1. Get an articles of incorporation 2. Take articles to bank & open a bank account 3. Connect payment processor to bank account 4. Provide value to a stranger in exchange for money 💰 🤑
@@jamestaillon4781 don’t be ashamed. Even the most experienced started somewhere. Feel proud that you’re taking the steps to learn about this. Research is free, have at it and soon you’ll be flying.
Thanks! surprising how many people the comment of yours could help so many people! 😃 Getting those short points done, certainly sets you on your first steps cheers dude
The difference between sole proprietor and a limited liability company, is that the banks will lend money faster to an LLC rather than a sole proprietor. It looks better on paper for the lenders and private lenders
I think he means after you’ve completed a job try to up sale or ask if there is anything you can do for them kinda like a cherry on top if they say yes
I was at a county fair with my art business and my son started a business in a few seconds because someone saw him doing lettering and asked if it was for sale. That person paid $20 on the spot. Providing value to a stranger is the most valuable advice in here and also the most challenging. If you have an idea, just try to sell it to just one person and see if you can do that, then repeat the process and make it better each time. Once you have money, you can worry about separate bank accounts, etc.
Well, he'd better find the right ppl to help him set it up legally for compliance bcus it's not just the feds, it's your local govt too, you have to worry about.
The worst part of starting a business: I'm the one who knocks.... "The IRS". However, check this out. I heard about a guy who worked for a company that was sold to new people. The new owners would keep the employees under 1099 NEC form, which means: "They wouldn't take taxes, nothing". At the end of the year, the employee paid H&R Block like over $390.00 only to pay the IRS close to $4K. It turned out he couldn't even use the standard deduction and... when you work for someone as their employee, the company takes from the employee 6% for SS, Medicare, Medicaid... but, when they don't... you got to pay 12%. The funny part was that one day the IRS sent him a check saying that he over paid. I guess the IRS was more honest than H&R Block.
Alex always makes the most helpful videos in the simplest way possible. Even his books are broken down into the most fundamental and essential pieces with no unnecessary complexity or fluff. Great job Alex!!!!!!!
Or network and jump on a startup with a strong foundation and negotiate equity. Ensure the company has a strong board of leaders or it won’t get funded. Don’t be scared to talk to someone about their company and you don’t have to attend a top 10 MBA. My MBA is from a private university but I jumped onto a startup with a founder who had an MBA from a top 10 school and that alone proved my value.
Of course, if your starting a small business to run as an LLC, articles of incorporation aren't necessary. However, they are required in every state if your company wants to be or become a corporation.
One of my fellow businessmen partners told me once: You know Jerome I'm not successful because I'm smarter than others, I'm successful because I do whatever I'll say I'll do or that my business wants me to do.
The providing value part is what people struggle with the most. That's what the business really IS. The articles of incorporation, bank account, payment processor are what the business NEEDS not what the business IS. I would love to see more videos on how to come up with business ideas to provide value.
You won't see videos like that tho cause why would they give other people ideas instead of just using that idea..? That's the main struggle for people. It's rly hard to start.
@@coldhands2802 And it's not just providing value - it's figuring out how to give that value and overcome people's resistnce and scepticism - and then having a system to do that on autopilot. Of course everyone wants the one step process but yeh... it's failing day in and day out, learning, adjusting etc.
Man it’s so easy that 20% of new businesses fail during their first year, and approximately 50% fail within five years. So simple right? But I get it most people procrastinate but it’s tough af with all these things distracting releasing dopamine & serotonin putting one in a mental cage. Each new generation gets worse & worse. Can’t escape what they & will grow up with.
That’s so true I have been saying that I will start my own clothing line for the past year and nothing happened. It’s time that I change that and do something about it.
They fantasize about step 4 and ignore 1-3. That's why the don't progress. If you do 1-3 then you can daydream about 4 all you want because when the time does come it's GO GO GO Like they say, never gotta get ready if you always stay ready
4 steps to start a business: 1. Get articles of incorporation online 2. bring articles of incorporation to bank to setup a bank account 3. setup payment processor (Bank) to be paid through the business 4. give value to a stranger in exchange for money.
@@Smeakum LMAO bro he put it in the comments so people that don't want to keep rewatching the video again or want to understand what one of the points was can see it right away. Some of us don't get what some of these things even are
Question: would you please open a brick & mortar business, something not in your usual realm, like a nightclub or .. something. Just to show the biz principals. I’d love your take on something you have no interest in but could still make more successful than someone who puts their entire being into it. ✌🏼
It is a lot to get your head around when you've never done it before, though. In some ways it is this simple; in other ways it's overwhelming and intimidating and full of conflicting information and lots of forms and fees and learning what you don't know.
It can be intimidating at first, yes. But a little research puts those fears at bay. Starting an llc is as easy as filling out an online form, picking a name, and paying a fee. Bingo bongo its done. Then you need to find a way to get paid, personally I use quick books, but there are other services. Then you need to do the hard part which is actually finding customers.
like going to school and learning stuff you didnt know and isnt useful. most people are constantly learning in their younger years. so that isnt an excuse.
The one key part you should have said was have a startup fund set because you'll never get off the ground with no cash.. i was so close to having everything to start and we got hit with back to back hurricanes in my part of Florida and i lost everything i worked hard to set up.. i watched ot qash away in a flood
Being an entrepreneur is not easy guys but don't be discouraged. Here's good points. 1. Solve a problem and offer a better solution. So dont think of an idea. Think of a problem to solve. This is very important. 2. When you have a problem offer a solution that is differentiated either lower cost or better quality 3. If you don't have large reserves of money it will be hard to compete in mature markets. So target fast growing markets or find a way to offer a differentiated solution So live in the future and build something you really want and it solves a problem. And have mindset and visualization where you want to be do this daily. You have to read: Think and grow rich, and 7 habits of highly effective people.
Dude it really is that easy😂. I spent 5 years planning on how I was going to launch my business and it took me less than a week to get the Articles, EIN and master business license.
I would argue the only thing that is required is the last step. You yourself can be the bussiness for tax purposes. All that is needed is to file for taxes if you make over $600 the first year.
Understand what the articles of corporation is and what can you do with it. The rest of the things are quite clear. If u do online business, payment processors are like paypal / stripe(recommended)
True, it takes less than a day to build what you need. In other countries it takes months. This is why US is ahead of everyone else, and the people in it of course
Making money is action, saving money is behavior and growing money is knowledge. The basic step to acquiring wealth is figuring out your goals and plans, with the heIp of financiaI pIanner you will gain rapid financiaI growth and enjoy the benefits of managing your finances...
FinanciaI growth was rapidly gained (gathered over 1M in 2years) through my financiaI pIanner. Got my 2nd house in May, hereby making my goaIs a reaIity...
l acquired massive growth in my finances (gathered over 1M in 2years) through the heIp of my financiaI pIanner. Got my 2nd house in May, hereby making my goals a reality...
there's one thing college and university teach you , it's that time doesn't matter , keep things formal and make them take longer than it needs , I had a friend who went to college who spent 5 hours in the toilet per day thinking and calculating how to get up , good on him he's an EDUCATED guy (fake education though)
Actually doing it is definitely important but I would argue how you make the money is more so, weather it's an ethical way to make the money and what you're going to spend the money on to scale or evolve the business too, these big picture ideas are called big picture for a reason and if you start walking without a destination or a map you're probably not going to get where you need to go
You can usually just start out as a sole proprietorship, and most states don't even require you to register with anyone or have a separate business account
the problem with business meetups and groups is that most of the people going are either not really working on their business or are there to sell a course to the people who aren't really working on their business
That's the problem with the internet/youtube. SO many people either haven't really done what they say selling or they're so far ahead of the average Joe, they can't remember what it's like to be him, so all their info isn't practical.
I did 3 of those things including a logo, website, vista print order for marketing material, embroidery shop order for 25 shirts and hats all before the end of a day one time when I was VP of Sales for a shady company and decided to stage a coup and take 21 sales reps, a manager, a director and my business partner and start our own company. The next day they all arrived at an Airbnb and I had their new shirts and hats, a thank you card and an advance on their first 2 weeks pay in cash on their seats. Off to the races!! With things like square space, legal zoom, vista print shit and now chatgpt, there’s literally no excuse to why launching a business should take more than a week or two to be honest. But when you have other peoples livlihoods who are putting their faith in you to deliver… all this stuff can happen incredibly fast!
Oh wow… lol Sorry but I just said out loud to myself “wait what if he’s being sarcastic and he’s just another younger troll who finds it funny luring Boomers down to Millennials into writing a bunch of stuff no one really asked for “ 😂 So yep I just realized I have comment section trust issues. That’s a thing. Lol so what do I say now, something like I guess If you’re being serious and you’re not just like all the other commenters then okay@@ImmaDotAplayer😂😂
This might come off as promotional, but if you're an aspiring entrepreneur hesitant about the legal side, I found a Nexalic, these experts helped me set up my LLC effortlessly. Sharing in case it can help someone here. Like if you find this useful and God bless you!
“You have to be burning with an idea, or a problem, or a wrong that you want to right. If you’re not passionate enough from the start, you’ll never stick it out.” - Steve Jobs
just to let y’all know, if you have an llc you can just do an llc operating agreement. additionally, some banks will let you open up accounts, you can do sole proprietor, etc, most require you to setup a meeting and then you have your company’s bank account/card. Easier not to commingle funds that way. just my 2 cents
This sounds so simple but was one of my biggest lessons. Father of my friend and his partner make 700k a year and he cant even properly use a computer or make an invoice
@@cpatra2696 They rent short them to workers of building companies. Their rooms are way cheaper than hotels, but the rent is still way higher than long term housing. So it's a niche inbetween. Think of it as a specialized air bnb.
You simply must be solving some sort of problem, real or conceived and believed, like how everyone thinks they need luxury, when that's probably the very thing holding them back.
Actually the registration of your business name as an LLC is the easiest part the difficult part is how am I going to sell? Even the website is very easy too!
how important would you say is the legal structure really? Or what steps can you take to get your business up and running without getting into legal trouble?
I think it depends on the type of business/service you want to provide. If it’s just you doing everything and profiting then I think the legal structure is mainly for tax purposes (having an LLC, business ID number, bank account etc.) Making things more organized and easy to manage or track. But if you plan on having actual employees and other people helping you the legal structure may be more important because now you’re opening yourself up to potential lawsuits/legal actions taken against you if you don’t do things in line with law. But if it’s just you and only you, I’d say the legal structure isn’t as important when it comes to starting out at least. It’s still important and recommended of course but for the sake of the argument of this video which is, just starting and not waiting, I’d skip the first couple steps he said in this video and boil it down to coming up with a service or product that can solve/help people’s problems or make their lives better in some way shape or form. Then figuring out how to be compensated accordingly in exchange for said service/products. Just my opinion at least. A year ago I started my own business but in the first few months of me being compensated I didn’t even have an LLC. I wasn’t making much tho, but when I decided to take it more seriously and saw the potential of the future of it was when I got all my legal stuff in order (LLC, business account, billing website, insurance etc). It’s only me for my business tho so I’m not responsible for anyone other than myself, like I said that can determine the seriousness/urgency of how soon you should get your legal structure in order…
@@fwm-Alexanderforde wdym by billing website? like a website for ppl to pay with credit card? or a website to keep track of your bills? are the bills invoices for your customers or bills that u pay to run your business?
@@Andy-lu4lh Both, a website that you can collect payment from your clients by them using a credit card the same way they would normally buy something online. Also It's a website where you can professionally create invoices for them so that you can "bill" them, bill meaning receipt, the same way you would tell someone to "bill" you after they provided a good or service to you. It's not necessarily needed, it just keeps things more organized and professional. Because at the end of the day, depending on the client and the expense of the good/service you provide, it's more professional to be able to write up an invoice and send it to someone and have them pay through a website the same way they would buy any other thing online. The other way (something like Venmo or Zelle) may seem too casual/unprofessional to some people. Ultimately it just comes down to preference.
If you want I can go more in-depth about the topic, but honestly depending on such business and what you provide should determine the business structure.
It’s so funny reading the comments. As if this same fuckin formula, didn’t fool them with the last “guru.” It’s incredible man lol… it’s the same thing! This guy is full of shit! Omg 🤦♂️
@@tajbirsingh5205 Not really. That's nice, but not realistic. With as many businesses that exist, you think every owner has a passion for their business? Nope. Hopefully, they're effective or at least have effective people. I've been self-employed for 35 yrs. and had many businesses. If your business makes money, you'll love what the money and freedom with do for you and your family, but telling people they should have a passion I think is BS and misleading. I never had a lot of money to "start up" anything, but what I lacked in capital I made up for in effort. All I wanted was to find something or do something that would pay the bills and let my income grow as I got more effective or smarter. And loving the journey is BS too, because sometimes the journey is a long agonizing, walking with barefeet through the desert on broken glass while being stung by African Killer hornets journey. So I'd say aim for something you know makes money and is sustainable.
Please do an entire video on starting a business! I think a lot of your audience would be interested in more information like this! Thank you for the great content!
Step 1 find a problem. ✔️ Step 2 find a solution to the problem ✔️ Step 3 I developed a program for ptsd, veterans, etc. How do I market that? How do I help these people? How do I find the funds to help the people with no funds?
it didn't make sense to me rn but yk what imma save it and keep watching it here and there to the point where my brain would actually understand this stuff and i will make them moves ;)
Articles of incorporation are for corporations. If you’re starting a business you very rarely want a corporation because the entity itself is taxed and any distributions to you as an owner are also taxed. For LLC’s it’s called a Certificate of Formation. LLC’s are an extension of the person for tax purposes. Only taxed once. You technically don’t need to to file anything, in which case your business is a sole proprietorship, but you don’t have limited liability. Never do an SP.
Articles of Organization based on what your state calls it, this is for IL… also if you plan on being profitable apply for S corp election to save on self-employment taxes, additional filing requirements of course come tax time
Step four is a lot more time consuming than that. First, you have to make the good, and then you have to find someone willing to pay you for it. Not just buy it, but buy it from you specifically. People in my hometown will drive an hour in any direction to pay more for an inferior product before they will buy local.
@@tanksxiii Sweet! Dude, my wife has wanted to open a bakery, and I have considered adult novelty candy, but we stepped back because of red tape crap. We should just jump, and use profit to get a lawyer to do the paperwork.
Step 4 is step 1…you have to show something of value to get started.. you can’t just have 1-3 without showing proof first..it’s like going to a record label saying you can sing executives taking word for it the a few days later they found out they hired a dying horse in the booth…👀
Honestly step 4 is all you even need. I started my business with just step 4 and then used services like stripe, PayPal, and zelle to send invoices or for people to send money. Haven't even got my articles of incorporation yet. Just sole proprietorship right now. I'm structuring my business as I go.
Payment processors I’ve encountered require Tax ID which is something you have to get from the IRS. When I established my first LLC, I then submitted to IRS for Tax ID. Is there something that I am missing, such as a way to submit for Tax ID without already having LLC established?
![Businesses that Always Fail? 7 Businesses with Shockingly High Failure Rates [Backed by Data]](http://i.ytimg.com/vi/WTDYuRVZDbo/mqdefault.jpg)
1. Get an articles of incorporation
2. Take articles to bank & open a bank account
3. Connect payment processor to bank account
4. Provide value to a stranger in exchange for money 💰 🤑
tnx for short summary
I'm ashamed to admit that I don't know what this means or how to do it, but now that I have the list, I'll figure out how.
Thanks.
@@jamestaillon4781 don’t be ashamed. Even the most experienced started somewhere. Feel proud that you’re taking the steps to learn about this. Research is free, have at it and soon you’ll be flying.
@@jamestaillon4781 if you use legalzoom, you can have almost all of this done for for about $500 and that will include a wix site
Thanks! surprising how many people the comment of yours could help so many people!
😃
Getting those short points done, certainly sets you on your first steps cheers dude
That 4th step is the kicker, provide value to a stranger. I think you should start with that one as a sole proprietor
The difference between sole proprietor and a limited liability company, is that the banks will lend money faster to an LLC rather than a sole proprietor. It looks better on paper for the lenders and private lenders
More tax benefits in an S corp
I think he means after you’ve completed a job try to up sale or ask if there is anything you can do for them kinda like a cherry on top if they say yes
@@jowyjozefwhy would anybody start a business with the intention of borrowing money?
@@OutdoorCanadiansYou're joking right or is the air up in Canada that thin?
Getting it done asap gives you the edge over all of the people that at perpetually preparing
I was at a county fair with my art business and my son started a business in a few seconds because someone saw him doing lettering and asked if it was for sale. That person paid $20 on the spot. Providing value to a stranger is the most valuable advice in here and also the most challenging.
If you have an idea, just try to sell it to just one person and see if you can do that, then repeat the process and make it better each time. Once you have money, you can worry about separate bank accounts, etc.
Well, he'd better find the right ppl to help him set it up legally for compliance bcus it's not just the feds, it's your local govt too, you have to worry about.
The worst part of starting a business: I'm the one who knocks.... "The IRS". However, check this out. I heard about a guy who worked for a company that was sold to new people. The new owners would keep the employees under 1099 NEC form, which means: "They wouldn't take taxes, nothing". At the end of the year, the employee paid H&R Block like over $390.00 only to pay the IRS close to $4K. It turned out he couldn't even use the standard deduction and... when you work for someone as their employee, the company takes from the employee 6% for SS, Medicare, Medicaid... but, when they don't... you got to pay 12%. The funny part was that one day the IRS sent him a check saying that he over paid. I guess the IRS was more honest than H&R Block.
Alex always makes the most helpful videos in the simplest way possible. Even his books are broken down into the most fundamental and essential pieces with no unnecessary complexity or fluff. Great job Alex!!!!!!!
He just happened to have dinner twice with ppl a lot younger than him... nah
This is the main 4 step that boost my business up
How did you do that man
Or network and jump on a startup with a strong foundation and negotiate equity. Ensure the company has a strong board of leaders or it won’t get funded. Don’t be scared to talk to someone about their company and you don’t have to attend a top 10 MBA. My MBA is from a private university but I jumped onto a startup with a founder who had an MBA from a top 10 school and that alone proved my value.
I’d love to connect and discuss how we can work together to drive mutual growth. Please let me know a convenient time to chat?
Of course, if your starting a small business to run as an LLC, articles of incorporation aren't necessary. However, they are required in every state if your company wants to be or become a corporation.
This is why I’ve been a fan for 2 years Alex 🇦🇺
One of my fellow businessmen partners told me once: You know Jerome I'm not successful because I'm smarter than others, I'm successful because I do whatever I'll say I'll do or that my business wants me to do.
Out of anyone in RUclips he provides the most value
Patrick and David who please?
Sure!
Vanader is a pretty good resource.
Lot of the times people complicate it by thinking too much. It’s simple as it explained.
The providing value part is what people struggle with the most. That's what the business really IS. The articles of incorporation, bank account, payment processor are what the business NEEDS not what the business IS. I would love to see more videos on how to come up with business ideas to provide value.
You won't see videos like that tho cause why would they give other people ideas instead of just using that idea..? That's the main struggle for people. It's rly hard to start.
@@coldhands2802 And it's not just providing value - it's figuring out how to give that value and overcome people's resistnce and scepticism - and then having a system to do that on autopilot. Of course everyone wants the one step process but yeh... it's failing day in and day out, learning, adjusting etc.
Providing value should not be so hard,
Remember the lemonade stand,
Just covering one necessity, thirsth, is enough to keep business running
@@aularjethat’s on point for the dummies. Humans make things so fucking complicated for no fucking reason!!!!
I have too many ideas, that I struggle to just choose and stick with one. It's the paperwork/ initial startup capital that I want advice/help with
Thank you for recommending Rebecca Jin financials on one of your videos. I reached out to her and investing with her has been amazing.
I’d love to connect and discuss how we can work together to drive mutual growth. Please let me know a convenient time to chat?
It really is that simple we as humans just procrastinate terribly
Yeah even me and I’m trying
Man it’s so easy that 20% of new businesses fail during their first year, and approximately 50% fail within five years. So simple right? But I get it most people procrastinate but it’s tough af with all these things distracting releasing dopamine & serotonin putting one in a mental cage. Each new generation gets worse & worse. Can’t escape what they & will grow up with.
Yeeees
That’s so true I have been saying that I will start my own clothing line for the past year and nothing happened. It’s time that I change that and do something about it.
How?
Wow! This guy's advice kicks procrastination to the curb!
how?
Seems like step 4 is the main one every entrepreneur needs to do.
Should have been#1
@@tanksxiii no… you do the others first …
@@aaronharman5431 got it.
They fantasize about step 4 and ignore 1-3. That's why the don't progress. If you do 1-3 then you can daydream about 4 all you want because when the time does come it's GO GO GO
Like they say, never gotta get ready if you always stay ready
@@andrewferguson6901 you don't need 1-3 to make money. It's just formality. Basically being productive as an excuse to not actually provide value
could you make a full length video on this subject? I think it will help a lot of people
I suggest you Google each step.
@@JDunamis Bro tryna get spoon-fed 😂
Each of those "steps" he listed type into Google.
@@Him_Dante same💀 never gunna happen
Bro what he just told you exactly what to do
4 steps to start a business:
1. Get articles of incorporation online
2. bring articles of incorporation to bank to setup a bank account
3. setup payment processor (Bank) to be paid through the business
4. give value to a stranger in exchange for money.
Thanks sherlock
@@Smeakum LMAO bro he put it in the comments so people that don't want to keep rewatching the video again or want to understand what one of the points was can see it right away. Some of us don't get what some of these things even are
@@Smeakum thanks 🤡
@@flamestar557me!! What is articles of incorporation? Is your biz name? Step 3 and 4 ok... But 1 and 1 leading 2
Easy screenshot thanks man🙏
Question: would you please open a brick & mortar business, something not in your usual realm, like a nightclub or .. something. Just to show the biz principals. I’d love your take on something you have no interest in but could still make more successful than someone who puts their entire being into it. ✌🏼
It is a lot to get your head around when you've never done it before, though. In some ways it is this simple; in other ways it's overwhelming and intimidating and full of conflicting information and lots of forms and fees and learning what you don't know.
It can be intimidating at first, yes. But a little research puts those fears at bay. Starting an llc is as easy as filling out an online form, picking a name, and paying a fee. Bingo bongo its done. Then you need to find a way to get paid, personally I use quick books, but there are other services. Then you need to do the hard part which is actually finding customers.
@@jacobhargiss9909 what is quick books?
@@SonofChrist77 its a cool book-keeping software that also offers invoicing and payments. Its around $20 / month.
@@jacobhargiss9909is it this easy? In EU?
like going to school and learning stuff you didnt know and isnt useful. most people are constantly learning in their younger years. so that isnt an excuse.
The one key part you should have said was have a startup fund set because you'll never get off the ground with no cash.. i was so close to having everything to start and we got hit with back to back hurricanes in my part of Florida and i lost everything i worked hard to set up.. i watched ot qash away in a flood
Being an entrepreneur is not easy guys but don't be discouraged. Here's good points.
1. Solve a problem and offer a better solution. So dont think of an idea. Think of a problem to solve. This is very important.
2. When you have a problem offer a solution that is differentiated either lower cost or better quality
3. If you don't have large reserves of money it will be hard to compete in mature markets. So target fast growing markets or find a way to offer a differentiated solution
So live in the future and build something you really want and it solves a problem.
And have mindset and visualization where you want to be do this daily. You have to read: Think and grow rich, and 7 habits of highly effective people.
Dude it really is that easy😂. I spent 5 years planning on how I was going to launch my business and it took me less than a week to get the Articles, EIN and master business license.
You can’t start a business without anything good to sell either! 💯💯💯😆
He said that in step 4
I say start with provide value to a stranger in exchange for money, the rest is the easy part
You just do the work. Build a good reputation and keep working.
what work? there is nothing to be done.
Yes let’s grow my business together!
I would argue the only thing that is required is the last step. You yourself can be the bussiness for tax purposes. All that is needed is to file for taxes if you make over $600 the first year.
$400*
Step 4 is the hardest part finding a service or problem people have and being the solution
Thanks for the video
Sometimes i wonder how people get
rich at these days.
if you want to be successful have the
mindset of the rich,spend less.
i advice everyone to start investing and
never rely on just salary. No billionaire
made it through salary.
Yes that's true
But people don't ask before investing on
Bitcoin, Expert Mrs Alisa Herbert fx her success story
is everywhere on RUclips you can trade
with her.
My 15 year old brain cant comprehend what my man just said, someone please simplify what he just said
Understand what the articles of corporation is and what can you do with it. The rest of the things are quite clear. If u do online business, payment processors are like paypal / stripe(recommended)
They’re talking about spending money. You’re talking about making money. Business = money coming in
Tate quote lol
We got a Tate follower here. Speed+Money coming in
Money loves SPEED.
Don't get legal before you get rich.
For Wudan.🐍
Ah, I see you're a man of culture aswell!
How can I like this video a million times!!!
Someone who sets up a business doing step 1-3 will add Hormozi's value levers (increase speed, reduce effort, reduce sacrifice)
True, it takes less than a day to build what you need. In other countries it takes months. This is why US is ahead of everyone else, and the people in it of course
I GOT RICH DOING THIS
Making money is action, saving money is behavior and growing money is knowledge. The basic step to acquiring wealth is figuring out your goals and plans, with the heIp of financiaI pIanner you will gain rapid financiaI growth and enjoy the benefits of managing your finances...
FinanciaI growth was rapidly gained (gathered over 1M in 2years) through my financiaI pIanner. Got my 2nd house in May, hereby making my goaIs a reaIity...
l acquired massive growth in my finances (gathered over 1M in 2years) through the heIp of my financiaI pIanner. Got my 2nd house in May, hereby making my goals a reality...
Whosoever tries this sureIy acquires wealth. Get to her..
Did you really actually get rich
If you put the water first you can use the colour of the drink to see if you need to add more cordial
Start with step 4 y’all, make sure you can make money. No matter how you start, just start!
I was thinking the same thing I don’t wanna spend that money and my business fail
Set up the ability to accept payments. ❤ DONE 👍
It is also possible to start a business and accept payments before Incorporating. Thanks for all the value🎉
there's one thing college and university teach you , it's that time doesn't matter , keep things formal and make them take longer than it needs , I had a friend who went to college who spent 5 hours in the toilet per day thinking and calculating how to get up , good on him he's an EDUCATED guy (fake education though)
Actually doing it is definitely important but I would argue how you make the money is more so, weather it's an ethical way to make the money and what you're going to spend the money on to scale or evolve the business too, these big picture ideas are called big picture for a reason and if you start walking without a destination or a map you're probably not going to get where you need to go
True, but there's usually still needed a healthy amount of the "ready, fire, aim" to avoid paralysis
You can usually just start out as a sole proprietorship, and most states don't even require you to register with anyone or have a separate business account
the problem with business meetups and groups is that most of the people going are either not really working on their business or are there to sell a course to the people who aren't really working on their business
We all know who was on those meetings to get Dolla 😂😂😂
That's the problem with the internet/youtube. SO many people either haven't really done what they say selling or they're so far ahead of the average Joe, they can't remember what it's like to be him, so all their info isn't practical.
Please if you could make a full demo it will help more people like me to really understand your point.
I did 3 of those things including a logo, website, vista print order for marketing material, embroidery shop order for 25 shirts and hats all before the end of a day one time when I was VP of Sales for a shady company and decided to stage a coup and take 21 sales reps, a manager, a director and my business partner and start our own company. The next day they all arrived at an Airbnb and I had their new shirts and hats, a thank you card and an advance on their first 2 weeks pay in cash on their seats. Off to the races!! With things like square space, legal zoom, vista print shit and now chatgpt, there’s literally no excuse to why launching a business should take more than a week or two to be honest. But when you have other peoples livlihoods who are putting their faith in you to deliver… all this stuff can happen incredibly fast!
Wow man, can you tell us the whole story? Thanks.
Oh wow… lol Sorry but I just said out loud to myself “wait what if he’s being sarcastic and he’s just another younger troll who finds it funny luring Boomers down to Millennials into writing a bunch of stuff no one really asked for “ 😂 So yep I just realized I have comment section trust issues. That’s a thing. Lol so what do I say now, something like I guess If you’re being serious and you’re not just like all the other commenters then okay@@ImmaDotAplayer😂😂
@@Hug_life no seriously tell us everything. How come you make it sound so easy? We would love some advice from someone experienced in the field.
@@Hug_lifeCan you me tell about the role of ChatGPT in the set up of the business you've started?
Thank you.
That’s amazing man!!
Step 1 get an idea, step 2 develop a plan step 3 take action
I'd love to do this. I can't think of anything of value to provide a stranger.
Can you clean the house? Can you mow the lawn? Can you cook?
Can you take out the trash?
Yeah, but don’t forget about working Capital, not everyone could afford that and has good credit to get started or family to back them up
This might come off as promotional, but if you're an aspiring entrepreneur hesitant about the legal side, I found a Nexalic, these experts helped me set up my LLC effortlessly. Sharing in case it can help someone here. Like if you find this useful and God bless you!
“You have to be burning with an idea, or a problem, or a wrong that you want to right. If you’re not passionate enough from the start, you’ll never stick it out.” -
Steve Jobs
If you can't do step four a dozen times don't bother with step 1 .. 2 and 3
very intellingent, smart and productive, take love from Bangladesh
I was amazed at how easy it was to do steps 1-4 and how difficult everything afterward was! Haha still going though!
Hope everything works out brother 💪🏽
just to let y’all know, if you have an llc you can just do an llc operating agreement. additionally, some banks will let you open up accounts, you can do sole proprietor, etc, most require you to setup a meeting and then you have your company’s bank account/card. Easier not to commingle funds that way. just my 2 cents
This sounds so simple but was one of my biggest lessons. Father of my friend and his partner make 700k a year and he cant even properly use a computer or make an invoice
How?
@@cpatra2696 They rent short them to workers of building companies. Their rooms are way cheaper than hotels, but the rent is still way higher than long term housing. So it's a niche inbetween. Think of it as a specialized air bnb.
Thats so simple and easy to take forward !! Just 4 Steps !
that's the main stuff everyone gets stuck at, the official paper works & account settings.
Where I'm at with my new business.
Articles of incorporation ✅
Bank Account ❌
Payment Processor ✅
Customers and process ✅
I think this is the definition of being employed rather than starting a busiess.
why
You need a business plan to keep yourself straight.
You simply must be solving some sort of problem, real or conceived and believed, like how everyone thinks they need luxury, when that's probably the very thing holding them back.
It’s honestly really easy. I quit my 9-5p Biomedical Engineering job to become an entrepreneur ✌️.
Finally smth about starting a business
Yeah right. Ask your accountant about that one. That’s who you should listen to.
Actually the registration of your business name as an LLC is the easiest part the difficult part is how am I going to sell? Even the website is very easy too!
how important would you say is the legal structure really?
Or what steps can you take to get your business up and running without getting into legal trouble?
I think it depends on the type of business/service you want to provide. If it’s just you doing everything and profiting then I think the legal structure is mainly for tax purposes (having an LLC, business ID number, bank account etc.) Making things more organized and easy to manage or track. But if you plan on having actual employees and other people helping you the legal structure may be more important because now you’re opening yourself up to potential lawsuits/legal actions taken against you if you don’t do things in line with law.
But if it’s just you and only you, I’d say the legal structure isn’t as important when it comes to starting out at least. It’s still important and recommended of course but for the sake of the argument of this video which is, just starting and not waiting, I’d skip the first couple steps he said in this video and boil it down to coming up with a service or product that can solve/help people’s problems or make their lives better in some way shape or form. Then figuring out how to be compensated accordingly in exchange for said service/products.
Just my opinion at least. A year ago I started my own business but in the first few months of me being compensated I didn’t even have an LLC. I wasn’t making much tho, but when I decided to take it more seriously and saw the potential of the future of it was when I got all my legal stuff in order (LLC, business account, billing website, insurance etc). It’s only me for my business tho so I’m not responsible for anyone other than myself, like I said that can determine the seriousness/urgency of how soon you should get your legal structure in order…
@@fwm-Alexanderforde wdym by billing website? like a website for ppl to pay with credit card? or a website to keep track of your bills? are the bills invoices for your customers or bills that u pay to run your business?
@@Andy-lu4lh Both, a website that you can collect payment from your clients by them using a credit card the same way they would normally buy something online. Also It's a website where you can professionally create invoices for them so that you can "bill" them, bill meaning receipt, the same way you would tell someone to "bill" you after they provided a good or service to you. It's not necessarily needed, it just keeps things more organized and professional. Because at the end of the day, depending on the client and the expense of the good/service you provide, it's more professional to be able to write up an invoice and send it to someone and have them pay through a website the same way they would buy any other thing online. The other way (something like Venmo or Zelle) may seem too casual/unprofessional to some people. Ultimately it just comes down to preference.
If you want I can go more in-depth about the topic, but honestly depending on such business and what you provide should determine the business structure.
@@johnsproule2077 could you please
Sometimes ppl like the idea of starting a biz rather than the work it takes to get one going
Less flaunting more doing. Provide for your family
Financially in the long run, it's good be be proactive about planning your taxes and finding the correct write offs.
They listen to gurus who say you have to love the "journey" more than the results 😂😂
It’s so funny reading the comments. As if this same fuckin formula, didn’t fool them with the last “guru.” It’s incredible man lol… it’s the same thing! This guy is full of shit! Omg 🤦♂️
You most certainly have to or you will never be consistent. Journey is the reward.
@@tajbirsingh5205 I don't think Michael Jordan would have done what he did if they didn't keep score or stats.
@@ChanceTalksBusiness scoring is a part of the game. He would never have become great if he cared about trophies more than the game.
@@tajbirsingh5205 Not really. That's nice, but not realistic. With as many businesses that exist, you think every owner has a passion for their business? Nope. Hopefully, they're effective or at least have effective people. I've been self-employed for 35 yrs. and had many businesses. If your business makes money, you'll love what the money and freedom with do for you and your family, but telling people they should have a passion I think is BS and misleading. I never had a lot of money to "start up" anything, but what I lacked in capital I made up for in effort. All I wanted was to find something or do something that would pay the bills and let my income grow as I got more effective or smarter. And loving the journey is BS too, because sometimes the journey is a long agonizing, walking with barefeet through the desert on broken glass while being stung by African Killer hornets journey. So I'd say aim for something you know makes money and is sustainable.
That's called planning🎉
It's still not a business until you cash flowing in.
Just Do It.
Please do an entire video on starting a business! I think a lot of your audience would be interested in more information like this! Thank you for the great content!
He has loads
This is the full video. Literally that easy.
It does cost money. Also, I’m Washington state you have to go in person to LNI and sign/pay for contractor registration
Good to know. Thanks.
Washington state sucks ass
It’s ALL about knowledge. If they didn’t know that, how are they gonna do it?
Step 1 find a problem. ✔️
Step 2 find a solution to the problem ✔️
Step 3 I developed a program for ptsd, veterans, etc. How do I market that? How do I help these people? How do I find the funds to help the people with no funds?
I've had my own business for years i didn't know you could do this
Step 4 is like everything though really
Ya a lot easier said than done lol
it didn't make sense to me rn but yk what imma save it and keep watching it here and there to the point where my brain would actually understand this stuff and i will make them moves ;)
Articles of incorporation are for corporations. If you’re starting a business you very rarely want a corporation because the entity itself is taxed and any distributions to you as an owner are also taxed. For LLC’s it’s called a Certificate of Formation. LLC’s are an extension of the person for tax purposes. Only taxed once. You technically don’t need to to file anything, in which case your business is a sole proprietorship, but you don’t have limited liability. Never do an SP.
Articles of Organization based on what your state calls it, this is for IL… also if you plan on being profitable apply for S corp election to save on self-employment taxes, additional filing requirements of course come tax time
Good steps! Thanks for sharing.
Please make more videos about this nobody explains it properly and it’s the most confusing part
Step four is a lot more time consuming than that. First, you have to make the good, and then you have to find someone willing to pay you for it. Not just buy it, but buy it from you specifically. People in my hometown will drive an hour in any direction to pay more for an inferior product before they will buy local.
This guy is getting a sub. Seems like a 💯 genuine guy
backwards, you incorporate only once you have the stranger and agreement. people rush to incorporate, rush to get your first sale
I bought a tent and started selling bbq lol
The health department didn't shut you down?
@@machinemaker2248 naw man now I got all my permits
@@tanksxiii Sweet! Dude, my wife has wanted to open a bakery, and I have considered adult novelty candy, but we stepped back because of red tape crap. We should just jump, and use profit to get a lawyer to do the paperwork.
@@machinemaker2248 hahaha do it man they have penis pancakes for the 304 out here lol
Congrats!
Step 4 is step 1…you have to show something of value to get started.. you can’t just have 1-3 without showing proof first..it’s like going to a record label saying you can sing executives taking word for it the a few days later they found out they hired a dying horse in the booth…👀
Nah, step 4 is first. Then worry about the logistics.
That's what I did. Then I had the other three done within three weeks of really needing them.
@@nlemonj Eh, That’s how it goes sometimes ;)
Honestly step 4 is all you even need. I started my business with just step 4 and then used services like stripe, PayPal, and zelle to send invoices or for people to send money. Haven't even got my articles of incorporation yet. Just sole proprietorship right now. I'm structuring my business as I go.
Without proving the concept the first the steps could be a waste of time and money. Definitely depends on what you are getting into though.
Gotta put in the work to be an entrepreneur. Great advice!
Who else didn’t know those 3 bank steps 🙋♂️
I didn't either
Same here
Im about to start my own.
Set up your shop and sell. Then handle the rest
Those college seniors are getting gold just handed to them by meeting twice with this man and they don't even know it.
Me talking about my business for three years: 😀
Me now: oh 😐
Fast and simple!
Payment processors I’ve encountered require Tax ID which is something you have to get from the IRS. When I established my first LLC, I then submitted to IRS for Tax ID. Is there something that I am missing, such as a way to submit for Tax ID without already having LLC established?
Have you tried Square, Inc Services perhaps?
Good and practical advice