I never realized the importance of building business credit until I watched this video. The tips and insights from small business owners are priceless. Thank you for sharing!...
Biggest problem that no one addressed, first line of credit you apply for will be 50%+ apr. debt traps. Usually have weekly or biweekly minimum payments, eating up your cash flow. you’re expected to use it until you’re offered more reasonable rates. Unless you’re making 300k rev with bare minimum decent net, getting business debt will initially be a debt trap.
Great Video. There was so much great information shared especially for start up and scaling, using financial literacy to create wealth 🤩 Great response and Great questions most people have.🎉
I started my pressure washing business using a business credit card that had 0% interest for 18 months back in 2019. If you know how to manage a credit card(ie. paying off the debt prior to the interest starting) then there is nothing wrong with starting a company using business credit or credit cards.
It’s the ppl with the not so great business ideas that are afraid to invest in that matter. They can’t project any high returns because their product or service isn’t that great or they’re mimicking another businesses model. If you know you’re gonna yield a great return you just need the finances to invest and your ready to jump because you know your idea is brilliant and the money will come.
I like S corps, but just didn’t run into any S corp owners. You should watch my video where I ask small business owners their favorite tax write offs, I talked with an S corp owners for a bit
@@LYFEAccounting Ill definitely check that one out. We’ve been an S corp for several years now and if I understand correctly - that allows for an avoidance of self employment tax on the flow through portion of the income (forgive me if my terminology is incorrect - you’re the expert here so please correct me if I’m messing this up lol). But that being said, we’ve saved a significant amount on our taxes by still paying ourselves a solid salary, but the profit that flows through is taxed at a much lower rate.
If you only have a will as opposed to a trust, your kids/family will go through probate to get your/their wealth, and the fees and time associated with such are horrendous.
Im sorry, but a lot of these guys are just dumb business owners. You should never start your business through credit card debt. The interest on a credit card alone is disgustingly high and ontop of that some of these guys are leaving their job without any savings? Absolutely crazy and I wish you called out these bad habits. Most of these guys will probably end up failing in their business due to these bad habits that have in place.
When people make comments like yours, it makes me wonder if you were more concerned with criticizing than learning. It's a short video so no one had hours to share what they know. I bet that you learned SOMETHING.
This video was fire ! 🔥 so great to see black business owners doing well and looking to grow !
I love all of the videos on this channel but this one was a fav! Pleaseee do more!!
I’m glad you enjoyed it, thanks for the encouragement. I just may 😉
I am a business, and everything i do is a write-off!!! Wowwww!!! I love the confidence she exudes. Thanks for this video
I never realized the importance of building business credit until I watched this video. The tips and insights from small business owners are priceless. Thank you for sharing!...
18:25 Preach!! Get your personal credit in order and two months later you can get those business credit cards real easily!
Great video, it is nice to hear the real life stories of business owners
That was the goal! I’ve made 100+ videos, so I thought it wouldn’t hurt to get some other prospectives
This was an excellent video to hear snippets from these business owners
Biggest problem that no one addressed, first line of credit you apply for will be 50%+ apr. debt traps. Usually have weekly or biweekly minimum payments, eating up your cash flow. you’re expected to use it until you’re offered more reasonable rates. Unless you’re making 300k rev with bare minimum decent net, getting business debt will initially be a debt trap.
awesome, confident and very clear on the subject. Well done and presentation was Great. Please do more!
This channel is gold.
This is so insightful thanks so much man
Very informative. Thanks
So nice of you, thanks
Great Video. There was so much great information shared especially for start up and scaling, using financial literacy to create wealth 🤩 Great response and Great questions most people have.🎉
Thanks for watching and commenting. Means a lot to us, Valentine!
I learned alot from this video, thank you !
I started my pressure washing business using a business credit card that had 0% interest for 18 months back in 2019. If you know how to manage a credit card(ie. paying off the debt prior to the interest starting) then there is nothing wrong with starting a company using business credit or credit cards.
It’s the ppl with the not so great business ideas that are afraid to invest in that matter. They can’t project any high returns because their product or service isn’t that great or they’re mimicking another businesses model. If you know you’re gonna yield a great return you just need the finances to invest and your ready to jump because you know your idea is brilliant and the money will come.
Excellent content, very helpful bro 💪🏿
Appreciate it! 💯
Great content!
This was a great video! Thanks 😊
Glad you liked it! 😀
You are asking all the right questions
Amazing video!! Lots of great info👍 absolutely loved it
Reunek was so dope!!!
Thine Gems 💎 flowith’ like water🌊 non-stop 👏
Great video! How were you able to find an event like that?
I use Eventbrite. This one particular was circled on my calendar for a couple months. This is the Small Business Expo
Great video, I enjoy your content!
I appreciate that!
What a great series
Love the girl in the blue dresses answers. You can tell she’s been doing this
Great video! Vital information!
How do I check my business credit score
Get a Duns Number with Duns and Bradford's.
I hear the talk about an LLC - is there a reason you don’t bring up becoming an S-Corp? Subscribed to your channel, looking forward to watching more 🎉
I like S corps, but just didn’t run into any S corp owners. You should watch my video where I ask small business owners their favorite tax write offs, I talked with an S corp owners for a bit
@@LYFEAccounting Ill definitely check that one out. We’ve been an S corp for several years now and if I understand correctly - that allows for an avoidance of self employment tax on the flow through portion of the income (forgive me if my terminology is incorrect - you’re the expert here so please correct me if I’m messing this up lol). But that being said, we’ve saved a significant amount on our taxes by still paying ourselves a solid salary, but the profit that flows through is taxed at a much lower rate.
Good stuff!!!!
I am looking for a CPA. can anyone recommend
Hello
I want to start a new business and I need your advice how to structure it that will be beneficial to me and not fall into the wrong category
Motivational
If you only have a will as opposed to a trust, your kids/family will go through probate to get your/their wealth, and the fees and time associated with such are horrendous.
The German looks like it will keep you out of the line of fire
Cash Girl $
"Systemate"
..lol
banks will do all it takes to make you go bankrupt to own your money. You gotta be prepared for that if you wanna involve in banking system.
2nd guy didn’t seem authentic ngl
Im sorry, but a lot of these guys are just dumb business owners. You should never start your business through credit card debt. The interest on a credit card alone is disgustingly high and ontop of that some of these guys are leaving their job without any savings? Absolutely crazy and I wish you called out these bad habits.
Most of these guys will probably end up failing in their business due to these bad habits that have in place.
Sometimes you gotta take a risk. You can always go back to a 9-5 if it doesnt work.
I learn NOTHING!!! from this other than seeing these folks were guarding what they know! A TOTAL WASTE OF FILMING!!
When people make comments like yours, it makes me wonder if you were more concerned with criticizing than learning. It's a short video so no one had hours to share what they know. I bet that you learned SOMETHING.
Right, thanks Ronni for having our back! 💯
HUH?? Did you watch the video at all??
Good concept and video. But man.... some of the people were sooo full of shit. Lol
14:27 😂 she gonna be woke soon
Great video and content. 🔥
Thank you 😊