 2: refer to you as as well as thinking about and
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  Speaker 2: considering what does that mean in the future, how will
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  Speaker 2: that affect funding? Like a lot of people are denied
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  Speaker 2: regularly for loans or any type of line or credit
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  Speaker 2: because they may put investments or real estate in their name.
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  Speaker 2: Lenders are like, no, that's risky, right if you put
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  Speaker 2: that you I don't know you do anything risky. The
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  Speaker 2: bank is going to be like, no, I'm not approving
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  Speaker 2: that loan because guess what, I don't know if I'm
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  Speaker 2: going to get my money back. And that's the only
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  Speaker 2: thing that any lender or investor cares about. How am
• 10:42
  Speaker 2: I going to get my money back? So you have
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  Speaker 2: to think about a name that one represents your brand
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  Speaker 2: and two is not going to mess you up with lenders.
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  Speaker 4: Let's talk. Let's get right into this conversation of name
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  Speaker 4: since you brought it up first. You also want to
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  Speaker 4: make sure you have a name that is original and
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  Speaker 4: not trademarked, right, yes, So how can you search that
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  Speaker 4: to know if the name is actually something that you're
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  Speaker 4: not going to get sued for because somebody else is
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  Speaker 4: already using.
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  Speaker 2: So before starting any business or putting out any slogans,
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  Speaker 2: you have to make sure that it's not already in use.
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  Speaker 2: If another business already has it trademarked, then you have
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  Speaker 2: to consider the fact that you probably can't use it.
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  Speaker 2: And so you want to go on the USPTO's website
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  Speaker 2: and search to confirm to see if that name is available. Okay,
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  Speaker 2: So that is like step one or step two, because
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  Speaker 2: you want to check your LLC's, which I'm sure we're
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  Speaker 2: going to get into. Yeah, right, But you want to
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  Speaker 2: make sure that the point is that you want to
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  Speaker 2: make sure that you're not infringing on someone else's business.
• 11:42
  Speaker 2: You don't want to sit down and create products and
• 11:45
  Speaker 2: packaging and create an entire brand, and you're ranting and
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  Speaker 2: raving about it for you to just receive a cease
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  Speaker 2: and desist letter from another business because you're infringing on
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  Speaker 2: their brand.
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  Speaker 3: So yeah, a lot of times people just come out
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  Speaker 3: with things and put it on their product and then
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  Speaker 3: you get to see some desist letter. But also one
• 12:02
  Speaker 3: of those things you got to look at is what
• 12:04
  Speaker 3: the actual slogan is or the name is being used
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  Speaker 3: for because there's different categories right, different category. It could
• 12:09
  Speaker 3: be for clothing and good for food, it could be
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  Speaker 3: for educational purposes. So you got to make sure you
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  Speaker 3: look at all those things.
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  Speaker 2: Yep. Because I and I actually got this information very
• 12:20
  Speaker 2: early on from the BIS lawyer. She does all of
• 12:23
  Speaker 2: my she does all of my trademarks, and so she
• 12:26
  Speaker 2: had to break it down to me. She's like, because
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  Speaker 2: when I first tried to do miss business, there was
• 12:31
  Speaker 2: like all these different categories and I'm like, well, I
• 12:33
  Speaker 2: want to do this and I want a trademarked in
• 12:34
  Speaker 2: this category, in that category. And so I actually got
• 12:39
  Speaker 2: an office action because there was someone else in education.
• 12:43
  Speaker 2: We fought it and I own this business now. However,
• 12:47
  Speaker 2: it's so important to understand, and there's all. She gives
• 12:51
  Speaker 2: an example where it's like, you have Pandora Music, but
• 12:53
  Speaker 2: then you have Pandora Jewelry, right, so those are two
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  Speaker 2: different categories. But what's happening is that you can literally
• 13:02
  Speaker 2: have businesses with the same name but just in two
• 13:05
  Speaker 2: different categories because it's all about what a consumer can
• 13:10
  Speaker 2: identify as your brand. So no one's gonna like think
• 13:13
  Speaker 2: that Pandora Music is Pandora Jewelry. Right, It's two different things.
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  Speaker 2: So we have to uh, we have to think. That's
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  Speaker 2: an amazing example. When she Yeah, when she talked about that,
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  Speaker 2: I was like, oh, wow.
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  Speaker 4: You're right unless but that's why. Also if you get trademarks,
• 13:28
  Speaker 4: because you never know, you might want to start at
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  Speaker 4: one thing and then go to another thing later on
• 13:33
  Speaker 4: where you're not you might start as a clothing line
• 13:36
  Speaker 4: and you're thinking that's only going to start as a
• 13:38
  Speaker 4: clothing line. But using references, Griselda shout out to Benny
• 13:43
  Speaker 4: the Butcher and West Side Gun and Conway. You up
• 13:46
  Speaker 4: on them, I'm not heard.
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  Speaker 2: Yes, yes, yes, I'm I no, no, I know I
• 13:54
  Speaker 2: know who they are. I know who they are and
• 13:57
  Speaker 2: I like their music. But to be honest with you,
• 13:59
  Speaker 2: I just listened to.
• 14:05
  Speaker 4: Safe Bet, but I used them because they started as
• 14:08
  Speaker 4: a fashion line, so even their drop is like Risel
• 14:11
  Speaker 4: the fashion Rebels. But obviously now they're in music, so
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  Speaker 4: I don't necessarily know if that was the original plan
• 14:18
  Speaker 4: to go to music, but let's say that wasn't the
• 14:20
  Speaker 4: original plan. They started as a fashion clothing company, but
• 14:24
  Speaker 4: now they're a music company. So I say that to
• 14:27
  Speaker 4: say it's good to kind of trademark as many different
• 14:29
  Speaker 4: things as possible because you never know where your business
• 14:32
  Speaker 4: is going.
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  Speaker 2: To take and being able to look into the future too.
• 14:35
  Speaker 2: Sometimes we're thinking too small. So to your point, it's like,
• 14:39
  Speaker 2: and figure out what your gateway is going to be
• 14:42
  Speaker 2: to get into different industries. So it looks like they
• 14:44
  Speaker 2: reversed it, and that's why I was so shocked to
• 14:47
  Speaker 2: know that they first got into fashion then went to music,
• 14:49
  Speaker 2: because most people go into music then go into fashion, right,
• 14:52
  Speaker 2: So it's it looked like they said, you know what,
• 14:54
  Speaker 2: we're going to do fashion and then we're going to
• 14:56
  Speaker 2: go into music, because maybe they felt that it was
• 14:58
  Speaker 2: a good marketing strategy, but sometimes just kind of figuring out,
• 15:02
  Speaker 2: like what's going to be your can't do it to
• 15:05
  Speaker 2: get to the masses is important and you want to
• 15:08
  Speaker 2: make sure that you're protecting yourself at every aspect.
• 15:11
  Speaker 3: There was these two guys from Greenberg that had a
• 15:13
  Speaker 3: slogan that had access liabilities on the shirts to start
• 15:18
  Speaker 3: as closing and ended up at the TV.
• 15:22
  Speaker 2: You might know them or you may not.
• 15:25
  Speaker 3: Also, this is true too, right, not only trademarking the category,
• 15:28
  Speaker 3: but trademarking.
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  Speaker 5: The place you are, like location.
• 15:32
  Speaker 3: So like having a trademark in the United States doesn't
• 15:34
  Speaker 3: mean that it's trademarking Europe and Asia.
• 15:36
  Speaker 2: Let's talk about that. Let's talk about that, right, because
• 15:41
  Speaker 2: a trademark is federal, right, So federal meaning that it's
• 15:44
  Speaker 2: going to cover you throughout the US. But as you mentioned,
• 15:47
  Speaker 2: that does not cover other countries. And are we going
• 15:51
  Speaker 2: to get to LLC's Yeah, okay, yeah, yeah, but yeah,
• 15:56
  Speaker 2: so like LLC's as an example, we could go back
• 15:59
  Speaker 2: into it, but LLCs is more so going is more
• 16:03
  Speaker 2: so registering on the state level, right, And then people
• 16:06
  Speaker 2: will always ask me about let's say, like a DBA
• 16:08
  Speaker 2: that's registering it on the county level, right, So you
• 16:11
  Speaker 2: have to be careful and understand what you're protecting and
• 16:15
  Speaker 2: at what level you're protecting, because if you you know,
• 16:19
  Speaker 2: someone can take your same name in a different state
• 16:22
  Speaker 2: and then start a business because you only you know,
• 16:26
  Speaker 2: register in that state. But if you do your trademark,
• 16:28
  Speaker 2: that's going to protect you federally. Right, So the.
• 16:32
  Speaker 3: Price is not that much when you do like well
• 16:34
  Speaker 3: LLCs or trademarks, it's like maybe a couple hundred dollars,
• 16:36
  Speaker 3: maybe a thousand dollars.
• 16:37
  Speaker 2: Unless you gotta fight it. But yeah, it's not fast,
• 16:41
  Speaker 2: it's not that up yet.
• 16:42
  Speaker 5: It's not to national a little bit more expensive.
• 16:44
  Speaker 2: Yeah, definitely.
• 16:45
  Speaker 4: So let's talk about, all right, starting it your business
• 16:48
  Speaker 4: yourself or working with partners.
• 16:51
  Speaker 3: This episode of Erni a Lisia is brought to you
• 16:53
  Speaker 3: by McDonald's, proudly serving communities since nineteen sixty five. McDonald's
• 16:57
  Speaker 3: is more than just a place to get tasty, affordable food.
• 17:00
  Speaker 3: Over the years, has become a staple in our community.
• 17:02
  Speaker 3: It's the place you're guaranteed to see teammates after a
• 17:05
  Speaker 3: big game because everyone.
• 17:06
  Speaker 5: Is headed to Mickey D's win or lose.
• 17:09
  Speaker 3: When I stop in for my morning breakfast of three
• 17:11
  Speaker 3: hot cakes and a hash brown, seeing students using the
• 17:14
  Speaker 3: Wi Fi for their social media is all part of
• 17:16
  Speaker 3: the routine. It's become the epicenter of the community, whether
• 17:20
  Speaker 3: it's gathering for a birthday party and we've all been
• 17:23
  Speaker 3: to a McDonald's birthday party, or the place that someone
• 17:26
  Speaker 3: receives their first job. McDonald's grows with his patrons, which
• 17:30
  Speaker 3: makes it the go to place generation after generation by McDonald's.
• 17:37
  Speaker 3: I'm loving it.
• 17:39
  Speaker 2: You know, I'm the accountant, so I get all the information, right,
• 17:43
  Speaker 2: so people have to consider what I like to say
• 17:48
  Speaker 2: every time someone comes to me and they're asking should
• 17:51
  Speaker 2: I start a business by myself or should I get partners?
• 17:55
  Speaker 2: Sometimes people are getting partners for the wrong reason. They're
• 17:59
  Speaker 2: getting partners because they want someone to lean on. When
• 18:02
  Speaker 2: this person does not provide any sort of value to
• 18:06
  Speaker 2: you at all. It's just someone that you can talk to.
• 18:09
  Speaker 2: People want a therapist, right, They want a therapist. They
• 18:12
  Speaker 2: want someone that they can bring along on their journey.
• 18:16
  Speaker 2: So that way it can you know, be I guess, yeah,
• 18:21
  Speaker 2: they can have a partner. They can have somebody to
• 18:22
  Speaker 2: go along and showed a lean as I said, a therapist.
• 18:25
  Speaker 2: But business is so business is so complicated and there's
• 18:30
  Speaker 2: so many decisions that's going to be made that you
• 18:32
  Speaker 2: want to make sure that if you are partnering with
• 18:34
  Speaker 2: someone that they are of benefit to the business. And
• 18:39
  Speaker 2: so there's so many different ways when you have partners
• 18:42
  Speaker 2: everyone doesn't have to be in the forefront. You may
• 18:44
  Speaker 2: have someone that is a partner for you, but it
• 18:46
  Speaker 2: may be on a monetary perspective, right, you may need
• 18:49
  Speaker 2: their capital, or you may need someone that they may
• 18:53
  Speaker 2: have the knowledge. You may have the capital, you may
• 18:56
  Speaker 2: have the time, they may have the capital. But let's
• 18:59
  Speaker 2: say both you have the capitol, but nobody has the knowledge.
• 19:02
  Speaker 2: What are you doing right? You know? And so I've
• 19:06
  Speaker 2: seen so many partnerships come together and then dissolve. Like
• 19:10
  Speaker 2: I've literally had people form an entity with me and
• 19:15
  Speaker 2: then on the phone because they could not get things together,
• 19:19
  Speaker 2: dissolve the company right on the phone with me, like
• 19:21
  Speaker 2: you know what, let's just dissolve this. And that's because
• 19:24
  Speaker 2: they did not do their due diligence upfront and they
• 19:27
  Speaker 2: were just trying so desperately to make it work. Guard
• 19:32
  Speaker 2: your ideas. I find that sometimes there's usually a group
• 19:35
  Speaker 2: of people in a room and they're just like, hey, yeah,
• 19:38
  Speaker 2: I want to start this business, you want to start
• 19:40
  Speaker 2: it with me? It's like who makes this person qualified
• 19:43
  Speaker 2: to start a business with you? And so that's the
• 19:46
  Speaker 2: first thing that you have to do. Really figure out
• 19:49
  Speaker 2: what asset is this is this partner going to be
• 19:55
  Speaker 2: an asset or they going to be a liability and
• 19:58
  Speaker 2: so figuring that out and what they bring to the
• 20:00
  Speaker 2: table is going to be extremely important. Then deciding based
• 20:04
  Speaker 2: on their value in the business, what ownership percentage do
• 20:09
  Speaker 2: they have? Do they does that automatically entitle them to
• 20:12
  Speaker 2: fifty percent of your business? Did you already have a
• 20:15
  Speaker 2: concept already proven? Have you already did all the research?
• 20:19
  Speaker 2: What exactly are they coming with? They may only need
• 20:22
  Speaker 2: twenty five percent, they may need ten percent, they may
• 20:25
  Speaker 2: need fifty percent. You really need to consider if you're
• 20:28
  Speaker 2: giving away fifty one percent, because that's control, right.
• 20:32
  Speaker 5: These a real conversation.
• 20:33
  Speaker 2: These are real conversations that people are not having. And
• 20:35
  Speaker 2: as we move into this space where there's so many entrepreneurs,
• 20:39
  Speaker 2: that's kind of like how miss business started because I
• 20:42
  Speaker 2: was looking around at the time, I was in corporate
• 20:44
  Speaker 2: and I'm looking around and everybody's having the conversation about, oh,
• 20:48
  Speaker 2: we're gonna get this money. We're gonna get this money.
• 20:49
  Speaker 2: We're gonna get this money. I'm like, whoa hold up?
• 20:52
  Speaker 2: What about taxes? Right? And so now what I'm sitting
• 20:55
  Speaker 2: back and I'm looking at is COVID happen. Everybody has
• 21:00
  Speaker 2: some time, you guys educate in the world on what's possible,
• 21:04
  Speaker 2: and now everyone knows what their options are. However, no
• 21:08
  Speaker 2: one has that blueprint or someone to be like, listen,
• 21:11
  Speaker 2: this is you know what you need to do. So
• 21:14
  Speaker 2: there's a ton of LLCs being created, but not a
• 21:17
  Speaker 2: ton of profitable businesses. And as I say, I'm on
• 21:21
  Speaker 2: the accounting side, so I know everything right, like who's profiting,
• 21:25
  Speaker 2: who's not, who's you know, doing business for free? You
• 21:28
  Speaker 2: know who can't get it together? And so it really is,
• 21:33
  Speaker 2: you know a lot of things that we have to
• 21:36
  Speaker 2: also pay attention to if we are going to start
• 21:38
  Speaker 2: these businesses as well as be profitable.
• 21:41
  Speaker 5: So so you said LLCs, you can do that by yourself, right.
• 21:44
  Speaker 2: You can definitely form your LLC by yourself.
• 21:46
  Speaker 5: You can do it with partners.
• 21:48
  Speaker 2: Yeah, you can definitely form an LLC if you have partners.
• 21:50
  Speaker 5: What's that process like?
• 21:52
  Speaker 2: So you definitely Okay, So there's a two step process
• 21:55
  Speaker 2: when you're forming an LLC. As I mentioned, an LLC
• 21:57
  Speaker 2: is when you are forming your business on the state level.
• 22:00
  Speaker 2: So you have to register your articles of organization with
• 22:03
  Speaker 2: your Secretary of State, and as I mentioned, that's on
• 22:06
  Speaker 2: the state level. You then need to apply for your
• 22:09
  Speaker 2: ei IN number, so your ei IN number is federal.
• 22:12
  Speaker 2: That's done with the IRS. You have to do both,
• 22:15
  Speaker 2: and it's best if you do both around the same
• 22:18
  Speaker 2: time because December, so many people will rush and be like,
• 22:23
  Speaker 2: oh my god, like I haven't articles, but now I
• 22:25
  Speaker 2: need an ei IN And it's like some people now
• 22:27
  Speaker 2: don't have their ei IN until twenty twenty two.
• 22:29
  Speaker 5: That's like the tax identification.
• 22:31
  Speaker 2: Yeah, that's their tax identified So that's your employer identification number.
• 22:35
  Speaker 4: That's like your Social Security number.
• 22:36
  Speaker 2: That's what I call it. It's like your Social Security
• 22:38
  Speaker 2: number for your business. So going forward, you're no longer
• 22:41
  Speaker 2: providing your name and social You're providing your business name
• 22:44
  Speaker 2: that you formed with the state, and then you are
• 22:47
  Speaker 2: going to provide your ei IN that you've formed with
• 22:51
  Speaker 2: the IRS.
• 22:52
  Speaker 4: So all right, let's get into this conversations. We're talking
• 22:55
  Speaker 4: about this LLC. What's the difference between LLC C CORP.
• 23:00
  Speaker 4: There's different ways you can form the business, yes, with
• 23:03
  Speaker 4: some pros and cons and yeah, talk about that perfect.
• 23:07
  Speaker 2: So let's talk about when you're registering, you have to
• 23:10
  Speaker 2: consider just like you're just like choosing a partner, you
• 23:14
  Speaker 2: have to decide what entity type you are going to choose,
• 23:17
  Speaker 2: because it's more than like the same process with registering
• 23:20
  Speaker 2: your LLC. If you decide to be a corporation, then
• 23:23
  Speaker 2: you would register your corporation with the Secretary of State
• 23:26
  Speaker 2: as well. But one thing that you have to consider
• 23:29
  Speaker 2: is if you choose an LLC, that's telling the IRS
• 23:32
  Speaker 2: that you want to be taxed as an LLC. If
• 23:35
  Speaker 2: you choose a corporation, that's telling the IRS that you
• 23:38
  Speaker 2: want to be taxed as a corporation. So the difference
• 23:42
  Speaker 2: between all of let's say, let's start with LLCs because
• 23:47
  Speaker 2: that's the popular entity as I.
• 23:48
  Speaker 4: Call it, limited liability, limited.
• 23:51
  Speaker 2: Liability company, limited liability company, and an LLC is not
• 23:57
  Speaker 2: a tax structure and LLC is a legal structure. So
• 24:01
  Speaker 2: what that means is that if you form an LLC,
• 24:03
  Speaker 2: it does not allow you to write off anything additional.
• 24:07
  Speaker 2: Then if you are operating as a sole proprietorship, meaning
• 24:09
  Speaker 2: that you did not register your business. So the reason
• 24:13
  Speaker 2: why as an LLC you can write off the same thing.
• 24:16
  Speaker 2: So I have so many people that come to me
• 24:18
  Speaker 2: all the time and they'll say, I want to start
• 24:20
  Speaker 2: a business, and I want to start an LLC because
• 24:22
  Speaker 2: I want to be able to write these things off.
• 24:25
  Speaker 2: You can write it off. You can still write it
• 24:28
  Speaker 2: off if you're operating as a sole proprietorship. The big
• 24:32
  Speaker 2: benefit with an LLC is that it protects you against liability.
• 24:36
  Speaker 2: So if you are if someone were to sue you,
• 24:41
  Speaker 2: they and you're operating as a sole proprietorship, then now
• 24:44
  Speaker 2: your personal assets, your home, your stocks. I know you guys,
• 24:48
  Speaker 2: you know have everybody invest in you guys, have everyone
• 24:51
  Speaker 2: invested in stocks. But these are assets. And so if
• 24:56
  Speaker 2: you decide today to start a business and then someone
• 24:59
  Speaker 2: sues you, they will now all of your assets. You know,
• 25:03
  Speaker 2: your cash, your personal your home, your primary residents, your stocks,
• 25:08
  Speaker 2: that will now all be at liberty in that lawsuit
• 25:11
  Speaker 2: because there's no separation between you and the business as
• 25:14
  Speaker 2: a sole proprietorship. But if you're an LLC, then what
• 25:18
  Speaker 2: happens is if you were sue then they're just suing
• 25:20
  Speaker 2: the business, they're not necessarily suing you. Okay, so that
• 25:25
  Speaker 2: is something to consider. Now from the tax side of things,
• 25:29
  Speaker 2: with a sole proprietorship or an LLC, what happens is
• 25:32
  Speaker 2: that you have to worry about self employment tax. So
• 25:35
  Speaker 2: now when you're getting taxed, you're worried about your your
• 25:39
  Speaker 2: income tax on the federal side, your income tax on
• 25:41
  Speaker 2: the state side, and then you also have self employment tax,
• 25:44
  Speaker 2: which is about fifteen point three percent additional on top
• 25:47
  Speaker 2: of that. And to drive it home to people, I
• 25:50
  Speaker 2: always say, would you allow somebody to walk up to
• 25:53
  Speaker 2: you and just say, let me get fifteen point three
• 25:55
  Speaker 2: percent of your business, you would look at them like
• 25:57
  Speaker 2: they're crazy. But because it's the irs, most people are
• 26:01
  Speaker 2: not questioning it because they're afraid to actually, Well, one,
• 26:05
  Speaker 2: I think they're afraid, but then I also think that
• 26:07
  Speaker 2: people don't understand taxes, so they'll just say, you know what,
• 26:10
  Speaker 2: I'm gonna just like I'm gonna just pay whatever, and
• 26:13
  Speaker 2: not really looking at exactly what's what's due. So, I mean,
• 26:18
  Speaker 2: what's the taxes are made up of? Right, And so
• 26:22
  Speaker 2: that fifteen point three percent is a lot. It's a lot.
• 26:25
  Speaker 2: So that's what you're looking at. And so that's pretty
• 26:28
  Speaker 2: much a con of an LLC. Right, that's a con
• 26:31
  Speaker 2: because you have to pay that additional fifteen point three percent.
• 26:35
  Speaker 2: Now let's talk about a corporation. So corporations does have
• 26:40
  Speaker 2: a pro of it depending on how much money you make.
• 26:43
  Speaker 2: A pro of a corporation is that there's a flat
• 26:45
  Speaker 2: tax twenty one percent for a corporation. However, however, you
• 26:52
  Speaker 2: have to consider double taxation. So now that's the con.
• 26:56
  Speaker 2: The con with double taxation is that you have to
• 26:58
  Speaker 2: pay taxes on the business side, that's twenty one percent,
• 27:03
  Speaker 2: but then profits then have to be distributed to the shareholders.
• 27:09
  Speaker 2: I if it's just you as the owner, then you
• 27:11
  Speaker 2: would be that shareholder and then profits will need to
• 27:13
  Speaker 2: be distributed to you. So you have to consider that
• 27:16
  Speaker 2: as well. And so it's very and you know, I
• 27:19
  Speaker 2: like to just talk about let's say Apple. With Apple,
• 27:22
  Speaker 2: Apple is paying taxes at the business level and then
• 27:25
  Speaker 2: they distribute out the dividends to all of the shareholders.
• 27:28
  Speaker 2: The dividends then have to be reported on the personal
• 27:30
  Speaker 2: tax return and then from there you then have to
• 27:33
  Speaker 2: pay tax on it again. Right, So that's pretty much
• 27:35
  Speaker 2: how it works when you have a corporation, and a
• 27:38
  Speaker 2: lot of people will form corporations either if they're grossing
• 27:41
  Speaker 2: a lot of money or if it's a situation where
• 27:44
  Speaker 2: they may have investors or they want to go public.
• 27:48
  Speaker 2: Situations and scenarios like that will require you to be
• 27:51
  Speaker 2: operating as a as a corporation versus an LLC.
• 27:56
  Speaker 3: In an example that you just gave it, but the
• 27:58
  Speaker 3: dividend payment, what tax does that on? Does it matter
• 28:01
  Speaker 3: how long you held the position, is it short term
• 28:04
  Speaker 3: or is it like a flat tax?
• 28:05
  Speaker 5: Short term? Long term?
• 28:06
  Speaker 2: Short term and long term are taxed differently. So short
• 28:10
  Speaker 2: term capital gains mean in less than one year is
• 28:13
  Speaker 2: tax at your ordinary income tax rate. So just as
• 28:16
  Speaker 2: though you were working at a job, you have those
• 28:21
  Speaker 2: you based it's going to be based on a bracket. Right.
• 28:24
  Speaker 2: Long term it's also based on a bracket. However, the
• 28:27
  Speaker 2: brackets are much larger. So as an example, if you
• 28:30
  Speaker 2: are married filing joint and you have let's say marry
• 28:36
  Speaker 2: filing joint and you have long short term capital gains
• 28:41
  Speaker 2: from about zero to about forty thousand, you have like
• 28:47
  Speaker 2: zero capital gains in short term no sorry, ten percent
• 28:50
  Speaker 2: capital gains, but if you are married, filing joyed with
• 28:52
  Speaker 2: long term capital gains, and let's say you profited forty
• 28:55
  Speaker 2: thousand dollars, you would have no tax, no tax liability,
• 28:58
  Speaker 2: it would be zero. So the idea, as we always
• 29:01
  Speaker 2: talk about, is that the tax code is a series
• 29:03
  Speaker 2: of incentives. The government wants you to keep your money
• 29:06
  Speaker 2: in the stock market longer because it's driving the economy.
• 29:09
  Speaker 2: So therefore they're going to reward you having your your
• 29:13
  Speaker 2: money in sitting in the stock market a lot, you know,
• 29:16
  Speaker 2: a lot longer. So if you want to like be
• 29:18
  Speaker 2: in and out of trades on a daily then they're like, okay,
• 29:22
  Speaker 2: well that we're going to tax that as earned income.
• 29:25
  Speaker 2: So that's something to think about.
• 29:27
  Speaker 4: So all right, let's talk about the C corp escorp.
• 29:31
  Speaker 4: So the C corp you got to put yourself on salary, right, yeah.
• 29:34
  Speaker 2: Secorp you have to put yourself on salary as well
• 29:37
  Speaker 2: as an escort.
• 29:38
  Speaker 4: Okay, And so the benefit, the main benefit with the
• 29:41
  Speaker 4: C corp and the escorp as opposed to the LLC
• 29:43
  Speaker 4: is that you save money in taxes.
• 29:45
  Speaker 2: Correct, all right, So it depends it depends in the
• 29:48
  Speaker 2: C corp. So C corp you really start to save
• 29:51
  Speaker 2: on taxes. If you're making I want to say anything
• 29:55
  Speaker 2: over let's say like three or four hundred thousand dollars
• 29:58
  Speaker 2: right now, you are saving because what happens on the
• 30:02
  Speaker 2: individual side is that tax rate is that like forty percent.
• 30:06
  Speaker 2: So if I can just pay a flat rate of
• 30:08
  Speaker 2: let's say twenty one percent. It gets very complicated, right
• 30:11
  Speaker 2: with a with a corporation, But there are instances with
• 30:15
  Speaker 2: a corporation where you are saving significantly more if you
• 30:19
  Speaker 2: are profiting more because you know, with a corporation you
• 30:23
  Speaker 2: may have different things that you need to set money
• 30:25
  Speaker 2: aside for for future use, and it's it gets a
• 30:29
  Speaker 2: little complicated, more tax plan and stuff. But a corporation
• 30:34
  Speaker 2: out the gate unless you are I do have some
• 30:37
  Speaker 2: clients that start businesses and they are like, listen, I
• 30:39
  Speaker 2: have these big contracts waiting for me. But it may
• 30:42
  Speaker 2: make sense for you to either start out as an
• 30:44
  Speaker 2: LLC or an escort because you can always change, right
• 30:47
  Speaker 2: if you start out.
• 30:48
  Speaker 4: So as an LLC, you can always change.
• 30:49
  Speaker 2: If you are an LLC, you can always elect to
• 30:52
  Speaker 2: be taxed as an escort, or you can elect to
• 30:55
  Speaker 2: be taxed as a corporation.
• 30:56
  Speaker 4: What about a DBA. What's a DBA.
• 30:58
  Speaker 2: So a DBA just means that you're doing business as.
• 31:01
  Speaker 2: So that means if you, let's say you didn't register
• 31:03
  Speaker 2: your business and you wanted to just follow a DBA,
• 31:06
  Speaker 2: you're saying, all right, well, I'm operating a business and
• 31:08
  Speaker 2: this is what I'm doing business as. You also have
• 31:11
  Speaker 2: an option if you're an LLC. Two, sorry, if you're
• 31:15
  Speaker 2: an LLC, to say I said that my business name
• 31:19
  Speaker 2: is earned your Leisure, but we want to go by
• 31:21
  Speaker 2: assets over reliabilities, so we'll be doing business as assets
• 31:24
  Speaker 2: over reliability.
• 31:26
  Speaker 3: So in the LLC, now you said, the difference obviously
• 31:30
  Speaker 3: in the corpse as corpse corpse is yet you got
• 31:32
  Speaker 3: to pay yourself a salary. And so when you pay
• 31:34
  Speaker 3: yourself a salary, now that's when you can have set
• 31:36
  Speaker 3: by our ads and four one ks as opposed to LLC.
• 31:39
  Speaker 5: Is that correct or no?
• 31:40
  Speaker 2: No, yeah, you can have it in an LLC. So
• 31:45
  Speaker 2: let's just talk about s corpse because everyone loves escorpse now,
• 31:48
  Speaker 2: so let me just break ESEs corpse down a little bit.
• 31:52
  Speaker 2: So with an s corp, you do have two main requirements.
• 31:54
  Speaker 2: One is to pay yourself a salary and the others
• 31:56
  Speaker 2: to file your taxes every single year with pay yourself
• 32:00
  Speaker 2: a salary. What happens, as I mentioned before, you will
• 32:04
  Speaker 2: go you'll have Well, what I mentioned before with the
• 32:07
  Speaker 2: LLC is that you on one hundred thousand dollars, you
• 32:10
  Speaker 2: still have to worry about that self employment tax. With
• 32:12
  Speaker 2: an ES corp, you don't have to worry about the
• 32:15
  Speaker 2: self employment tax on your total profit. What happens is
• 32:19
  Speaker 2: self employment tax is really made up of Social Security
• 32:22
  Speaker 2: tax and Medicare tax. So when you are an employee,
• 32:26
  Speaker 2: if you look at your W two, you have Social
• 32:29
  Speaker 2: Security tax and Medicare tax. But when you are the employee,
• 32:35
  Speaker 2: you pay half and your employer pays tax. So you
• 32:37
  Speaker 2: guys are splitting it. But when you are the employer,
• 32:41
  Speaker 2: you're required you're responsible for paying one hundred percent. And
• 32:44
  Speaker 2: that's how we get to that fifteen point three percent, right.
• 32:47
  Speaker 2: And so now when you're an ES corp, your only
• 32:50
  Speaker 2: requirement is to pay yourself a salary. So when you
• 32:53
  Speaker 2: pay yourself a salary, you let's say, and let's say
• 32:57
  Speaker 2: it was one hundred thousand dollars profit, and you may say,
• 32:59
  Speaker 2: you know, well, I'm going to pay myself irs just
• 33:02
  Speaker 2: says that you have to pay yourself a reasonable salary.
• 33:05
  Speaker 2: It's not like a specific number or percentage. So let's
• 33:08
  Speaker 2: just say you say, you know what I'm going to
• 33:09
  Speaker 2: pay myself thirty five thousand dollars. You go from paying
• 33:12
  Speaker 2: that Social Security tax and Medicare tax on that whole
• 33:15
  Speaker 2: one hundred thousand as a LLC or a sole proprietorship
• 33:19
  Speaker 2: to only paying it on that thirty five thousand dollars
• 33:22
  Speaker 2: as an es CORP. So that's how you're able to save.
• 33:26
  Speaker 2: That's how you're able to save on the s CORP side.
• 33:29
  Speaker 4: So okay, so let's talk about registering a business. So
• 33:34
  Speaker 4: what is the process you have? Okay, you got the trademark,
• 33:40
  Speaker 4: what is the process of actually doing the business registration?
• 33:45
  Speaker 2: So the things that you want to make sure that
• 33:47
  Speaker 2: you have when you're registering your business is, again, you
• 33:50
  Speaker 2: want to make sure that you have your business name
• 33:52
  Speaker 2: on every state's website. They have a function for you
• 33:56
  Speaker 2: to check to see if your name is already taken,
• 34:00
  Speaker 2: so you want to make sure that you know your
• 34:02
  Speaker 2: name is available. So after determining if your name is available,
• 34:06
  Speaker 2: the things that you'll need to consider and think about
• 34:09
  Speaker 2: is your address right, Like, so that's one thing. What
• 34:12
  Speaker 2: is going to be your business address along with your name.
• 34:15
  Speaker 2: Another way to get denied for funding is the address.
• 34:19
  Speaker 2: So if you're putting your personal home address as your
• 34:23
  Speaker 2: business address, there's instances where lenders will deny you because
• 34:29
  Speaker 2: they're going to do a quick search and your house
• 34:31
  Speaker 2: is going to pop up on Google Maps, right, and
• 34:33
  Speaker 2: so that has to be considered. What's going to be
• 34:36
  Speaker 2: your business address? I suggest getting a virtual address if
• 34:39
  Speaker 2: you do not have an address. Virtual addresses are perfect
• 34:44
  Speaker 2: and you can utilize them in so many different ways.
• 34:47
  Speaker 2: Like when I first started my company, I was working
• 34:50
  Speaker 2: from home and I had a virtual address. It was
• 34:52
  Speaker 2: on Fifth Avenue. I had to you get an option
• 34:54
  Speaker 2: to choose, so I was like, oh, put me on
• 34:56
  Speaker 2: Fifth Avenue in the city. And so I'm in this
• 34:58
  Speaker 2: big high rise in mahaees and in the city. And
• 35:01
  Speaker 2: then they also with virtual offices, they'll have different options.
• 35:05
  Speaker 2: So they'll have one option where they can you can
• 35:09
  Speaker 2: just use their address, or they have other options where
• 35:11
  Speaker 2: they can act as like your receptionists, so they'll pick
• 35:14
  Speaker 2: up the phone and they'll, you know, just say hi,
• 35:18
  Speaker 2: Brock's Alliance, right, And so people were like, oh, can
• 35:21
  Speaker 2: I speak to Shiquana and then they'll transfer it to
• 35:22
  Speaker 2: my cell phone. Right, So nobody knew, but I needed
• 35:26
  Speaker 2: that virtual address when I first started, when I was
• 35:28
  Speaker 2: registering in my business, because I knew going into it
• 35:31
  Speaker 2: I wanted to build business credit. And so because I
• 35:34
  Speaker 2: knew that I wanted to build business credit, I had
• 35:36
  Speaker 2: to make sure that I, you know, did all the
• 35:39
  Speaker 2: things that I needed to do, and one of those
• 35:41
  Speaker 2: was making sure that I wasn't using my home address.
• 35:45
  Speaker 2: So that's the next thing that you have to think about.
• 35:47
  Speaker 2: After that, you have to think about who is going
• 35:49
  Speaker 2: to act as your registered agent. As a register register
• 35:53
  Speaker 2: agent just pretty much means who's going to be served?
• 35:55
  Speaker 2: If somebody comes to sue you, who's going to be served?
• 35:58
  Speaker 2: And you have to think about with a registered agent,
• 36:02
  Speaker 2: there are requirements. The space needs to be opened during
• 36:05
  Speaker 2: regular business hours, There needs to be somebody that they
• 36:08
  Speaker 2: could technically come and serve, and so you have to
• 36:11
  Speaker 2: think about that are you are you and your do
• 36:13
  Speaker 2: you want people rolling up to your home address to
• 36:16
  Speaker 2: serve you? And you have to think about that all
• 36:19
  Speaker 2: of this information is public, right, and so you may
• 36:23
  Speaker 2: not want the entire world to be able to you know,
• 36:26
  Speaker 2: see you know where you live, and depending on the state,
• 36:29
  Speaker 2: not all states, they'll make your address public, but the
• 36:32
  Speaker 2: registered agent address is public, so you have to think
• 36:37
  Speaker 2: about that, right so with the registered agent. So with
• 36:40
  Speaker 2: the registered agent address, you have to think about do
• 36:43
  Speaker 2: you want to be the you know, the registered agent
• 36:45
  Speaker 2: or do you want to hire a registered agent right
• 36:48
  Speaker 2: to to get served on your behalf. Keep in mind, no,
• 36:52
  Speaker 2: you do not need to be there. If you put
• 36:54
  Speaker 2: them down as your registered agent and someone comes to
• 36:56
  Speaker 2: serve you, then they are still serving you because that's
• 36:59
  Speaker 2: who you put down as your register agent. And outside
• 37:03
  Speaker 2: of that, it's just really your name, your business address,
• 37:06
  Speaker 2: your register agent. Make sure you fil you know, you
• 37:09
  Speaker 2: have to pay filing fees, and most states ninety percent
• 37:14
  Speaker 2: of them, you can do this all electronically, some dates.
• 37:17
  Speaker 2: Most some states have like you know, a waiting process.
• 37:20
  Speaker 2: Other states that it's automatic. But the ideas that you
• 37:24
  Speaker 2: can do it online. It's not like somewhere that you
• 37:28
  Speaker 2: have to go to to get it done.
• 37:30
  Speaker 3: One of the things you said inside of creating that
• 37:31
  Speaker 3: that business, we got the name, but you said to
• 37:33
  Speaker 3: operating agreement is one of those things that you have
• 37:35
  Speaker 3: to have. So I want to make sure everybody understands,
• 37:38
  Speaker 3: like what needs to be inside of the operating agreement
• 37:40
  Speaker 3: when it is created?
• 37:41
  Speaker 2: What really okay? Yes, so after you register your business,
• 37:46
  Speaker 2: then you have your EI in. Now you have to
• 37:47
  Speaker 2: think about those supporting documents, those documents that's going to
• 37:52
  Speaker 2: dictate what happens in the business. Again, there has to
• 37:56
  Speaker 2: be a lot of thought put into a business before
• 38:00
  Speaker 2: for the business starts, and most people don't do this.
• 38:03
  Speaker 2: So in an operating agreement, it's to make it very simple.
• 38:07
  Speaker 2: It's the rules of the business. This is where you
• 38:10
  Speaker 2: detail out if there's multiple owners who, what ownership percentage
• 38:16
  Speaker 2: each member has, how will the profits be split, who's responsible,
• 38:21
  Speaker 2: who is the operating manager of the business, who has
• 38:26
  Speaker 2: access to the bank. Because when sometimes most of the
• 38:29
  Speaker 2: time if it's just one person, it's two people, they'll say, okay,
• 38:31
  Speaker 2: everyone has access to the bank, and that's fine, But
• 38:34
  Speaker 2: what if you had a silent partner and they didn't
• 38:36
  Speaker 2: necessarily need access to the bank. You have to detail
• 38:39
  Speaker 2: all of these things out and so really establishing at
• 38:43
  Speaker 2: what point are you going to share those profits at you?
• 38:47
  Speaker 2: Is it a specific date, is it at a specific time.
• 38:50
  Speaker 2: Do you want to create a lock up period meaning
• 38:52
  Speaker 2: that you all can't touch the money at all up
• 38:56
  Speaker 2: until a certain period. Who's going to be responsible for
• 38:59
  Speaker 2: distributing out these funds? All of those things have to
• 39:02
  Speaker 2: be detailed out. And I like to say when you
• 39:04
  Speaker 2: are kind of walking through your business plan and you're
• 39:07
  Speaker 2: thinking about it, because everyone should have a business plan,
• 39:11
  Speaker 2: but you know, and so when you yes, so when
• 39:15
  Speaker 2: you are walking through your business plan, you have to
• 39:18
  Speaker 2: think about who's going to be responsible for this? Who's
• 39:21
  Speaker 2: going to be responsible? You know, like who's your accountant?
• 39:24
  Speaker 2: Do you have someone in your business like it is
• 39:27
  Speaker 2: you know one of your partners. Are they really good
• 39:29
  Speaker 2: at bookkeeping? Are you going to hire someone that's doing bookkeeping?
• 39:31
  Speaker 2: Are they going? Is that a part of their role?
• 39:34
  Speaker 2: Because what a lot of people don't know is let's
• 39:36
  Speaker 2: say someone brings me into their business and they say,
• 39:39
  Speaker 2: you know, what's business. I just want you to like,
• 39:42
  Speaker 2: I I love your brand. I just want your brand
• 39:46
  Speaker 2: to be associated with this business. And I also just
• 39:48
  Speaker 2: want you to do that accounting. But then down the
• 39:52
  Speaker 2: line you sit me down and you're like, yeah, I
• 39:54
  Speaker 2: want you to do marketing and I want you to
• 39:56
  Speaker 2: work in a store too. That's out of the scope
• 39:59
  Speaker 2: on what's and I will operate an agreement that I
• 40:01
  Speaker 2: agree to. Now, in theory, yes is my business. I
• 40:04
  Speaker 2: should go as hard you know. However, you can also say,
• 40:08
  Speaker 2: all right, well as a business, I mean, that's not
• 40:11
  Speaker 2: what I signed up for for this business. So I
• 40:14
  Speaker 2: want to be paid additional. That's what's called guarantee payments.
• 40:17
  Speaker 2: So with those guarantee payments that you're saying, okay, well,
• 40:20
  Speaker 2: I'm going like I'm going to be paid out of
• 40:22
  Speaker 2: the business. Yes, I'm an owner, but I'm going to
• 40:24
  Speaker 2: be paid additionally before you know, these additional services, and
• 40:30
  Speaker 2: so you have to think about up front who's doing
• 40:35
  Speaker 2: what and who is responsible for what, especially in partnerships
• 40:39
  Speaker 2: and when it's just you, it's cool. Everything falls on you, right,
• 40:42
  Speaker 2: you don't have anyone to answer to. But when you
• 40:45
  Speaker 2: start needing to answer questions and you're being checked by people,
• 40:50
  Speaker 2: it's good to be able to say, no, this is
• 40:52
  Speaker 2: the rules, this is what we said, this is what
• 40:54
  Speaker 2: we agreed on. Because people are emotional, right, So people
• 41:01
  Speaker 2: are emotional and emotions in business do not mix. So
• 41:06
  Speaker 2: they may say, oh, well, I'm gonna buying. I need
• 41:09
  Speaker 2: some money, so I want to take out some money
• 41:11
  Speaker 2: from the business. No, no, we said that the money
• 41:14
  Speaker 2: was locked up. It's a lock up. Nobody's taking any
• 41:17
  Speaker 2: distributions for the first two years. That now makes it
• 41:20
  Speaker 2: a personal problem and not a business problem. And we
• 41:22
  Speaker 2: agreed on this, you know. And so I see a
• 41:25
  Speaker 2: lot of partnerships dissolve a lot because no one took
• 41:29
  Speaker 2: the time to say what the rules were in the beginning.
• 41:34
  Speaker 4: Exc So as far as the EI in, you go
• 41:37
  Speaker 4: on the government's website, you set the EI in up
• 41:40
  Speaker 4: and that's like same day turnaround, right.
• 41:42
  Speaker 2: Yeah, same day turnaround. So there's.
• 41:46
  Speaker 5: Earners. What's up?
• 41:47
  Speaker 3: You ever walk into a small business and everything just
• 41:50
  Speaker 3: works like the checkout is fast, the receipts are digital,
• 41:54
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• 41:56
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• 42:01
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• 42:02
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• 42:21
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• 42:24
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• 42:28
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• 44:35
  Speaker 2: There's two different ways you can apply for it. One
• 44:38
  Speaker 2: is manually filling out a form and then faxing it
• 44:42
  Speaker 2: over or mailing it over. Some people only have that
• 44:45
  Speaker 2: option because sometimes keep in mind you have to make
• 44:49
  Speaker 2: sure that your name in social matches the IRS record.
• 44:53
  Speaker 2: So sometimes you're you are able to file it electronically
• 44:57
  Speaker 2: and that's like same day, you'll get your EI in,
• 45:00
  Speaker 2: same exact day. However, sometimes there will be an error
• 45:03
  Speaker 2: message because you're let's say someone got married and the
• 45:08
  Speaker 2: IRS may only have your you know, your maiden name
• 45:11
  Speaker 2: and then you know you You now are trying to
• 45:13
  Speaker 2: tell them that you know this is another name. They're like, Nope,
• 45:16
  Speaker 2: that doesn't match our records, and now you have to
• 45:18
  Speaker 2: like mail it in. So ninety percent of the time
• 45:21
  Speaker 2: with my experience, people are able to do it electronically,
• 45:24
  Speaker 2: but sometimes you will have to complete that SS four
• 45:27
  Speaker 2: form and send it.
• 45:28
  Speaker 4: In and then all right, so once you get the
• 45:30
  Speaker 4: EI in number, now you can set the bank account up.
• 45:33
  Speaker 4: You can't set the bank account up until you have
• 45:34
  Speaker 4: the e.
• 45:35
  Speaker 2: In right, the EI in and your articles, so those
• 45:37
  Speaker 2: are the and sometimes you're operating agreement. So some banks
• 45:40
  Speaker 2: will require you to have your operating agreement, your ei
• 45:43
  Speaker 2: in as well as your articles of organization or in
• 45:47
  Speaker 2: corporation if you're a corporation.
• 45:48
  Speaker 3: Now, if you do it by yourself, that's fine, but
• 45:50
  Speaker 3: if you have partner's day also need to be with
• 45:53
  Speaker 3: you at the bank to do.
• 45:54
  Speaker 2: This, not necessarily not all banks, and so that's important
• 45:58
  Speaker 2: as well, just getting the communitycation to find out what
• 46:01
  Speaker 2: the bank is looking for. So sometimes banks will allow
• 46:05
  Speaker 2: just one of the partners to open up the bank
• 46:08
  Speaker 2: account and then you can list out who else has
• 46:10
  Speaker 2: sign an authority. But that's the thing. Banks will require
• 46:15
  Speaker 2: your partners to sign, like who has signed an authority
• 46:19
  Speaker 2: on the bank account. But in terms of opening up
• 46:21
  Speaker 2: the bank account, depending on the bank, most of the
• 46:24
  Speaker 2: time one person can go in and do it.
• 46:26
  Speaker 4: So since we're on topic of banks, so a it's
• 46:29
  Speaker 4: extremely important right for you to have money coming in
• 46:33
  Speaker 4: and out of the business bank account. That's the whole
• 46:36
  Speaker 4: point setting up a lot of times people running businesses
• 46:38
  Speaker 4: and they just putting the money in their personal account,
• 46:40
  Speaker 4: taking money out of their personal account, mingling why why
• 46:45
  Speaker 4: why should they never do that?
• 46:46
  Speaker 2: Okay, so you shouldn't do that because now you have
• 46:49
  Speaker 2: to realize you have established this business. You now have
• 46:53
  Speaker 2: an EI in that's a whole separate entity. You have
• 46:55
  Speaker 2: to treat it as that's that's like your friend. You
• 46:58
  Speaker 2: wouldn't come and pay your friends bills. You wouldn't your
• 47:01
  Speaker 2: friend wouldn't deposit all their money into your bank account.
• 47:04
  Speaker 2: You have to treat your business as a separate entity,
• 47:07
  Speaker 2: and so that's the first thing. First thing is just legally,
• 47:10
  Speaker 2: you're just not supposed to do it right. It's like
• 47:13
  Speaker 2: at the end of the year, I have so many
• 47:15
  Speaker 2: people who will say, yeah, I have an LLC and
• 47:16
  Speaker 2: I have a bank account, but I don't use it
• 47:18
  Speaker 2: and I ran everything under my person or I'm like, okay,
• 47:21
  Speaker 2: well you were operating as a soul proprietorship. Because if
• 47:24
  Speaker 2: in the event you're audited, the IRS is going to
• 47:27
  Speaker 2: want to see your bank statements. And if you have
• 47:29
  Speaker 2: no money coming in the bank statements, you have no expenses,
• 47:34
  Speaker 2: what did you report? Where did this money come from?
• 47:37
  Speaker 2: So now you're opening up a whole new can of worms,
• 47:40
  Speaker 2: because now they want to understand where's this money that
• 47:43
  Speaker 2: you're reporting. Are you making this up and you don't
• 47:46
  Speaker 2: have any indication of your other business or you receiving money.
• 47:49
  Speaker 2: So now that is important, and I stress it so
• 47:53
  Speaker 2: much to clients, but it is hard. It's a transition,
• 47:57
  Speaker 2: and I think that it's something that people just have
• 47:59
  Speaker 2: to be cognizan enough. When you start this business, you
• 48:03
  Speaker 2: have to open up your business bank account and utilize
• 48:06
  Speaker 2: your business. If it's a situation where a lot of
• 48:09
  Speaker 2: people have an issue at is they're like, all right,
• 48:12
  Speaker 2: well I open up this business bank account, but my
• 48:15
  Speaker 2: business isn't making any money, So how am I supposed
• 48:17
  Speaker 2: to buy supplies or how am I supposed to actually
• 48:20
  Speaker 2: pay for things? If I can't use my personal only
• 48:23
  Speaker 2: thing you have to do is take money, transfer it
• 48:25
  Speaker 2: from your personal over to your business. That's not considered income.
• 48:29
  Speaker 2: It's just considered a capital contribution and to your business.
• 48:32
  Speaker 2: And you then need to pay for all of your
• 48:35
  Speaker 2: expenses out of your business account.
• 48:37
  Speaker 4: What a debit card, So make sure you get a
• 48:39
  Speaker 4: business debit card.
• 48:40
  Speaker 2: Business debit card, credit card, or a credit card a
• 48:43
  Speaker 2: business credit card as well. And so that is also
• 48:46
  Speaker 2: a thing where people are like, oh my god, well
• 48:49
  Speaker 2: I just started this business and I don't have any
• 48:52
  Speaker 2: business credit and they're not going to approve me. So
• 48:54
  Speaker 2: that's not true. You can, especially with the bank that
• 48:57
  Speaker 2: you're opening up the business bank account with, you can ask, hey,
• 49:00
  Speaker 2: I want to apply for a credit card. They may
• 49:02
  Speaker 2: use your credit your personal credit to like as a
• 49:06
  Speaker 2: personal guarantee to make sure. But if you have good
• 49:10
  Speaker 2: personal credit, you can get approved or a business credit card.
• 49:13
  Speaker 2: And just keep in mind that business credit card on
• 49:16
  Speaker 2: a monthly basis is not going to report to your
• 49:19
  Speaker 2: personal to your personal report. It's only going to report
• 49:23
  Speaker 2: to the business report. Right, So it's kind of like
• 49:25
  Speaker 2: using your personal credit as leverage to then build your
• 49:28
  Speaker 2: business credit.
• 49:29
  Speaker 3: So it's one of the things you said is a
• 49:31
  Speaker 3: foundation of your businesses bookkeeping, And now that we're talking
• 49:33
  Speaker 3: about bank acount and keeping records, I think probably that's
• 49:36
  Speaker 3: the best way to do it right.
• 49:37
  Speaker 5: And so what are some ways we can.
• 49:39
  Speaker 3: Track our books or create our books and why is
• 49:43
  Speaker 3: it the foundation of the business?
• 49:44
  Speaker 2: Bookkeeping is the foundation of a business. It is the
• 49:52
  Speaker 2: most looked over process in a business. Most people do
• 49:57
  Speaker 2: not understand that you have to have bookkeeping in place
• 50:00
  Speaker 2: in order to understand what money is coming in, what
• 50:02
  Speaker 2: money is going out. Some people have multiple streams of income.
• 50:06
  Speaker 2: One stream is just paying for the other stream. They're
• 50:08
  Speaker 2: not necessarily understanding what's how they're profiting, what's doing good,
• 50:14
  Speaker 2: Which months were they doing better and then another month,
• 50:18
  Speaker 2: why were they doing better in that particular month, and
• 50:21
  Speaker 2: so bookkeeping is really the foundation and for twenty twenty two,
• 50:27
  Speaker 2: if you have a business, you will have a bookkeeping
• 50:30
  Speaker 2: processes in place. Right, can you guys tell them that
• 50:34
  Speaker 2: they need to have bookkeeping right?
• 50:37
  Speaker 3: Vitally important, violently important, Like you want to know where
• 50:40
  Speaker 3: your money is? Like you want I remember, like like
• 50:43
  Speaker 3: fifteen years ago, I would go out with him and
• 50:45
  Speaker 3: he would like we go out to dinnity, like, give me.
• 50:47
  Speaker 5: To receipt, give me receipt, give me receipting. I'm like, yo, why.
• 50:50
  Speaker 3: And I realized later like he was tracking his books.
• 50:53
  Speaker 3: He's like, yo, this is this is my dinner. I'm
• 50:54
  Speaker 3: taking this. I'm keeping books on myself. I'm like, oh,
• 50:57
  Speaker 3: that's what he's doing. He's doing his own bookkeeping. Because
• 50:59
  Speaker 3: you need to know where the money's going.
• 51:01
  Speaker 2: You need to understand where the money is going. And
• 51:04
  Speaker 2: again that it is so overlooked and no one is
• 51:07
  Speaker 2: thinking about I need to tell I mean, I need
• 51:10
  Speaker 2: to understand where my money is, Like how much money
• 51:13
  Speaker 2: is coming in? Are you operate? You do not understand?
• 51:16
  Speaker 2: How many people I point out, I'm like, you know
• 51:18
  Speaker 2: you're doing business for free. You cannot afford to quit
• 51:21
  Speaker 2: your job and then do business for free. So many
• 51:25
  Speaker 2: people don't.
• 51:25
  Speaker 4: Understand that's a fact. Yeah, that's a fact. But the
• 51:28
  Speaker 4: thing about it this year, when he's referring to like
• 51:30
  Speaker 4: years ago I had, I used to keep white envelopes
• 51:33
  Speaker 4: and I used to label them like meals, travel equipment.
• 51:39
  Speaker 4: It's like seven different things that you can take deductions
• 51:42
  Speaker 4: off of it. I would keep all my receipts and
• 51:44
  Speaker 4: then I would put the receipts in each envelope that
• 51:48
  Speaker 4: it fit, and then at the end of the year,
• 51:50
  Speaker 4: I would meticulously. It took me forever, but I would
• 51:54
  Speaker 4: go through every single one and track it and be like,
• 51:56
  Speaker 4: all right, I spent five thousand dollars on food, and
• 51:59
  Speaker 4: even then that was my deductions for the year. So
• 52:02
  Speaker 4: that was a manual.
• 52:03
  Speaker 2: Obviously, the manual process that we don't have to do anymore.
• 52:07
  Speaker 2: So I mean, listen, different things work for different people, right. However,
• 52:11
  Speaker 2: now we have so much technology, so I use quick
• 52:15
  Speaker 2: books with my clients. So quick books has different different
• 52:20
  Speaker 2: levels of you may have self employed. As more complex
• 52:24
  Speaker 2: as your business becomes, you have different options. I suggest
• 52:29
  Speaker 2: getting like quick books, QuickBooks essentials at minimum, because when
• 52:34
  Speaker 2: you have quick books, it does a few things. One,
• 52:36
  Speaker 2: you're able to sink your bank accounts, so now it's
• 52:39
  Speaker 2: not a situation where your business bank account not your
• 52:42
  Speaker 2: personal I have so many people that come to me
• 52:44
  Speaker 2: and their personal accounts are connected, personal credit cards are connected,
• 52:48
  Speaker 2: their husband's accounts. I'm like, why is all this stuff
• 52:51
  Speaker 2: in your business account? This is not business right, and
• 52:54
  Speaker 2: so your business account should be connected to QuickBooks. What
• 52:58
  Speaker 2: happens is that your transactions automatically sinking. You then go
• 53:02
  Speaker 2: in and then you categorize all of your expenses, saying, okay,
• 53:06
  Speaker 2: this went here. You know this is meals, this is travel,
• 53:10
  Speaker 2: this was supplies, this was repairs, and then what other
• 53:14
  Speaker 2: feature QuickBooks have that I love Because I'm bad. I'm
• 53:17
  Speaker 2: not as organized as Rashad is with his envelopes. So
• 53:22
  Speaker 2: for me, I have receipts everywhere. They're in my purse,
• 53:26
  Speaker 2: in my pocket, it they're everywhere. So to for a
• 53:30
  Speaker 2: solution for that, I started taking pictures of my receipts,
• 53:33
  Speaker 2: because even if you hold onto receipts, receipts crumble, they fade,
• 53:37
  Speaker 2: and I feel like that's like I felt set up.
• 53:40
  Speaker 2: I'm like, well, I kept my GUS receipt but it's
• 53:44
  Speaker 2: nothing on this receipt. And so what I started doing
• 53:47
  Speaker 2: was taking pictures of the receipts, and quick books allows
• 53:50
  Speaker 2: you to attach the receipt to the transaction, so now
• 53:56
  Speaker 2: you don't have to worry about, you know, keeping anything
• 54:00
  Speaker 2: like on hand, and now it can be like a
• 54:02
  Speaker 2: total like virtual process. And so it's just like a
• 54:05
  Speaker 2: total virtual process, and it does make a difference. While
• 54:09
  Speaker 2: I have some clients who try to, you know, do
• 54:11
  Speaker 2: it Excel, and that's fine, whatever works for you, I
• 54:14
  Speaker 2: don't recommend it because as a business owner, you have
• 54:17
  Speaker 2: enough hats to wear. The last thing that you need
• 54:20
  Speaker 2: to do is come in every day to say this
• 54:23
  Speaker 2: money came in. I spent this money on something that's
• 54:26
  Speaker 2: already being recorded in your bank account anyway. So you
• 54:30
  Speaker 2: have to get a system in place, and that's important.
• 54:33
  Speaker 2: So bookkeeping is the foundation I tell clients, and I
• 54:37
  Speaker 2: go back to it all the time, because even when
• 54:39
  Speaker 2: it comes to filing your taxes, people don't understand that
• 54:42
  Speaker 2: bookkeeping is really a requirement. They don't look at it
• 54:45
  Speaker 2: as a requirement because the irs isn't explicitly saying you
• 54:49
  Speaker 2: need bookkeeping. But what happens when you're audited, they need
• 54:52
  Speaker 2: the following things. They're going to ask you for your
• 54:55
  Speaker 2: bank statements. You cannot just provide receipts alone. Cannot just
• 55:00
  Speaker 2: provide bank statements alone. So what they're going to look
• 55:03
  Speaker 2: for is your bank statements. They're gonna want receipts, they're
• 55:07
  Speaker 2: also gonna want your general ledger and your trial balance.
• 55:10
  Speaker 2: In what your general ledger and trial balance is, which
• 55:12
  Speaker 2: if you have quick books, it'll be an easy download
• 55:15
  Speaker 2: for you. Your general ledger is pretty much your detail
• 55:19
  Speaker 2: of your transactions. So let's say if you say, you
• 55:21
  Speaker 2: know what, I had ten thousand dollars of travel, that's
• 55:25
  Speaker 2: gonna show that one line item shows up on your
• 55:28
  Speaker 2: trial balance travel, but said ten thousand dollars ten thousand dollars.
• 55:32
  Speaker 2: Now in your general ledger, that's going to show all
• 55:35
  Speaker 2: of the like what makes up that ten thousand dollars,
• 55:38
  Speaker 2: So the hotels, the flights, the meals while you were there,
• 55:43
  Speaker 2: and so you have to think about it's really a
• 55:47
  Speaker 2: requirement because if you're audited, the iris want all of
• 55:50
  Speaker 2: those things. They want to know what made up that
• 55:53
  Speaker 2: line item You reported it on your tech you reported
• 55:55
  Speaker 2: ten thousand dollars of travel, what makes that up. Okay, cool,
• 55:59
  Speaker 2: you said you had some hotels, you had some flights, Okay,
• 56:02
  Speaker 2: where does that show up on your bank statement? You
• 56:05
  Speaker 2: said the flight was seven hundred dollars. What does the
• 56:08
  Speaker 2: seven hundred dollars show up on your bank statement? Okay, cool,
• 56:10
  Speaker 2: it's showed up on your bank statement. Still not enough.
• 56:13
  Speaker 2: We still need to see the receipt, right, So you
• 56:16
  Speaker 2: need all of those things. And then a step further.
• 56:20
  Speaker 2: It provides insight. You don't really know, as I mentioned,
• 56:24
  Speaker 2: where you're profiting. You know what's your profit margin, if
• 56:27
  Speaker 2: you're doing business for free, if you need to increase
• 56:30
  Speaker 2: your prices, you don't have that insight without having those numbers.
• 56:34
  Speaker 2: And then final step, I can't text plan for clients
• 56:37
  Speaker 2: that do not have bookkeeping because if I don't, if
• 56:41
  Speaker 2: you don't know where you are, I can't help you
• 56:43
  Speaker 2: because I can't tell you what adjustments need to be
• 56:46
  Speaker 2: made because you don't know where you are. So without
• 56:49
  Speaker 2: having that foundation, it's like it's so bad for your business.
• 56:53
  Speaker 3: Word Otherwise I would say, if you're on quick books,
• 56:56
  Speaker 3: if you're not check every month, right, because yeah, when
• 56:59
  Speaker 3: it gets to like no November and you're looking at
• 57:01
  Speaker 3: uncategorized purchases in February, it's going to be tough to remember,
• 57:05
  Speaker 3: so I would suggest looking every month.
• 57:07
  Speaker 5: Also, go through your pictures. That helps a lot.
• 57:10
  Speaker 3: So like if you go through your pictures and you're like, wait,
• 57:12
  Speaker 3: February fifth, where was I Oh wait, I was.
• 57:14
  Speaker 5: Here, I was in Miami. Oh we had dinner, it
• 57:16
  Speaker 5: kind of helps you with that as well.
• 57:17
  Speaker 2: Okay, that's your strategy. That's how you answer those uncategorized transactions.
• 57:21
  Speaker 3: For me, exactly, yeah, but it helps because like, oh,
• 57:26
  Speaker 3: wait that we were there. Now I can explain this purse.
• 57:28
  Speaker 3: This makes sense, So it falls in line.
• 57:29
  Speaker 5: So at what.
• 57:30
  Speaker 2: Point strategy should we be thank you?
• 57:33
  Speaker 6: Oh?
• 57:33
  Speaker 3: At what point should we say, you know, I can
• 57:35
  Speaker 3: do this myself. I need to hire somebody to do
• 57:37
  Speaker 3: my quick books.
• 57:39
  Speaker 2: Two things that you have to consider. You have to
• 57:41
  Speaker 2: consider your capacity and you have to understand the person
• 57:44
  Speaker 2: that you are. So what I mean by that is
• 57:47
  Speaker 2: what is your capacity? When you first start out in
• 57:51
  Speaker 2: your business, you are going to be wearing nine million
• 57:54
  Speaker 2: different hats. So you are in marketing, you are in finance,
• 57:57
  Speaker 2: you are the CEO, You're in product, you're in shipping,
• 58:01
  Speaker 2: you you're everywhere, right, and so you have to consider
• 58:04
  Speaker 2: as your business starts and it grows, what stays with
• 58:08
  Speaker 2: you versus what you can outsource. Because where you put
• 58:12
  Speaker 2: your energy, that's where it's going to pretty much flow.
• 58:16
  Speaker 2: And so if you're putting your energy into bookkeeping, your
• 58:18
  Speaker 2: finances may be right, but guess what your marketing may
• 58:21
  Speaker 2: not be or your you know, the operations of the
• 58:23
  Speaker 2: business may not be. So you have to understand what's
• 58:26
  Speaker 2: pulling you away. And people underestimate bookkeeping in terms of
• 58:31
  Speaker 2: the amount of time that it takes in order to
• 58:34
  Speaker 2: be organized, and so it's so important to just consider that. Right,
• 58:42
  Speaker 2: first thing you have to consider is Okay, do I
• 58:46
  Speaker 2: need to be doing this or should I be hiring
• 58:47
  Speaker 2: somebody to do this?
• 58:48
  Speaker 5: Right I get the email, I'm thinking.
• 58:49
  Speaker 4: That, yes, let's let's switch topics for a minute, because
• 58:57
  Speaker 4: this is something that a lot of people will want
• 58:58
  Speaker 4: to know. How to buy assets in your business name?
• 59:03
  Speaker 4: What's what's the deal with that?
• 59:05
  Speaker 2: So buying assets in your business name, you have to
• 59:10
  Speaker 2: make sure. So first thing that you need in order
• 59:12
  Speaker 2: to buy assets in your business name is a business
• 59:14
  Speaker 2: bank account, right foundation, And this is what I am
• 59:18
  Speaker 2: stressing going forward. I used to be so nice like,
• 59:22
  Speaker 2: oh no, you know, made people feel like it was
• 59:24
  Speaker 2: an option. It's not an option. If you're gonna thrive
• 59:26
  Speaker 2: and you're gonna make this decision to be a business owner,
• 59:28
  Speaker 2: you have to do what you need to do. So now,
• 59:32
  Speaker 2: buying business in your I mean buying assets in your
• 59:34
  Speaker 2: business name is it's amazing, right, And I love it
• 59:38
  Speaker 2: because it's more so shifting what would typically be a
• 59:41
  Speaker 2: personal expense and then shifting it over into your business.
• 59:46
  Speaker 2: And so whenever you have not whenever, but most of
• 59:48
  Speaker 2: the time, when you have an asset, you have some
• 59:51
  Speaker 2: sort of you know, interest, because you have a loan,
• 59:55
  Speaker 2: you can if it's personal, let's just use a Let's
• 59:58
  Speaker 2: use a vehicle, right, because everyone loves to write off
• 1:00:02
  Speaker 2: your vehicles. Jay, Remember they remember the six thousand pound roll,
• 1:00:06
  Speaker 2: right that was actually about a year ago. All right,
• 1:00:10
  Speaker 2: So let's talk about a vehicle. Typically, it will be
• 1:00:13
  Speaker 2: your personal vehicle. You'll be paying your cardinal or your lease,
• 1:00:16
  Speaker 2: your insurance, your registration, your repairs, your maintenance, everything. If
• 1:00:21
  Speaker 2: you're paying it on your personal side, it would just
• 1:00:23
  Speaker 2: be coming out of your personal checking account or credit card.
• 1:00:28
  Speaker 2: But if it's a now, a business expense. What happens
• 1:00:32
  Speaker 2: is that now you're able to write those things off,
• 1:00:35
  Speaker 2: and so everyone wants to do it. But now let's
• 1:00:38
  Speaker 2: talk about how you can do it. So the first
• 1:00:40
  Speaker 2: thing that you want to make sure of is that
• 1:00:42
  Speaker 2: you have your business bank account because lenders, again, when
• 1:00:46
  Speaker 2: you go to a lender, the only thing they want
• 1:00:48
  Speaker 2: to know is how are you going to pay them back?
• 1:00:52
  Speaker 2: So they want to make sure that you have money
• 1:00:54
  Speaker 2: coming into your account. They want to make sure that
• 1:00:57
  Speaker 2: you have money going out of your account, right, and
• 1:00:59
  Speaker 2: then not make sure that you have money going out
• 1:01:02
  Speaker 2: of you account, but see what you're spending money on
• 1:01:04
  Speaker 2: when it's going out of your account, and so that's
• 1:01:07
  Speaker 2: pretty much their way to analyze what's happening. Another thing
• 1:01:10
  Speaker 2: that they are going to want to see are your taxes,
• 1:01:13
  Speaker 2: so they want to make sure that you can again
• 1:01:16
  Speaker 2: afford to pay them back. So what exactly did you report?
• 1:01:20
  Speaker 2: They will also want to see a current profit and
• 1:01:23
  Speaker 2: lost statement. So let's just say right now, it's January
• 1:01:27
  Speaker 2: twenty twenty two. The last tax return that was filed
• 1:01:31
  Speaker 2: was twenty twenty, Right, we're gearing up to file twenty
• 1:01:33
  Speaker 2: twenty one. You may say to them hey, yeah, I
• 1:01:36
  Speaker 2: have my twenty twenty taxes. They're gonna say, okay, well
• 1:01:39
  Speaker 2: I need a profit and loss bookkeeping. I need a
• 1:01:42
  Speaker 2: profit and loss statement and a balance sheet. So that way, yeah,
• 1:01:46
  Speaker 2: so that way they want to see those financials, So
• 1:01:49
  Speaker 2: that way they can see what activity happen in twenty
• 1:01:52
  Speaker 2: twenty one, because they still need to make sure that
• 1:01:55
  Speaker 2: you didn't dissolve the business or you know, for whatever reason,
• 1:01:58
  Speaker 2: it isn't operating this same and so they're going to
• 1:02:01
  Speaker 2: pretty much want an update. So those things are going
• 1:02:03
  Speaker 2: to be extremely important in some cases, when you are
• 1:02:08
  Speaker 2: buying an asset in your business name, you also want
• 1:02:10
  Speaker 2: to consider the You also want to consider if you
• 1:02:15
  Speaker 2: have to be like a personal guarantee I'm sorry, personal
• 1:02:18
  Speaker 2: guaranteur to the loan or if it's something you know
• 1:02:21
  Speaker 2: your business can handle it. And so you have to
• 1:02:24
  Speaker 2: think about all those things. And that's pretty much the
• 1:02:25
  Speaker 2: things that you're gonna they're gonna look at.
• 1:02:28
  Speaker 3: So, I mean, when you have to be a personal guarantee,
• 1:02:30
  Speaker 3: that has to do with how old or how long you've.
• 1:02:32
  Speaker 5: Been in business.
• 1:02:33
  Speaker 3: Right, So, at one point, because a lot of people saying,
• 1:02:35
  Speaker 3: you know what, I heard that rule I got a business,
• 1:02:37
  Speaker 3: I just opened it.
• 1:02:38
  Speaker 5: I'm gonna go use my business to get this car.
• 1:02:41
  Speaker 5: But there's a time frame that you do.
• 1:02:42
  Speaker 2: There's a time frame business for yes, and every lender
• 1:02:45
  Speaker 2: has a different timeframe. But typically what I see is
• 1:02:48
  Speaker 2: that they're looking for you to be in business for
• 1:02:50
  Speaker 2: three years or more, and they would be looking for
• 1:02:54
  Speaker 2: at minimum one year of tax returns, but in most
• 1:02:57
  Speaker 2: cases they'll ask for two years of tax return and
• 1:03:01
  Speaker 2: of course, like your most like six months of bank
• 1:03:04
  Speaker 2: statements because they want to see they want to get
• 1:03:06
  Speaker 2: a full picture of what's happening.
• 1:03:08
  Speaker 4: So and then the financial statement P and L. People
• 1:03:11
  Speaker 4: hear about like P and L a lot, Like what
• 1:03:13
  Speaker 4: is P and L? And you know what's the importance
• 1:03:15
  Speaker 4: of having profit and law statements? Financial statements?
• 1:03:18
  Speaker 2: Yes, so financial statements are very important because it tells
• 1:03:23
  Speaker 2: the story of your business. I tell clients all the time,
• 1:03:26
  Speaker 2: I really don't have to have a conversation with you
• 1:03:29
  Speaker 2: if I take a look at your financials, I can
• 1:03:31
  Speaker 2: kind of see exactly what's happening, right, because you'll start
• 1:03:34
  Speaker 2: to see like a cause and effect. As an example,
• 1:03:37
  Speaker 2: you may be doing more marketing in this particular month
• 1:03:39
  Speaker 2: and your sales are going to be up. Now with
• 1:03:42
  Speaker 2: a profit and lost statement. That is really just the
• 1:03:46
  Speaker 2: statement that captures your revenue and your expenses. So that's
• 1:03:51
  Speaker 2: important because you need to understand how much your business
• 1:03:54
  Speaker 2: is profiting. That's going to tell and that is like
• 1:03:58
  Speaker 2: the most That is the number one financial statement requested
• 1:04:02
  Speaker 2: by lenders on a consistent basis. I think my office
• 1:04:07
  Speaker 2: phone rings on a daily because people are like, I'm
• 1:04:10
  Speaker 2: going for a house, some of they want a profit
• 1:04:11
  Speaker 2: in law statement. I'm going for you know, some equipment,
• 1:04:14
  Speaker 2: and they want a profit in law statement. That's because
• 1:04:17
  Speaker 2: they want to know are you profiting? That's typically what
• 1:04:20
  Speaker 2: that statement. That's what that statement is telling lenders. Are
• 1:04:24
  Speaker 2: you profiting or are you operating at a loss. So
• 1:04:27
  Speaker 2: it's going to report your revenue, your money in and
• 1:04:30
  Speaker 2: your money out, your expenses. Now you're a balance sheet.
• 1:04:33
  Speaker 2: The balance sheet is not talked about enough, but it
• 1:04:36
  Speaker 2: is very important and also important to lenders because you
• 1:04:40
  Speaker 2: could be making a profit and I know you guys
• 1:04:44
  Speaker 2: talk about this and sort of health of companies and
• 1:04:47
  Speaker 2: you know on market mondays. The balance sheet is an
• 1:04:50
  Speaker 2: important statement as well because when you are looking at
• 1:04:54
  Speaker 2: you need to know how much cash, Like lenders want
• 1:04:57
  Speaker 2: to know how much cash do you have in the bank?
• 1:04:59
  Speaker 2: Investm may want to know, right, it's not only lenders.
• 1:05:02
  Speaker 2: If you are going to someone saying that you want
• 1:05:04
  Speaker 2: them to invest in your business, they are going to
• 1:05:06
  Speaker 2: want to know how much cash do you have in
• 1:05:09
  Speaker 2: your bank? How much liability do you have? These assets
• 1:05:12
  Speaker 2: of reliabilities, you guys are really like the balance sheet. Okay,
• 1:05:16
  Speaker 2: so when you think of it's.
• 1:05:17
  Speaker 4: An account, it's actually an accountant slogan.
• 1:05:20
  Speaker 2: Yes it is.
• 1:05:21
  Speaker 4: Everybody sees it like are you accounting? Are you an
• 1:05:23
  Speaker 4: account Nobody ever, really, you know, ever thought about like
• 1:05:27
  Speaker 4: put But the ironic thing about that is that when
• 1:05:30
  Speaker 4: I came up with the idea as is of reliabilities,
• 1:05:32
  Speaker 4: I didn't necessarily know that that was so popular in
• 1:05:34
  Speaker 4: the accounting world. Oh yeah, I just thought that that
• 1:05:36
  Speaker 4: was a good slogan. But it is like, yeah, like
• 1:05:40
  Speaker 4: what we go by, it's an accounting term. But it's
• 1:05:42
  Speaker 4: so crazy that that's nobody ever thought about putting it
• 1:05:44
  Speaker 4: out there like that, like you. But every time somebody
• 1:05:47
  Speaker 4: always says are you an account here, I feel like
• 1:05:49
  Speaker 4: it's like an underworld society because their accounting.
• 1:05:52
  Speaker 2: Yeah, because that's what shows up on the balance sheet.
• 1:05:55
  Speaker 2: Your assets, so your cash, your stocks, your real estate
• 1:05:59
  Speaker 2: if you have if you know you're in the business
• 1:06:01
  Speaker 2: of real estate, what your bonds, your account's receivable. So
• 1:06:06
  Speaker 2: if anybody owes you money, right, that's what's gonna sit
• 1:06:09
  Speaker 2: under your asset section, your liability section. If you owe somebody,
• 1:06:14
  Speaker 2: the banks want to know I'm giving this person money.
• 1:06:16
  Speaker 2: Who else do they owe? So that's important because if
• 1:06:20
  Speaker 2: you have high revenue, but then you have high liability,
• 1:06:24
  Speaker 2: technically you know you may be operating at a loss
• 1:06:26
  Speaker 2: almost right if you pay these people back. Another thing
• 1:06:29
  Speaker 2: that everyone is always so crazy about, you know, people's
• 1:06:33
  Speaker 2: net worth. That's pretty much how you calculate somebody's net worth.
• 1:06:36
  Speaker 2: You take their assets, you might as see liabilities. You
• 1:06:39
  Speaker 2: also are going to take in you know, to consideration
• 1:06:43
  Speaker 2: their equity and then that's how you get to the
• 1:06:46
  Speaker 2: their net worth. And so yep, all right.
• 1:06:49
  Speaker 3: So when we spoke about personal guarantory, that speaks to
• 1:06:51
  Speaker 3: not having business credit. And so how does one build
• 1:06:54
  Speaker 3: business credit if we just started our business, Like, what's
• 1:06:56
  Speaker 3: the process or some steps we can take?
• 1:06:58
  Speaker 2: So steps that you can take when first outing a
• 1:07:00
  Speaker 2: business as we spoke about before, is that one you
• 1:07:03
  Speaker 2: can leverage your personal credit to then help you build
• 1:07:07
  Speaker 2: your business credit. So acting as that personal guaranteur for
• 1:07:11
  Speaker 2: your business credit cards, for line of credits that is,
• 1:07:15
  Speaker 2: that is like the easiest way to get approved starting out,
• 1:07:21
  Speaker 2: Before you establish any sort of business credit. The second
• 1:07:24
  Speaker 2: thing that you want to do is start some trade lines.
• 1:07:28
  Speaker 2: So those tier one trade lines like quill and staples
• 1:07:33
  Speaker 2: and you know gas cards, those are really good ways
• 1:07:37
  Speaker 2: to start building your credit, your business credit. You want
• 1:07:40
  Speaker 2: to make sure that whomever you're building trade lines with,
• 1:07:44
  Speaker 2: and it's pretty much what you'll do is create like
• 1:07:47
  Speaker 2: net thirty accounts or net sixty accounts, and what that
• 1:07:50
  Speaker 2: really just what that means is that they're going to
• 1:07:52
  Speaker 2: supply you a product and then you're going to pay them,
• 1:07:56
  Speaker 2: but you know within thirty days, right, Once you pay
• 1:07:59
  Speaker 2: them within thirty days, they will then report that to
• 1:08:03
  Speaker 2: dune in Bradstreet, right. And so that's important because just
• 1:08:08
  Speaker 2: like with your personal credit, you want to build up
• 1:08:10
  Speaker 2: that history. When starting out, I would order stuff from
• 1:08:13
  Speaker 2: Quote all the time because I needed I needed to
• 1:08:16
  Speaker 2: build my business credit. I didn't need all those supplies.
• 1:08:19
  Speaker 2: I would like have like big dish detergent in my house, right,
• 1:08:24
  Speaker 2: But I did it because, yeah, it came in a
• 1:08:27
  Speaker 2: bigger bulk, but it was something that I was going
• 1:08:29
  Speaker 2: to use anyway, So instead of going to you know,
• 1:08:31
  Speaker 2: a local store to buy it, I just ordered it
• 1:08:34
  Speaker 2: there and they were able to report to my to
• 1:08:37
  Speaker 2: Dune and Bradstreet that I was making those payments on time.
• 1:08:40
  Speaker 4: So there you have it. So that's a whole lot
• 1:08:44
  Speaker 4: of game. We can keep going on and on and on.
• 1:08:45
  Speaker 2: We can, you know, So.
• 1:08:47
  Speaker 4: Let me ask you this switching gears because you know,
• 1:08:51
  Speaker 4: when you go to business school and one of the
• 1:08:54
  Speaker 4: things that people always ask about is like, how do
• 1:08:56
  Speaker 4: I put together business plan? What happens is that nobody
• 1:08:58
  Speaker 4: really ever puts together business plan. One of the reasons
• 1:09:01
  Speaker 4: why they actually end up failing in business. And most
• 1:09:03
  Speaker 4: of the time most businesses fail because they're not properly
• 1:09:06
  Speaker 4: prepared all of this stuff that we talked about, but
• 1:09:08
  Speaker 4: this is only like the chip of the iceberg. There's
• 1:09:10
  Speaker 4: so much stuff, and it's like, you know, unfortunately, if
• 1:09:14
  Speaker 4: you don't come from a situation where the businesses passed
• 1:09:17
  Speaker 4: down to you or you have a level of mentorship,
• 1:09:18
  Speaker 4: you just start in a business. Most of us just
• 1:09:20
  Speaker 4: start businesses. You're just learning. But the learning curve can
• 1:09:25
  Speaker 4: take you out of business if you're not successful enough.
• 1:09:29
  Speaker 4: So that's something that's vitally important. It's like this is
• 1:09:32
  Speaker 4: one of the most important episodes because it's like the
• 1:09:34
  Speaker 4: information that you have can make or break if your
• 1:09:38
  Speaker 4: business is going to survive or not. And that can
• 1:09:41
  Speaker 4: Who knows, your business could be a million dollar business,
• 1:09:43
  Speaker 4: multi million dollar business, a billion dollar business, but if
• 1:09:46
  Speaker 4: it never actually gets a chance to get to that point,
• 1:09:49
  Speaker 4: it's going to be a failure. So you decided to
• 1:09:52
  Speaker 4: actually put all of your years and expertise together and
• 1:09:57
  Speaker 4: create an educational portal. So what made you get into
• 1:09:59
  Speaker 4: the educational component?
• 1:10:02
  Speaker 2: So I got into the educational space because, as I mentioned,
• 1:10:08
  Speaker 2: as the accountant, I see a lot of things. I
• 1:10:13
  Speaker 2: have access to everything, and what I realized is that
• 1:10:17
  Speaker 2: so many people were starting businesses, but a lot of
• 1:10:21
  Speaker 2: people were not operating successful businesses. And it wasn't as
• 1:10:24
  Speaker 2: you mentioned, it wasn't because they didn't have million dollar
• 1:10:27
  Speaker 2: and billion dollar ideas. We see the most basic things
• 1:10:31
  Speaker 2: become billion dollar ideas, and it's not because they don't
• 1:10:34
  Speaker 2: have great ideas, but the execution isn't there, the resources
• 1:10:39
  Speaker 2: isn't there, the understanding of what's necessary to actually build
• 1:10:44
  Speaker 2: a business. I had, you know, the opportunity of being
• 1:10:49
  Speaker 2: a part of a small business since I was six
• 1:10:52
  Speaker 2: years old, right, So for me, I got that small
• 1:10:56
  Speaker 2: business side and just really understanding like what it took
• 1:10:59
  Speaker 2: to start a business, and then go in corporate understanding
• 1:11:03
  Speaker 2: what corporations we're doing to operate their business their business.
• 1:11:08
  Speaker 2: And so I love business. If it's one thing, I
• 1:11:11
  Speaker 2: just love business, like I that's gonna be my thing forever.
• 1:11:14
  Speaker 2: And so I wanted to get into the education educational
• 1:11:17
  Speaker 2: space because I knew that people didn't understand how to
• 1:11:21
  Speaker 2: operate businesses. And so it's cool that everybody's starting a business,
• 1:11:25
  Speaker 2: but I want everybody to actually create and operate sustainable
• 1:11:31
  Speaker 2: businesses that they're profiting and they're able to build, you know,
• 1:11:34
  Speaker 2: this generational wealth because most of the time that is
• 1:11:37
  Speaker 2: the foundation one. You first have to get the money in.
• 1:11:41
  Speaker 2: So now that you get the money in your business,
• 1:11:43
  Speaker 2: then you can take it and invest it and you know,
• 1:11:46
  Speaker 2: then take it, you know, to that next level. And
• 1:11:48
  Speaker 2: so it's important we are no longer in twenty twenty
• 1:11:51
  Speaker 2: two and beyond. Twenty twenty two is Year of the bosses, Right,
• 1:11:55
  Speaker 2: we are bossing up, we are doing the things that
• 1:11:57
  Speaker 2: we need to do, and I want it to just
• 1:11:59
  Speaker 2: be that person. Very similar to how it was with taxes.
• 1:12:02
  Speaker 2: I'm like, yeah, nobody's talking about taxes. We have to
• 1:12:04
  Speaker 2: make it a part of the conversation. And so now
• 1:12:06
  Speaker 2: I'm like, we have to make business, like real business
• 1:12:09
  Speaker 2: a part of the conversation.
• 1:12:11
  Speaker 4: So you came up with the business blueprint. What is
• 1:12:14
  Speaker 4: the business blueprint?
• 1:12:16
  Speaker 2: The business blueprint is pretty much taking your idea and
• 1:12:19
  Speaker 2: helping you execute it. So inside of the business blueprint,
• 1:12:22
  Speaker 2: we're going through deciding your business name, marketing, funding. We're
• 1:12:29
  Speaker 2: also talking about dissolving your business, taxes, financial statements, bookkeeping, hiring, payroll, HR,
• 1:12:41
  Speaker 2: We're talking about everything, buying assets in your business name.
• 1:12:44
  Speaker 2: And the best thing about it is that I've brung
• 1:12:47
  Speaker 2: experts in to talk about so many of these topics. Like, yes,
• 1:12:51
  Speaker 2: I took care of the you know, the business stuff
• 1:12:53
  Speaker 2: and the tax thing when it came to like, you know,
• 1:12:56
  Speaker 2: we have an HR expert. You know, we have we
• 1:12:59
  Speaker 2: have so many people in this course and they were needed.
• 1:13:03
  Speaker 4: You know, a lot of them, you know a lot
• 1:13:05
  Speaker 4: of you know, it's very similar to like when I said, Matt,
• 1:13:08
  Speaker 4: he created the encyclopedia for real estate with the Homeboys blueprint,
• 1:13:11
  Speaker 4: And when I got a chance to just check out
• 1:13:13
  Speaker 4: the blueprint that you created for business, and I had
• 1:13:17
  Speaker 4: never seen anything like it as far as you know,
• 1:13:18
  Speaker 4: I just wrote down some notes where you have the execution, contracts, trademarks,
• 1:13:23
  Speaker 4: going over business credit, business insurance, budgeting, taxes, marketing, hiring, payroll, retirement.
• 1:13:32
  Speaker 4: It's like, you know, being when I was in the
• 1:13:34
  Speaker 4: financial advising world. You know, people used to pay to
• 1:13:37
  Speaker 4: get business plans put together. In that business plans anywhere
• 1:13:39
  Speaker 4: from like two thousand to five thousand dollars for a
• 1:13:41
  Speaker 4: good business plan for somebody to like put it together
• 1:13:44
  Speaker 4: for you. So I had never seen anything. And that's
• 1:13:46
  Speaker 4: just the business plan. That's not really the retirement part
• 1:13:49
  Speaker 4: of it. That's not the payroll, that's not all of
• 1:13:53
  Speaker 4: the different stuff. So it's literally the only equivalent I
• 1:13:55
  Speaker 4: could really give is like going to college. It's like
• 1:13:58
  Speaker 4: going to college, like if you could wrap four years
• 1:14:00
  Speaker 4: business school together, and.
• 1:14:01
  Speaker 2: It's like getting your MBA. This is like the NBA
• 1:14:04
  Speaker 2: for small business.
• 1:14:05
  Speaker 4: It's No, it definitely is. It's an online NBA program
• 1:14:08
  Speaker 4: for sure, without you know, actually having to go for years,
• 1:14:12
  Speaker 4: four years painting one hundred thousand dollars and taking our
• 1:14:15
  Speaker 4: student loans and things of that nature. And you also
• 1:14:17
  Speaker 4: have a workbook attached to it. So that's like really academic.
• 1:14:22
  Speaker 4: So talk about this, talk about the work I.
• 1:14:25
  Speaker 2: Was not doing this course without adding some sort of
• 1:14:28
  Speaker 2: business plan and something that people can leave the course with.
• 1:14:33
  Speaker 2: As you mentioned, business plans can cost from two thousand
• 1:14:36
  Speaker 2: to five thousand dollars. But they're just telling you, okay, well,
• 1:14:39
  Speaker 2: this is how you get started, this is what you
• 1:14:41
  Speaker 2: can look forward to, right, But it's not giving you
• 1:14:43
  Speaker 2: those experts and making you really think through all of
• 1:14:47
  Speaker 2: these different topics. And so the workbook pretty much is
• 1:14:50
  Speaker 2: going to be like a guide, a hand by a
• 1:14:53
  Speaker 2: side by side, a tool that can be used with
• 1:14:56
  Speaker 2: the course. So as you're going through the course, you
• 1:14:59
  Speaker 2: have to complete the workbook. So as you're completing the workbook,
• 1:15:02
  Speaker 2: once you're done with the course, then guess what you have?
• 1:15:05
  Speaker 2: You have a business plan, So you don't need to
• 1:15:07
  Speaker 2: hire somebody to do your business plan, because as you're
• 1:15:11
  Speaker 2: getting all this information, you're now going to be able
• 1:15:14
  Speaker 2: to write all the things down. You also have contacts,
• 1:15:18
  Speaker 2: like I made sure every single person that was in
• 1:15:21
  Speaker 2: this course gave the blueprint, so they gave the blueprint
• 1:15:24
  Speaker 2: to their industry. You now have those people as a resource,
• 1:15:28
  Speaker 2: so you don't have to worry about oh my god,
• 1:15:30
  Speaker 2: I want it, like I need contracts. Who can I
• 1:15:32
  Speaker 2: hire to get a contract? Nope, you have their contact
• 1:15:35
  Speaker 2: right and so that's worth more than that's eliminating mistakes, Yeah,
• 1:15:39
  Speaker 2: and mistakes cost in business.
• 1:15:42
  Speaker 5: No one plans to fail, they just fail the plan.
• 1:15:44
  Speaker 3: So that's pretty ill that you have an actual business
• 1:15:46
  Speaker 3: plan when you complete the course.
• 1:15:47
  Speaker 4: You also put together all star lineup where you have
• 1:15:50
  Speaker 4: people talking from the car industry how to buy cars
• 1:15:52
  Speaker 4: in your name. You have people from marketing industry talking
• 1:15:55
  Speaker 4: about marketing. You have the business lawyer talking about you know,
• 1:16:00
  Speaker 4: the aspects of that as far as actually doing it
• 1:16:03
  Speaker 4: right the legal way. Of course, our good friend and
• 1:16:05
  Speaker 4: our lawyers. Sabine contributed to it, Connie Falls contributed to it,
• 1:16:09
  Speaker 4: and I contributed to it as well.
• 1:16:11
  Speaker 2: Yeah, Yeah, contributed to it.
• 1:16:13
  Speaker 6: Yeah.
• 1:16:14
  Speaker 4: I talked about some retirement planning, talked about buy sell
• 1:16:16
  Speaker 4: agreements and yeah, I have a whole section in there,
• 1:16:19
  Speaker 4: so you know, it's an amazing body of work. And
• 1:16:22
  Speaker 4: once again, you know, it's something that I don't want
• 1:16:25
  Speaker 4: people to necessarily look past it because yeah, it's easy
• 1:16:28
  Speaker 4: to go to like, Okay, this is a course on
• 1:16:31
  Speaker 4: how to make money on stocks. This is a course
• 1:16:33
  Speaker 4: on how to do four x with that's exciting, but
• 1:16:36
  Speaker 4: it's like, if you're starting a business, literally literally, people
• 1:16:39
  Speaker 4: pay hundreds of thousands of dollars. I'm not I'm not
• 1:16:41
  Speaker 4: over exaggerating that, Like if you go to any top
• 1:16:44
  Speaker 4: business school, that's how much you want to pay. At
• 1:16:45
  Speaker 4: least a couple hundred thousand dollars and even bigger than that.
• 1:16:49
  Speaker 4: Not knowing the mistakes can cost you hundreds of thousands
• 1:16:52
  Speaker 4: of dollars, millions of dollars, who knows, even a billion
• 1:16:55
  Speaker 4: dollars if your business isn't successful. So you know that actually,
• 1:17:00
  Speaker 4: like I said to actually, you know, spend some time
• 1:17:02
  Speaker 4: on the course and actually go through the course myself.
• 1:17:05
  Speaker 4: I was just amazed that, you know, somebody can actually
• 1:17:08
  Speaker 4: put together that much information. Like what we just did
• 1:17:11
  Speaker 4: in this podcast was an hour of the course. I
• 1:17:13
  Speaker 4: believe it's fifteen hours, so imagine that fifteen times. What
• 1:17:17
  Speaker 4: a workbook. So thank you for putting that together. First
• 1:17:22
  Speaker 4: and foremost, you're welcome. And then also in true eyl
• 1:17:25
  Speaker 4: f ash, you know, anybody that has of course, because
• 1:17:27
  Speaker 4: I invested in my education all the time. But one
• 1:17:29
  Speaker 4: of the you know, prerequisites for anybody that comes on
• 1:17:31
  Speaker 4: that has a course, we always you know, asks if
• 1:17:34
  Speaker 4: they would do a deeper discount than what they're currently
• 1:17:37
  Speaker 4: offering for all the earners, anybody that watches the podcast,
• 1:17:40
  Speaker 4: and that's something that's exclusive where nobody else on the
• 1:17:43
  Speaker 4: market has that price. We try to do that as
• 1:17:45
  Speaker 4: an incentive. So you were gracious enough to oblige for
• 1:17:50
  Speaker 4: that voice, So we got one thousand dollars off of
• 1:17:53
  Speaker 4: the regular price. So the website is ms B the
• 1:17:57
  Speaker 4: letter B Blueprint eyl dot com. That's ms B blueprint
• 1:18:03
  Speaker 4: eyl dot com. Will put the link in the description
• 1:18:06
  Speaker 4: of this video and then on Spotify and Apple and
• 1:18:10
  Speaker 4: then also it'll be on our website on the alumni tap.
• 1:18:14
  Speaker 4: But that's the only website that will have that special
• 1:18:17
  Speaker 4: thousand dollars off. And once again that includes the four
• 1:18:19
  Speaker 4: modules that includes everything from the idea to execution, the contracts,
• 1:18:24
  Speaker 4: the trademarking information, the business credit information, the business insurance
• 1:18:28
  Speaker 4: information and retirement planning information, the budgeting for your business
• 1:18:31
  Speaker 4: information and taxes, the marketing, the payroll, all of that,
• 1:18:36
  Speaker 4: and the workbook as well.
• 1:18:38
  Speaker 2: The workbook it has a six figure of blueprint. It
• 1:18:42
  Speaker 2: has a seven figure blueprint, right because as you're starting
• 1:18:46
  Speaker 2: your business, most people are thinking, hey, I need to
• 1:18:49
  Speaker 2: make seven figures, but hey, let's first get you the
• 1:18:51
  Speaker 2: six figures. So now that you've got your six figures,
• 1:18:54
  Speaker 2: then it also has a blueprint because what it took
• 1:18:57
  Speaker 2: for you to make one hundred thousand and processes, the anxiety,
• 1:19:01
  Speaker 2: you're gonna have to deal with some different things to
• 1:19:02
  Speaker 2: get to seven figures, right, and so it also includes that.
• 1:19:06
  Speaker 2: So we also talked about talk about funding in there,
• 1:19:08
  Speaker 2: like there's a funding lesson and so it's literally everything
• 1:19:13
  Speaker 2: that you need from A to Z as it relates
• 1:19:15
  Speaker 2: to business.
• 1:19:16
  Speaker 4: Better than college, way.
• 1:19:18
  Speaker 2: Better than college. I went to business. I went to
• 1:19:21
  Speaker 2: college study business. None of these things.
• 1:19:24
  Speaker 4: Were yet telling if you don't if you don't know
• 1:19:27
  Speaker 4: what you're doing, you're not going to be successful. I
• 1:19:30
  Speaker 4: know that because I'm a business owner. I've been a
• 1:19:31
  Speaker 4: business owner my whole life, well my whole adult life
• 1:19:34
  Speaker 4: started businesses. Some businesses work, some businesses didn't work. And
• 1:19:37
  Speaker 4: the ones that didn't work is because you know, you
• 1:19:39
  Speaker 4: didn't have a plan and strategy in place and didn't
• 1:19:41
  Speaker 4: know what we were doing. And even the ones that
• 1:19:43
  Speaker 4: did work still made a lot of mistakes because you
• 1:19:45
  Speaker 4: didn't know what we were doing. Just fortunate enough to
• 1:19:47
  Speaker 4: get through those mistakes. But but before we leave, let's
• 1:19:52
  Speaker 4: give let's give a couple more gym before we wrap up.
• 1:19:55
  Speaker 4: You want to talk.
• 1:19:56
  Speaker 3: About Yeah, so in true EUIO fashion, right, people had
• 1:19:59
  Speaker 3: to six thousand pound, So let's give them something that's
• 1:20:01
  Speaker 3: new for twenty twenty two. As far as taxes, I
• 1:20:04
  Speaker 3: want to talk about payment processes third parties, specifically paid.
• 1:20:08
  Speaker 2: Packs one hundred dollars cash out.
• 1:20:10
  Speaker 5: Vimeo is a big thing that has changed. Let's talk
• 1:20:12
  Speaker 5: about that.
• 1:20:13
  Speaker 2: Okay, So starting January twenty twenty two, I know there
• 1:20:17
  Speaker 2: was a lot of speculation, but what they have settled
• 1:20:20
  Speaker 2: on is that any payments that goes through payment process
• 1:20:25
  Speaker 2: at third party payment processors in excess of six hundred
• 1:20:30
  Speaker 2: dollars or more, you will be receiving a ten ninety
• 1:20:33
  Speaker 2: nine K. So this is so important. And this is
• 1:20:36
  Speaker 2: such a huge change because previously the benchmarks or the
• 1:20:41
  Speaker 2: thresholds was if you made if it was two hundred
• 1:20:44
  Speaker 2: transactions or twenty thousand dollars. That's now six hundred dollars.
• 1:20:50
  Speaker 2: That's a big jump and a big difference, you know.
• 1:20:54
  Speaker 2: So there will be a lot of ten ninety nine
• 1:20:56
  Speaker 2: ks coming in the mail next year. So keep in
• 1:21:00
  Speaker 2: mind January twenty twenty two is when this went into effect.
• 1:21:04
  Speaker 2: Twenty twenty one, it doesn't go into effect. It's still
• 1:21:08
  Speaker 2: the two hundred dollars, I mean the two hundred transactions
• 1:21:11
  Speaker 2: or twenty thousand dollars. But yeah, this is a game
• 1:21:15
  Speaker 2: changer because a lot of people was not reporting a
• 1:21:18
  Speaker 2: lot of the money and funds that they were receiving.
• 1:21:21
  Speaker 2: And so now and keep in mind it is six
• 1:21:23
  Speaker 2: hundred dollars total, not six hundred dollars transactions, because I
• 1:21:28
  Speaker 2: get that question all the time.
• 1:21:30
  Speaker 3: So if you put something on sale and it's two
• 1:21:31
  Speaker 3: hundred dollars, once that goes over three.
• 1:21:33
  Speaker 5: Sales, you gotta start reporting. Yeah, So the government wants
• 1:21:36
  Speaker 5: to make sure that they get all their money.
• 1:21:37
  Speaker 2: They want to make sure they are not playing with
• 1:21:39
  Speaker 2: this digital money they're like, wait, hold up, we do
• 1:21:42
  Speaker 2: not have a holdover like a hold on this. And
• 1:21:46
  Speaker 2: one more thing, because I know that you guys are
• 1:21:48
  Speaker 2: like big in crypto. The irs is getting their hands
• 1:21:52
  Speaker 2: wrapped around crypto as well. In twenty twenty one was
• 1:21:58
  Speaker 2: the last year that washed sales was available, I mean
• 1:22:01
  Speaker 2: was possible for crypto. So for those of you who
• 1:22:05
  Speaker 2: are not familiar with what washells is when you sell
• 1:22:07
  Speaker 2: a stock and then rebuy a stock right and then
• 1:22:10
  Speaker 2: be able to recognize that loss. And so in twenty
• 1:22:14
  Speaker 2: twenty one, that was the last time that you could
• 1:22:17
  Speaker 2: do that. Now going forward, wash shells are not not
• 1:22:21
  Speaker 2: possible with crypto.
• 1:22:22
  Speaker 5: Stuff go with so volatile that that could happen.
• 1:22:25
  Speaker 2: Yeah, that could happen, Like you could be they could
• 1:22:26
  Speaker 2: be December twenty fifth, you could be like, you know what,
• 1:22:29
  Speaker 2: it just dropped. I'd have a loss. I'm going to
• 1:22:32
  Speaker 2: you know, sell it, recognize the loss, re buy it,
• 1:22:37
  Speaker 2: you know, January first, you know, just rebuy it a
• 1:22:39
  Speaker 2: few days later. And so that that's a big one.
• 1:22:44
  Speaker 2: That's a big one because a lot of people were
• 1:22:46
  Speaker 2: offsetting a lot of their gains with those losses and
• 1:22:48
  Speaker 2: then just picking up the picking up whatever coin it
• 1:22:52
  Speaker 2: was in a few days, but now that's no longer possible.
• 1:22:55
  Speaker 4: So there you have it, Ladies and gentlemen, whole lot
• 1:22:58
  Speaker 4: of game Jeff, definitely a lot, a lot of gems,
• 1:23:02
  Speaker 4: a lot of gyms. How can the people contact you?
• 1:23:06
  Speaker 4: What would you like to tell the people before we wrap?
• 1:23:09
  Speaker 2: So before we wrap, I want to tell the people
• 1:23:12
  Speaker 2: that twenty twenty two, start your business, start it the
• 1:23:16
  Speaker 2: right way. It is important. We are no longer okay
• 1:23:20
  Speaker 2: or content with just having LLCs. No, we are starting
• 1:23:25
  Speaker 2: profitable businesses and so do the work. Hire who you
• 1:23:29
  Speaker 2: need to hire, get the education, and do what you
• 1:23:31
  Speaker 2: need to do. That's like my theme, like going forward,
• 1:23:35
  Speaker 2: no more babysitting it right. So that's what I want
• 1:23:37
  Speaker 2: to leave you all with. In regards to contacting me,
• 1:23:40
  Speaker 2: my it's business Miss Business one on one, on Instagram,
• 1:23:44
  Speaker 2: in all platforms, so follow me, send me a DM,
• 1:23:48
  Speaker 2: you can always email me. My website is miss Business
• 1:23:51
  Speaker 2: one on one dot com, so you can always reach
• 1:23:54
  Speaker 2: me through any of those platforms.
• 1:23:55
  Speaker 5: Make make sure you tell it that you're an earner.
• 1:23:57
  Speaker 2: Love, make sure you tell me that you are earner.
• 1:23:59
  Speaker 2: I have Oh my god, we were just talking about it.
• 1:24:02
  Speaker 2: I'm like, oh my god, I have you know, the
• 1:24:03
  Speaker 2: earnest call and they're like, I'm an earner. I'm like,
• 1:24:05
  Speaker 2: all right, you guys are VIP. Listen. If you are earner,
• 1:24:09
  Speaker 2: you are VIP. So don't even worry about it.
• 1:24:12
  Speaker 4: Reach out there, you have it. There, you have it,
• 1:24:15
  Speaker 4: and don't forget MSB blueprint eyl dot com for the
• 1:24:20
  Speaker 4: special price on the business blueprint. Everything you need to
• 1:24:23
  Speaker 4: know idea. It's the execution and get the business up
• 1:24:25
  Speaker 4: and running, profitable and taking it to the next level.
• 1:24:29
  Speaker 4: Troy Housekeeping item.
• 1:24:30
  Speaker 3: Yeah, man, shout out to all our Patreon remember the
• 1:24:32
  Speaker 3: shout out to ey University, all our earners that are
• 1:24:34
  Speaker 3: in there.
• 1:24:35
  Speaker 5: Shout out to the merse team and shout out to you.
• 1:24:37
  Speaker 3: This is episode number two, which now means that just
• 1:24:39
  Speaker 3: let him in jacket or maybe let him in sweater
• 1:24:42
  Speaker 3: card again. Yes, yeah, I mean, I mean not many
• 1:24:45
  Speaker 3: people have two episodes or earning leaders.
• 1:24:47
  Speaker 5: So thank you. Appreciate for coming and giving so much game.
• 1:24:50
  Speaker 5: We appreciate you.
• 1:24:51
  Speaker 2: Thank you for having me.
• 1:24:52
  Speaker 4: Yeah for sure. So there you have it, ladies and gentlemen,
• 1:24:55
  Speaker 4: take execution. Let's make this year great. Thank you for
• 1:24:58
  Speaker 4: rocking orders. We'll see you next week.
• 1:25:02
  Speaker 2: My graduates from my school being force back.
• 1:25:06
  Speaker 4: Drop bag drop drop droft.
• 1:25:21
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 1:25:24
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 1:25:28
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 1:25:33
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 1:25:37
  Speaker 1: some of the heinous migrant criminals caught because of President
• 1:25:40
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 1:25:44
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 1:25:49
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 1:25:52
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 1:25:56
  Speaker 1: are here illegally, your next you will be fine near
• 1:26:00
  Speaker 1: one thousand dollars a day. Imprisoned and deported, you will
• 1:26:04
  Speaker 1: never return. But if you register using our CBP home
• 1:26:07
  Speaker 1: app and leave now, you could be allowed to return legally.
• 1:26:11
  Speaker 1: Do what's right.
• 1:26:13
  Speaker 2: Leave now.
• 1:26:14
  Speaker 1: Under President Trump, America's laws, border and families will be protected.
• 1:26:19
  Speaker 5: Sponsored by the United States Department of Homeland Security,