How to Start and Run a Business

yeah we was muted two what's up live from new york uil boys what's poppin youtube what's going on it's like the team man yes yes yes yes dreams are big and my team's rich hope everyone is uh making money very important this is going to be fun um something that is extremely beneficial and needed as needed um as far as you know starting a business something that we are huge advocates of uh financial literacy entrepreneurship in business so this is right up the alley one of the most important episodes that we probably ever have yeah no pressure we know a thing or two about starting a business started multiple businesses y'all watch the journey so now we're gonna get into some details yeah shout out to everybody that uh checked out the episode yesterday with miss ditty super super dope shout out to everybody that was uh on market mondays the other day super super dope um we got a lot and this is just the tip of the iceberg we we have a lot planned uh for this year it's going to be jam-packed with non-stop content we got events that we're going to be talking about we got new partnerships we're going to have new shows at uil network so new content for eyl university so yeah this is just the beginning yeah we gonna i mean 2022 is here we wasn't playing man we got the game plan already mapped out for the whole year so now it's just about releasing them strategically so i hope everybody is in tune in and chat what was about to happen for those who've been here on the entire journey from like november 2019 to now we appreciate y'all wholeheartedly when we said y'all was grandfathered yeah i was so hopefully you've taken advantage of the information you've applied a lot of it you've executed on some of it and most importantly you spread some of the knowledge that you've learned that's the most important thing right there's there's no penalty for spreading information unless it's not valuable and that's not even allowed here so anything that's coming from us will be valuable and will be beneficial for you not only you but everybody you're around so tell a friend to tell a friend that's the requirement shout out to mg the mortgage guy on the super chat so yeah already mg what up bro yeah he gave us super chat so we'll get into it um as we await for miss business to come in so as i'm waiting for her i'll just kind of go over what we're going to be talking about today so today's topic is how to start and run a business this is a follow-up from the episode that we put in put out a few weeks ago um where you know it got a really a lot of positive reviews a lot of people you know um were interested in it so uh you know during that episode a you should definitely watch that episode with ms business she talked about you know llc she talked about business formation ein numbers different things of that nature so and she also um dropped her actual business blueprint course that she has um on that episode as well so we are doing a follow-up because notice a lot of people have questions so this is a perfect opportunity to kind of talk about some things that maybe were not talked about during the episode or maybe just go a little bit deeper and also to answer live questions that's probably the best part of the whole situation is question answer so what we do with this for anybody that's not familiar is ewl university biggest online platform for education out there so we've created an online institution where we actually have weekly classes every every wednesday at eight o'clock and the last wednesday of the month we have what's called open enrollment where the class is actually open to the public so this is an actual window into eyl university for anybody that's why it's on youtube and it's also on podcast outlets as well so this is an opportunity to actually see what we have going on what we do on a ongoing basis at uil university and if you're interested in joining then you know the doors are open for you to join so um part of eyl university is that we have the weekly classes every wednesday which is a different topic every single week we talk about real estate we talk about credit we talk about business formation we talk about trust wills all kinds of different stuff and it's interactive a lot of people ask like what's the difference between that in the podcast well it's like the podcast just listen to the content eyl university is something that you actually you know interact with you know people that's presenting so you get to ask questions on zoom it's in a zoom chat it's a more interactive feel but even deeper than that there's a lot of other stuff almost every single day there's something so shout out to lawrence um he's uh taking over our investment wing so he does a 12 o'clock class on monday which he actually goes over trading goes over the stock market technical analysis like live trading it's a live trading class if you want you're interested in options trading stock trading day trading stuff like that that's every monday at 12 o'clock and then every wednesday at six o'clock he actually does an entry uh to stock class where he actually talks about like opening a brokerage account like stock market 101 very basic information for people that's like just trying to get on board we also have mg the mortgage guy he does uh bi-weekly real estate calls troy does the uh book club and movie club i have financial planning calls and then we actually have infinity groups inside of ewy university as well like over 20 different affinity groups we have a crypto club we have a real estate club and um these are people that's actually in eyl university and they actually formed clubs so now it's like you know you might have 30 people in a crypto club meeting you might have 25 people in a real estate meeting so it's a dope way to kind of network and build with each other so it's a huge i mean i can go on for hours about that but ewl university is a interactive experience where you actually get to learn in real time and actually build a community that's the best part about it is actually a community of people that network and build with each other we're going to be doing live events this year um it's discounts to all events so if you're interested it's 50 off the annual membership i'll put it in here it's eyluniversity.com i'll pin it in youtube um so yeah this is this is a way to actually see what we have going on but miss business you are here what's going on how are you you're muted right now i am here my internet tried to take me out i'm here okay yeah it came out shout out to the zoom gods so yes miss business um obviously everybody knows miss business needs no introduction she was the very first alumni that we've ever had on the podcast um brilliant cpa we've been working with her for a couple of years she also sets up llc's for people business formation bookkeeping whole nine so yeah she's part of the inaugural class of professors at uil university as well so shout out to you yes yeah yeah yep for sure so we'll talk about you know all the other stuff that you have going on but i know you know this class is kind of a follow-up from the episode so um yeah let's get into it yes let's get into it because i have gotten so much great feedback about that episode people are like oh my god you gave me so much inspiration i was able to start my business everybody needed the virtual address link it was like it's crazy don't you just love it it's so crazy like i love um i love that you know people aren't only like listening but they're actually taking action and so that's the best part to me because they are definitely on it all right let me present i'm gonna share my screen what were some of the questions that you got from after the episode oh my god everybody wanted to know how to change their business everybody address to know that so everyone wanted to know that um more so thought provoking about just how to start a business i think that's just the overall phone lines in my office have been kind of going crazy because people are like i want to start a business i want to start my business correctly i don't know you know if it should be an llc if it should be an s corp i want to do this right and so i think um the overall tone of it is that people are ready to just do good business and to legitimately um start their business so that that makes me happy and that should make you all happy because that's extremely executing yeah that's extremely encouraging right not only do they want to start the business but they know that some of the pitfalls that come with the formation of it and not doing it correctly and how far back that can set you so to know that that's what people are asking is super encouraging that's dope yeah yes yes they are on it shout out to the earnest man y'all got different i mean that's special we love y'all for real yeah all right let's get into this okay so we're gonna talk about how to start and run a business because a lot of times um you know most times you may have hobbies that turn into businesses you may just have um a passion or you may just be really good at you know something that you may say you know what you may have a skill you may have something that you're like listen i really want to turn this to into a business or you may have already have you may already have a business that you're like you know what listen i really want to you know start this and again a lot i just started my business four years ago so it hasn't been that long since i started my business and when i really thought about what i wanted to talk about today as it related to starting and running a business i wanted to talk about how to position yourself to start positioning yourself to sell and positioning yourself for funding right because those are the most well like the most important well the top questions that i get all the time like after i start like okay now how do i sell my product how do i get people to care about it and how do i get funding right either even if it's in the beginning or it could be during your business right because most of us are thinking about the funding um in the beginning of the business to just start it but as you start your business you're also going to have to consider and think about funding as well um a brief introduction to me and my business and what i do um for those of you who don't know me my name is shaquana i go by miss business across all platforms i am a certified public accountant four years ago i started brooks alliance and now i have 13 oh actually just hire somebody today i have 14 employees um and so for those of you who need motivation there's your motivation um four years ago it was just me i was in corporate trying to figure out what i was going to do and i decided that i was going to take a chance on myself and better myself and so i started my tax and accounting company brooks alliance and in regards to services that we provide we provide personal tax preparation business tax preparation business formation bookkeeping tax planning payroll if you see the adp i have a relationship with adp so we do all of our payroll processing through them um it is so important um you know to figure out what that business is going to be to serve um that's what i do so just wanted to give you guys a brief introduction um to give you a bit give you guys a little bit more about me for those of you who don't know me i um i started my my career um big four accounting firm i stayed there for six and a half years really mastered my craft really made a lot of connections a lot of relationships before deciding to start my business when i did this this when i did decide to start my business um i was still at work and i was trying to figure it out and i wanted to serve entrepreneurs real estate investors um all of the entrepreneurs um that today you know we're always like you know i want to get money i want to get money and so i just wanted to bring taxes um and make it a part of the conversation so that's a little bit about me now jumping right into it let's just talk about positioning to start right so when you're starting you really have to think about okay so what is a business right so business is the practice of making one's living by engaging in commerce so businesses range from sole proprietorships to international corporations and can range in size from small to large now that is important because you have to think about where do you want to be where are you currently are you um you know at a job right now did you just start a business did you just quit your job but where do you want to be where you want to be is very important because if you're thinking okay i want to just be a sole proprietorship um you know i don't i don't want to bring on you know any employees i just want to do it by myself some people are like listen i want to have a side hobby but you know i want to know how to operate it properly some people are like okay i want to have a business um but how big of a business right what goes into it what are things that you need to do um if you're thinking about being a big international corporation you may need to consider you know positioning yourself to be purchased to have investors um investing to go public things like that so you have to think about um where you are in your business now before we really get into it i want us to think about and envision your future and the reason why i always um encourage everyone who's thinking about a business or getting into a business because you need to establish your why establishing your why um makes that journey of entrepreneurship which is not an easy journey it makes it so much easier when you have your why defined so you have to define your why envision your future so what does that dream look like what kind of car do you want to drive what kind of house do you want to live in who do you want to be surrounded by how much money do you want to have what is what do you want to feel like what do you want your health to be like what do you want your reach to be all of these things you have to like sit and just close your eyes and just think about it that's what i did when i first started my company closed my eyes and i thought about it and i said you know what what life do i want to live what do i want to be surrounded by and when you become clear on what you want it makes it so much easier to go after exactly what it is that you want and so you cannot be afraid and so many people are afraid to say what it is that they want you have to you have to define it what do you want to drive be very clear how like what's your happiest moment when are you your happiest self so you have to think about that because entrepreneurship is hard and you are going to need a why like why are you doing this so you have to think about um you have to think about that the next thing that you have to think about as you decide to start your business is what are your money goals right how are you going to really break that down from you know let and i use the example here for a hundred thousand dollars but if your goal was a million dollars if your goal is ten thousand dollars additional a year fifty thousand dollars additional year whatever it is you have to break that down okay and so i gave two examples because um i know a lot of times we always see for shock value people will you know kind of put it put out there you know to make 100k you have 365 days but realistically like no i mean some people i mean you just have to get it done and work every single day but you may not want to work every single day so i broke that 100k down um into 250 days which kind of excludes the weekends as well as holidays so just taking a look at the top right just breaking your money goals down and why it's so important to break your money goes down again it gives you direction you know where you're going so whatever amount of money you want to make whether it is to replace your job or to bring an additional income or to create this you know the life that you want whatever it is you have to be clear on it so if it is 100k 365 days you break that down into months and then you break it down into weeks and you break it down into days now keep in mind i know most people when you all are doing um the calculation most people would try to take some people hit me up like oh your calculation is wrong so it's not wrong you guys are doing this um you have to take into consideration if you have 365 days in a year and you break that down right into 12 months you have to consider that not every month just has four just has four um weeks right so if you technically took 12 months and then divided it by four then technically you would only get 48 weeks right in a year and there's 52 right so that is why you're you can't just keep dividing it um so you just have to consider how many weeks there are in in a year so you have um let's say if we have this hundred k you have eight thousand three hundred and thirty three dollars a month you would have to make so when people say oh i want to make 100k it's like are you positioned or are you in the are you in a place with your business to say that you want to i mean that you can make 8 333 a month if not that means that you are not positioning yourself to make 100k so now you have to start becoming creative to say okay well how am i going to make 8 33 in a month what do i have to sell how many people do i have to talk to how many contracts do i have to close what do i really need to do in order to get to this this number and so again being intentional about what it is that you want is going to make the difference when you are um when you are starting a business or you're doing anything in life now what i did below with 100k um the 250 days i pretty much broke that down um into just dividing it by 12. this formula works by keep dividing it because i excluded all the additional days um so it works out however again if you wanted to say okay i want to make 100k but i want to take weekends off and i want to take all the um all those u.s holidays off then that means that you are only i mean that means that you have to make 12 000 a month versus only the eight thousand three hundred and thirty three dollars so you have to think about that so some people may look at that and say nope well for one year i have to go harder because you know whatever i can't i didn't budget or it's not in my bandwidth to do 12 000 right even though that's a limitation and we don't do those you figure it out i always tell people you if if it's a money problem you have to figure out and be creative on how to make more money never for it to be a situation for you to sit back and say oh i don't have it right that's a limitation and there's so many ways to get money um in this world so never that you can't do it just you have to be creative and figure out how you are going to do it now to extend the conversation um from the episode that i did um last week i wanted to get into entities because a lot of times people are not clear on what type of entities they are forming and why they are forming them and what it needs so i want to quickly break it down and just go through okay you know every single entity what it means from a tax perspective and i'll also break down escorts um visually because i know that it helps people really grasp the idea of what exactly um that savings is and how we can reduce those taxes right and so most people when you're thinking about your entities uh most people will say that they want to start an llc and it's so it's so um i call it like the the popular entity because everyone just says that they want to start an llc and yes from a legal perspective um it is going to protect you against liability the same way that a corporation will so um just keep in mind that you know most people will say to me listen i want to be able to write things off so i'm going to start an llc or i want to um you know i want to i don't want anybody to sue me and take my personal items so i'm going to start an llc um please keep in mind especially from a tax perspective an llc does not um allow you to write off anything additional okay that is a big misconception keep in mind that an llc is not a tax entity um an llc is a legal structure and so what that means is that have forming an llc does not breed you any additional tax write-offs so i have sole proprietorship here and single member llc because they are taxed the same exact way the same things that you can write off as a sole proprietorship is the same things that you can write off as a single member llc now as a single member llc i do suggest that you register your business and you form your business and you form your business correctly because again you want to separate out that liability you don't want someone to come and sue you and then all of the um all of your stocks and and your your personal now your primary residence all of those your cash that's in your account all of those things that are personal to you you want to be able to separate those out from your business so just if in the event you know we're in america if someone goes to sue you you want to make sure that it's a situation where you are protecting yourself so this is not in any way me saying that you don't need to form an llc is that i want you to be aware that when you are choosing these entities that um you are telling the irs how you want to be taxed no one talks about that everyone just talks about the legal side of it in the legal perspective of it but we have to also consider what that means from a tax perspective so if you see on the right hand side i have business income not taxed on a business level so only thing that that means is that as an llc an llc is what's called a pass-through entity so that just means that it's impact whatever the profit of the business it passes through to your personal taxes and then it your tax there you're not you know as a corporation which will go over you're not taxed on the business side and then again tax on the personal side it all flows through on your personal side and then your tax there now in regards to the tax form and how it's filed but when you have a single member llc or sole proprietorship you will use schedule c which is filed with your personal taxes which is your um tax form 1040. so um again you're not filing a whole separate business return business and personal is filed together in regards to the tax liability that you have to think about when you form a business is your income tax your self-employment tax and your state taxes okay so keep those in mind and of course state taxes only if you are in a state that taxes income tax so those like florida texas you don't have to worry about income i mean state tax now let's talk about self-employment tax so self-employment tax is 15.3 percent it's typically um when clients come to me and they've had businesses existing businesses and they come to me and i'm all like i always show them like hey did you know that you were paying this additional 15 on your taxes and ninety percent of them will tell me no they didn't know because no one explained it to them and most of the time people aren't questioning what these additional taxes are um they just will you know pay it because at the end of the day they don't understand it no one's explaining it to them and so they just go ahead and pay but you have to keep in mind the self-employment tax really is just social security tax and medicare tax when you are an employee if you've ever received the w-2 you receive i mean you pay half your employer pays half so you pay 7.65 your employer pays 7.65 but when you are the owner you pretty much are responsible for the entire 15.3 percent okay so you have to keep that in mind when you are thinking about that and so that is a high number and i always say to people would you let somebody just come to you and say let me get 15 of your business you would tell them no you would be like no why would i give you 50 15 of my business and so we have to think about it the same exact way um as it relates to taxes okay now let's talk about partnership and two plus member llc's so thinking about that we also i put partnership and two plus member llc's because very similar to a sole proprietorship a partnership just means that two people got together started a business however they did not take the additional steps to separate well to register their business which separates the business out from themselves right and so that is important for you to understand and so the two plus member llc just means that you formed an llc you have two plus members in there and you have registered business there is a separation between yourself and the business now you have your business income so it says business income is not tax on the business level now the difference with the tax form and partnership people please listen up because i have tons of people that make this mistake every single year if you decide to form a partnership or two plus member llc you cannot just divide out the incoming expenses on your personal taxes on a schedule c right that is for single member llcs if you are a partnership or two plus member llc you have to file tax form 1065 that's where you're going to report all of your income all of your expenses and then you are going to receive a k1 so all partners are going to receive a k1 the k1 pretty much just shows the profit of uh sorry the profit share of each of the owners so if there was a business you all profited ten thousand dollars there was 50 50 ownership each partner will receive five thousand dollars on their k1 that they then will have to uh include in their personal taxes okay so please keep that in mind now in regards to the tax liability you have to think about your income tax there is self-employment tax relating to a two-plus member llc but to the extent of guaranteed payments which just means that there was some additional work done by one of the partners that wasn't typically like in their scope um in the business so they were paid additional so that is kind of seen as kind of like a payroll or a salary almost um and then there's state taxes right again if you are in a state that um that allow i mean if you are in a state that requires you to pay state taxes um c corporations so now c corporations you are tax on the business level so what that means is that you are tax on the business level and as your tax on the business level what happens sorry azure tax on the business level that's very different from an llc and a two plus member llc that i just described to you all right because those are not taxed on the business level so to be taxed on the business level what that means is that your income and your expenses are being reported on your corporate tax return which if you see below that is tax form 1120 whatever that profit is you will pay taxes on that on on the business level so on that corporation tax return there will be a tax liability due if you are operating at a profit so in that same example if it was ten thousand dollars it doesn't matter how much how many shareholders and all um is in the business that ten thousand dollars will be taxed at 21 that is the corporate tax rate so it will be taxed at 21 then and why if you've ever heard about a corporation you will hear double taxation because then you have your corporate corporate partner share of the profits then has to be distributed as dividends right and so now you have to deal with being taxed again so this may you know make sense as it relates to let's say an apple i always like to use apple everybody knows you know apple as the company so think about it apple's on the stock exchange you can purchase apple you can own a piece of apple so now when you purchase a stock you now are an owner of apple what happens is every year apple has to file their tax form 1120 they have to pay their taxes and then guess what everybody everyone's looking for their dividends right their share their profit sharing um of what however much of the company that they own so what happens is they will distribute our dividends and then guess what happens you all receive a 1099 div which states okay this is how much dividends the company has paid out to you throughout the year and so when that happens you then have to report it on your personal taxes and when you have to report it on your personal taxes what happens your tax again so you have to think about that um and so most people will say okay well if i'm paying all those taxes like why would it ever make sense for me to be a c corporation and so some people rc corporations for some of the following reasons such as they want investors right so some investors will require you to be a corporation if you ever have um a plan to go public if you have a plan to go public then you will need to be a corporation you cannot be an llc and go public you would have to be operating as a corporation some people it is an income threshold if you are making over a certain amount of money you will it will be in your advantage um some of the time for you to be a c corporation so those are some of the um some of the reasons why you some companies will choose to even be a c corporation now keeping in mind in terms of you know what the taxes look like you do have your corporate income taxes your dividend uh taxes that you or your dividend sorry the dividend income is being taxed and then your state taxes okay so that's something to think about now escort miss business real quick real quick no no no we just watch i'm taking notes and i'm watching i'm listening to this apple and i'm listening to the dividend payment how is that is it is it taxed as a as a long-term capital gain or is it like a short-term table how's that tax it's like short-term like ordinary yeah so if they're doing like quarterly dividends then you're getting short-term capital gains on it yeah because they're not yeah they distributed short-term so it wouldn't really be long-term perfect shout out to ian on the check-in shout-out all right so escort so your escort um you have your business income um not tax on business levels so with an escort um s corporations is um i love as corporations because i think that it is an amazing tool and it really um as you start to sit back you start to realize that the real separation between um the escort and an llc most of the time it's just people not knowing about it most of the time it's not that people don't want to be escorts it's just that they never knew about it and knew the advantages of it so they just did not take it you know take advantage of converting their llc's or their corporations over to escort so let's talk about escorts um and how they save uh business owners all the time on that self-employment tax and help them significantly like i have clients saving about like so like tens of thousands of dollars um just by simply saying hey i don't want to be a llc i'm going to be an escort so with your business income the business uh income is not taxed on the business level so similar to an llc it is a pass-through entity so with the pass-through entity again that just means that it is not tax on the business level it passes through to the personal taxes and then it's taxed there okay so what happens with the s corp is that you have to file tax form 1120 s so with once you file 1120s that's where you're reporting your income that's where you're reporting your expenses and then you have your profit similar to when you were like a partnership or two plus member llc each owner of the escort because you can have up to 100 owners in an s corp each owner will receive a k1 if it's just you then you would have 100 and 100 of the profits will just go to you so that k1 is going to then be included on your personal taxes and then your tax there however the tax the taxes that you have to think about well that you will incur is just income taxes and state taxes notice i didn't say self-employment taxes so let's talk about that really quick all right so i have to always bring this chart into my conversation because it is so important um that i give visuals because people digest it and understand it a lot more so this is a diagram of how someone that's making a hundred thousand dollars um profit how they were able to save on self-employment tax by being an escort versus being an llc so to quickly run through this on the left-hand side you have llc so you have a hundred thousand dollars of income that you made in your llc that hundred thousand dollars is subjected to self-employment tax so that self-employment tax is 15.3 that sorry the income is then reported on your personal tax return okay and all the income is subjected to ordinary income tax keep in mind um all the income is always going to be subjected to ordinary income tax once it hits the bottom this this um diagram is simply to show you how you are going to save on self-employment taxes okay so we're not necessarily getting into the reducing income taxes but more so how to save on uh self-employment taxes now if we go to the right you have your s corporation um made the same hundred thousand dollar income but you notice that the person paid themselves a salary of forty thousand dollars keep in mind when you are an escort you are required to pay yourself a salary it's no specific number or percentage but you have to pay yourself a salary now this person decides to pay their self a salary of 40 000 that is an expense to the business so that the business is left with sixty thousand dollars on the right hand side as you can see let's just look on the forty thousand dollar side forty thousand dollars um it shows that on that forty thousand dollars they incur social security tax and medicare tax so that fifteen point three percent was taken out because guess what they are an employee so on there um on their check they took out fifteen point i mean sorry seven point six five percent and then the company paid the other seven point six five percent right but technically it's all their companies so in this example they were responsible for that fifteen point three percent that forty thousand dollars was then reported on a w-2 so before we go on i just want to show you all that what this is saying here is that the person went from paying fifteen point three percent on the hundred thousand dollars to only paying it on forty thousand dollars okay so i really wanted to point that out and i like to include this because it helps people understand exactly um you know how that savings work and so it really is um it really is a phenomenal tool by just changing your entity i usually suggest that i always get this question on what income threshold i usually say anything over 35 40 000 i suggest that you convert over to an s corp if you are making anything under that then i would suggest remaining as an llc um until you are profiting you know above those numbers because um an s corp has requirements right you have to process payroll you have to file your taxes every single year so you just want it to make sense all right so just to kind of finish out this diagram we have the forty thousand dollars being reported on a w-2 the 60 000 is going to be reported on a k-1 which also does not have any self-employment tax and then the whole hundred thousand kind of goes down and it's going to be taxed on ordinary income taxes okay so i just wanted to talk about that now i have to bring you guys through that because i think that it's like so important and um we talked about on the episode like things you need to consider when you're forming your business but i wanted to go into a little bit more on like okay what does it all mean and to make sure that you all are doing it correctly so now positioning yourself to sell now you may know the craft but not the business this is so important because i feel that it doesn't matter what industry it is the business side of things will take the fun out of everything i have a ton of creative clients and the business side of things just extremely stress them out because they're like i just want to be like i just want to create like even me i most days i'm screaming i'm like i just want to do taxes i want to do taxes i want to educate i want to talk to people right but then when i have to sit down and really do the business side of it what i call fun which i know most people won't call fun like doing taxes but like what i call fun i it's not fun right because the business side of it is so technical and it's so serious and it's so important and it's something that you have to really think about when you're really thinking thinking about you know starting this business you have to think about what do i what do i need to do versus what do i need to delegate or who do i need to hire who do i need to engage who what like who what consultant can i pay to help me you know eliminate a lot of mistakes so put this picture here because you have to hire a team and again i started out it was just me i was answering the phone doing the consultations doing the taxes i was doing everything however i understood very early that i needed to hire someone so my first person that i hired was an admin that was my first person because guess what there's a lot of administrative tasks and there's a lot of you know duties that needs to get um done on a day-to-day but no one really talks about those things everybody makes it seem like you can do it all but what start to happen is that i was forgetting things i wasn't able to show up and i quickly quickly understood that i needed to hire a team i also needed to delegate what i didn't put on here um that i want to talk about it's just outsourcing and bringing in and hiring experts that you really need to hire and so i want to spend a minute just talking about that because when you hire an expert and most of you all are you know on this you know on this zoom right now and so you're already showing up for yourself right you're here you're showing up for the information so that is amazing um but i want you all to take it a step further and really take that knowledge and execute on it right so we're always talking about listening you need to hire the experts you need to you know get whatever knowledge it is that you need you need to take it a step further right so after you sit here and you get this knowledge okay so what is that next step and so really really really think about okay who can help me eliminate my mistakes who do i need in my one percent team is it my cpa right so i always say my one percent team includes my cpa my fight well i'm kind of the cpa i'm actually looking for a cpa because it's gotten to a point where i'm like i need to like outsource um some of these things right but as a business owner you need a cpa i help people save so much money i'm a tax write-off i'm in a whole asset right and i say i jokingly say that to people all the time i'm like yeah i'm a writer but i'm truly an asset because not only am i going to save you on taxes but i'm also going to help you with your business i'm all i also have the resources right and the experience and a lot of people like don't value the the fact of having people in your corner that you can pick up the phone to say hey do you have a referral for i want to start payroll who can i you know get to my payroll oh i want i need a financial advisor who do i need like those things are extremely important because you have to be able to eliminate the mistakes because if you're starting and if you don't have anybody to say listen here here's what you need to do you have to create your team so get your banker get your lender get you know that funding expert get these people you know whoever your brand strategist is going to be whoever's gonna you know look into marketing so pace yourself but you need all of these people on your team because these are the people that's going to help you grow your business okay so that is so important so marketing that takes me into marketing um marketing is so important a lot of people will spend so much time worried about packaging and um you know all the pretty things and all the things that they're so passionate about and they forget to tell people about their business so what is going to like how are you going to get the word out what how are you going to get more clients how are you going to get people to purchase your item of you know your service how are you going to get people to invest in you what what is going to be your strategy most people are not thinking about it what is the budget for it create a budget for it i don't know if you guys seen this diddy episode last night on the podcast i love miss ditty by the way so i watched the whole episode but she said like you have to put money into budget i mean into marketing and if you look at i think elon musk said it too like i will put my last money into marketing people are not valuing marketing enough um everyone's so consumed and so tied up into what they think is such a good product and a good service and then they do all of these things on a back end but nobody knows that it's available nobody knows what service or product you have so no one can purchase it what is going to be your plan of action to actually get that out there okay so understanding funnels right so funnels can be from it doesn't matter if you're online with most people i'm sure you guys are online but if you are aren't online you need to be online um you have to have some sort of social presence um to your business because i don't care if i walk in a store i still go on to the people i could still go on um instagram pages i'm like oh i wonder what their instagram page looks like right and i'm not the only person that does that so you have to understand funnels and a funnel is really nothing more than how are you going to get your client into your process and service them how are you going to get them to buy whatever it is that you want them to buy how are they going to start here what's the next step what's the next step what's the next step until you get them to purchase from you you have to think about those things um you can't just think because you're passionate and you think that it's a great product that it's going to sell because that is not the case okay and also think about how are you going to retain clients everyone's always concerned about how they're going to keep i mean get new clients but in terms of retaining clients people are not thinking about that or talking about how they're going to actually retain um the clients that they actually have like you already have the clients here how are you going to service them what are you going to do is it a follow-up is it you know an offer is it you know just finding different services for me i keep my clients because i listen to what they're telling me that they need so if my clients like hey i need this i need this i'm like you know what like sales taxes i originally was not doing sales taxes but now i'm bringing sales taxes and so by the end of the end of march my firm will be offering tax i mean sales tax um services on a larger scale because clients need it especially with so many people selling online and so you have to keep um you have to keep those things in mind and you have to listen you sell by listening so you have to listen to your current clients so the last thing is funding right so funding is something that you have to think about um in the beginning right you may try to understand like okay well what exactly like how am i going to actually get the money to start my business or okay i have my business is here but i need to hire more employees i need a new software i need to do these things and i don't have the money to do it and i always say that small business owners um we're always in a bad position because we need more money in order to grow but a lot of times we don't have the money to grow so you wind up in this vicious cycle where it's like okay well in order for me to grow i need more money to grow but i don't have more money to grow so how what am i going to do and so you have to be creative you cannot just sit back again as i said earlier we're not going to sit back and just simply say oh um this isn't like okay i don't have enough money right now and that's it no you have to think about what am i going to do for more money that changes your mindset and that makes you think about what are the steps and the things that you have to do in order to become more creative so that way you can get the funding that you need in order to start your business so let's talk about funding you're starting out your business i'm going to start out with tax free money um so what i call tax free money is when people go and they start they may drive uber or they may do door dash right to get some additional income um pretty much any income that you are generating um that's a 1099 not necessarily a w-2 um so you will receive that 1099 at the end of the year and why i call it tax-free money is because at the same time when you're driving that uber and you're starting your business you could take that money purchase laptops purchase software supplies materials and guess what it is it's a tax write-off and that tax write-off is going to go against the money that you were already making right and so now what happens is when you bring that money in it's income but now when you start buying things for the business it is now an expense right and so what happens let's say you bring in ten thousand dollars in income and then you had your laptop and you had you know you needed supplies and you needed all these things that is ten thousand dollars worth of expenses that you may bring in that now guess what now your net income is zero so now that's technically tax-free money so now you have to think about because the reality is when you pay taxes you're holding yourself back right so the more you overpay in taxes the more you hold yourself back because you could be getting a lot further with that money that you're paying um taxes with so instead of just saying okay well i'm gonna take the money i'm gonna drive where i'm not gonna do anything if you were getting that additional money in instead of just getting the money in you take that and you use it towards your startup costs right for your business and so that's why i call that uh tax-free money now credit cards so thinking about credit cards you have to um understand that there's different tiers of credit cards right so there may be your bank credit card right and they may require you if you have good personal credit you may go there to open up a business bank account nine times out of ten the next thing they're gonna say to you is do you want a business credit card if they don't just ask them for it right every bank does it um so if if they have business checking accounts which 95 percent of banks do um so if they ask you you know do you want a business credit card if your business is new and you are just establishing your business what the bank will do is they will take your they would pretty much make you personally guarantee the credit card and what that really means is that you will they will run your personal credit to see what your personal credit is to see if they will allow you know give you some sort of line of credit on your well not a line of credit but give you um yeah a lot of credit on your credit card um so that is so important right and sometimes most people say oh i don't want them to um you know look at my personal credit at all that's fine however if you want to get where you're going a little faster you may have to use yourself to leverage in order to get that credit card now as you start establishing that business credit and you are now in a better position now what happens is that you are able to then get credit cards down the line where you don't need to run your personal credit because now your business is establishing credit and most of the times when you get these credit cards they have zero interest um you know tran uh zero transfer balance and so you can utilize that so now i just opened up a business i have a new business and i just opened up a credit card and they gave me like 13 months for free oh that's free money like not free money but interest-free money right that's cheap money so because it's cheap money guess what i'm going to do i'm gonna take it i'm gonna invest it in my business and my returns now i just have a bunch of money that i can play with that i don't have to pay any interest on until next year february so you all have to think about these things as well and you know you utilize yourself if you need to to get where you're going okay so now loans and lines of credit so now loans and lines of credit will require you to have like your business and keep in mind you when you're going for loans lines of credit you have to make sure that your business entity and this is why i left funding for the end because it is so important that your business is set up properly or you will not get funding when it comes to advancing you have to know that you are not going to get to that next level until you are structured correctly so you're going to need to make sure that your entity is set up correctly as we talked about on the episode you need to make sure that that address is not a home address you need to make sure that it's a virtual address something that they can search and see that you are legitimate business you want to make sure that you have a website you have an office telephone number and wherever you're getting these things at right it doesn't matter but you have to make sure that they are put in place you also need to make sure that your you have income coming into your business bank account because so many people will go for loans or go for some sort of funding and they're like oh my god like i have all my income for my business going into my personal account that is not going to work they want to see money coming into your business and if you have everything going into your personal that does not cut it you have to make sure that is done the next thing that they always going to ask you for are your tax returns so you need to make sure that you are filing your tax returns okay so keep in mind those things are always going to be needed when you need when you need to go for a loan or a line of credit so with the loan and line of credit your business does need to be established every bank or lender has their own criteria you know some is a year some is two years but at minimum it has to be a year because they want to see those taxes they want to see that you have money coming in they want to see that you know you reported it and that's what they are going to go um off of when they are deciding if they are going to approve you or not okay so please keep in mind that you have to be positioned correctly so when you go they are going to look at your taxes they're going to look at your bank statements and that's what they are going to use to determine if you are eligible for um for loans but there's also different tiers funding i think we can kind of talk about all day but i know we don't have all these all this time um but just so that you all know and i'm driving this point home 88 of millionaires are self-made entrepreneurs in the united states so there's a facade out there that millionaires are all millionaires they get their money passed down to them that's not true 88 of millionaires are self-made millionaires in the united states that means that everybody had a dream they worked hard they believed in themselves they seen their future self and they showed up every single day for their future self because they wanted a different change and a different circumstance okay so keep that in mind and if 88 like there's a lot of millionaires there's a lot of millionaires and 88 of millionaires can do so by being self-made meaning they didn't have any help they had an idea and they went after it then you can too you know and so believe in yourself um i find that that's the biggest limitation 500 000 people quit their jobs in 2021 and that number is expected to continue to increase okay so please please please please please keep that in mind um as you all are thinking you know about this entrepreneur journey there's so many people out there just doing it for themselves showing up for themselves you know we all have an amazing platform of eyl just letting us know everything that's possible i've learned about so many different industries um you know just through watching the podcast and just being present that i'm like oh my god i didn't even know i could make money this way or i didn't know or you know really understand the logistics behind it and so we have to make sure that it's a situation where we are um you know really really taking advantage of these things so that concludes my presentation thank you thank you standing ovation standing ovation oh man yeah i'm glad you brought up that that uh great uh resignation as they're calling it right because the unemployment rate is is going lower every month and so if the people are resigning they're not filing for unemployment they must be creating their businesses so i'm glad you brought that point up yes so now we're going to go into the part that's probably the most beneficial um as i said you want to take the um that's um yeah you guys hold on sorry let me stop shooting now we're going to go into the partners pipe most beneficial for the ewl university classes is uh the question and answer part anytime we do a youtube live whether it's market mondays whether it's open enrollment whether even a podcast people ask questions which is weird because i mean you would know you would think that people know that the question is not going to get answered in a podcast because it's pre-recorded but um people still like in the comment sections they'll ask questions during the um recording like during the like premiere of the podcast so this is an opportunity for people to actually ask questions and it becomes you know more of an intimate situation kind of like a consultation really um so we're gonna open it up and uh yeah answer some questions then i'm sure a lot of people will have like you know similar type of questions yeah let's do it let's do it we're gonna start with uh patra we coming to you um mute yourself you've been unmuted what's going on patrick good evening hello everyone how are you i am great how are you i'm very well thank you miss business you made this so simplified i mean you really did i thank you listen my question is i'm thinking about um moving from llc to escort real soon but my question was about adding children to um the and the additional benefits i have an inquisitive granddaughter she loves doing whatever you know i'm doing to help me along and i'm just wondering if that will help me because i think it's what like almost thirteen thousand dollars i can pay her out over the year it's kind of tax free is it what i'm understanding absolutely so let's talk about this because this is always a hot topic on how much people can pay themselves and then what that process is so in regards to paying yourselves um sorry in regards to paying your granddaughter or paying your any child what needs to happen you don't have to put them on payroll like officially like through like an adp or you don't have to do that what you can do is you simply can take the money from the business account to and send it to the child's personal account but keep in mind that the child must the the account has to be in the child's name right it can't be in your name or let's say your daughter's name or son's name um it has to be in the child's name okay and so what happens is you can say you can pay them pay your granddaughter up to twelve thousand five hundred dollars and send the money from the business account to the personal account it then um is a tax deduction at the end of the year awesome awesome thank you for that thank you for clarifying that it needs to be enough thank you and then you could take that money and invest and put in a brokerage that's right that's right yeah valuable information right there yeah appreciate you patrick and then you could even go a step further and come on if the child is old enough you could put you know you could put the money in a roth ira up to six thousand dollars right in this business yeah and that's tax-free when they take it out later on down the line so it's a lot of different ways that you can actually you know benefit from that situation awesome thank you so much i am so glad i finally joined eyl it's a plethora of information thank you so much guys i'll let someone else come on we appreciate you thank you welcome to the family it's been a minute since i got to do my little clothes here we go uh aaron we coming to you i'm mute yourself you've been on muted what's going on peace peace how y'all doing man everybody good man i respect okay so i uh last year i started the llc for uh real estate investment i started with twenty thousand dollar startup funding uh and a a friend of mine wanted to help my business establish credit by purchasing um by purchasing a condo so they invested 130 000 into my business savings account it was a business a business savings account they invested 130 000 for me to make this purchase of a a condo and they wasn't really agreeing with the market based on our search so uh they decided to make another move so they uh i withdrew that third 130 dollars and gave it back to them uh how how should i classify that on my taxes um you know to avoid any issues well you don't have to claim it on your taxes because when you receive the money it's not considered income it was more so considered like a loan right um it was money that was provided to you as a loan and then the money that um when you basically repaid the loan um you just repay the loan what i will say that you need to do is you i don't know if you all already have a loan agreement in place but if you if you all you or anyone in here have a situation similar to that you want to make sure that you establish like a loan agreement right so that way and it it just needs to say you know who who was the borrower who gave the money what are the terms what is the you know expected payday so that way you all have a real true um partnership agreement and there won't be any ambiguity about if it was income or not oh yeah and i i totally understand thank you i appreciate it no problem yeah yeah those all those agreements are extremely important operating agreement partnership agreement and obviously a loan agreement as we can see right now that's something that we don't even think about when we go into business especially when we do it with like our partners or our friends it's kind of like yo hey you'll do this i'll do this but to have something that's formally put together is very important in a case like this it could be um almost detrimental if you don't yeah for sure all right let's go let's go to uh tariq we're coming to you i'll meet yourself you've been unmuted what's going on tariq what's going on y'all peace everybody how y'all feeling tonight hey everybody how are you what's going on last night i'm blessed um i appreciate this business for everything you've done um i know you've been rocking troy from the beginning appreciate our jim john and gabe my question actually follows right up on troy's point um can you list your top 10 things that you would list in an operating agreement i kind of want to know what which you would actually personally yeah and also can you just explain what i operate i had this conversation with somebody today can you explain what an operating agreement actually is and why it is beneficial for starting your business or having a business absolutely so operating agreement pretty much is the rules of the business you want to make sure that you establish what is going to be the tone and the rules of your business when you are first started so the operating agreement will detail things out like um when are you going to take profit what is the ownership percentage when is their lock-up period are you going to bring some you know let's say an investor decides to invest in your company and you wanted to have some sort of lock-up period you would include all of those things those terms inside of um inside of the operating agreement are you go are you all going to decide to dissolve the business after five years or ten years right who what role and of all of the um what are the roles of all of the partners um of the business who's going to do what what are the ownership percentages those are the type of things that goes into operating agreement because you want to make sure that you are detailing it out and it is very very very important especially when you have partnerships or multiple members because you want to detail out one and make it clear who's doing what right that is a big thing um in partnerships most people will start it and have no idea who's doing what that business so you have to think about okay who's doing what what is the profit sharing um who's liable for what if anyone right those are the things that you would put in there right is there a lock up period um are you going to dissolve the business who's responsible for what what's the ownership percentage so i feel like i just almost gave you like 10. so i don't know you did you did you gave me a solid list i appreciate it thank you so much okay that's off the top of the head man that's that was off the top of the head yeah it's late i understand i appreciate it we appreciate you bro yes sir yeah he's like 10. i'm like i got close the 10 business commandments reno we coming to you i'll meet yourself you've been on muted what's going on hello evening y'all hello how are you doing i'm well thank you so i am a mature earner and new to eyl um i have recently uh started taking care of my mom and i also have my granddaughter so i i'm thinking that i could do something in terms of like maybe a boarding care something like that something where i'm able to care for others so my question is would i be better just starting off renting or leasing a home or buying the home to start the business put the business into what are your thoughts so you would have to really consider um i hate giving the explanation of it depends but it really does depend on like what those facts and circumstances are um you know like what is the value of the home right are you able to purchase the home at a good you know at a good rate does it make sense for you to maybe rent at you know rent for a certain period of time and then you know buy at a later time um you have to kind of consider i wouldn't be able to make that decision but what i can say is that while you are trying to make that decision you need to think about and weigh in all the factors about you know the financial you know the financial responsibility that that is going to put on you um and another thing that you know i'm so happy that you asked this because a lot of people don't think about let's say startup costs right so now you have to think about all the costs that it's going to cost you to actually start this up the licenses you know the registration especially if you're getting into a field like that you know how the professionals the certifications um you know the the decor the the supplies all of the things that you're going to need and then on top of that if you add a mortgage will it be the same as paying rent if so then you know land is you know having land is better you know but if it's a situation that um you know it's going to be is going to put you in a bad space and not allow you to be able to reinvest into your business then you may want to be able to kind of take that step back rent for a little bit and then um purchase the home so that would be my um okay i appreciate that thank you very much y'all have a good one you too rina thank you shout out to all the mature earners man that's one of those dope clubs uh that that's the they got a lot of information man yep that's one of the best infinity clubs that we have mature earners um yeah it's really dope all right i don't want to get this name wrong i think it's shona tina but i might be wrong but i'm used to anyway to talk and if i'm said it wrong you can correct me i did thank you it's sean tina you were close ah sean tina what's going on how are you i'm getting you i'm great i'm great thank you for being here so my my question is um i i i work a regular job and i also had invest in a uh and i'm in a business that we eventually just sold but i get a um like a award tease payment every like every six months um but my question is when i turn my taxes in to the cpa to get done do i give them i don't know how to how do i do that i'm trying to start a business so i still give them my w-2 stuff and my investment business stuff and i need to file taxes for my personal business so when i do go get a loan for my my own personal business i want to show the lender that i have income i mean i have income but not for my business that i haven't really produced income yet if i make sense okay so let me just say this again to make sure i have it you had a business you sold it and you're getting royalties yes okay then you also have another business but you're not really operating that that other business correct okay she's getting royalty from a job though you're gonna rotate from your job right no i'm getting royalties from the uh the business uh business i was in the group with okay um we sold it but i'm getting royalties from that but i'm that's still coming along for another a year or two but i want to start my own business but i want to file what i'm understanding is i need to file taxes for the business that haven't started to get a loan or a business credit got you okay so when you file your taxes you have to report the royalties if there are any expenses that you incum that you incurred um then what will happen is that we will report those expenses if you have your w-2 you'll report that in terms of your business so with your business if you haven't made i mean you have to report the income that you've made as well as report the expenses so if you're in a position where you haven't made any money in that business then you wouldn't report any money in that business so that's how you would file that so you would you would only like let's say if you whatever you made in the business and whatever you spent in the business that's what you would report on the taxes so so earlier when he was explaining like uh because i already had the llc credit for the new business for myself so i'm not in a group business anymore so i don't need to do a c corp along to see with the llc that i credit for my own business because i had a business with a group of people where i get royalties from which i made over almost almost 200 almost 200k so they're paying your royalties out to your name or to your business um it's coming to me so i get um i do a schedule k1 because i have it i have a 1040 form that i have to do okay that's fine so yeah so you will report that so you would report that but you wouldn't report on the personal business that you're referring to there's nothing for you to report if you didn't have any activity but you still will include the k1 if you did receive any like separate royalties then you would report that um and then you also your w-2 and all of that you do need to provide all of that to your cpa and they will they should you know know what to do with it and report everything and file it correctly okay because i would just notice when i do um like i'm getting like my little list of things to do for my new business uh which is a totally different business but i'm just trying to get my my my equipment that i need to start that business and i just didn't know if i needed a um um file taxes for business i didn't create income on and that's what's making me a little nervous no no so your requirement for filing if you're an llc is if you've made um 400 or more you're required to file um your taxes if you did not and let's say you have startup expenses that you had to put out you can file but you're not required to file if you didn't make 400 or more so just keep that in mind so you don't have to file um those taxes not for the business everything else you have to file okay thank you so much and have a great no problem thank you have a good one and congrats on those royalties oh thank you so much of course of course all right let's go to james james what's going on mute yourself you've been unmuted what's the deal hey what's going on peace peace peace how are you what's going on i'm good i'm good man thank you guys for everything you do been tuning in for a minute been an earner for a minute shout out to earnest um i have a trucking company and i was i switched over my um llc to an escort a while ago and i was wondering um do i have to set up the adp and how to go about that so you do need to set up payroll it is a requirement um they can revoke your escort status if you are not in compliance um with payroll so you do need to do that um you i do have an adp rep um that i can connect you with she works with all of my clients shout out to nicole yes nicole is amazing together yes yes yes yes nicole is amazing um she helps everybody like she helps out all my clients so um if you just send me over a vm or an email go to my dm my instagram is miss business so ms.business101 um and i will send you over um her contact i'll make sure that you get her contact on instagram yeah yeah on instagram yeah y'all did it alive the other night right yeah we did a lot of other nights actually still on my page yeah so you can take a yeah we talked about like w-2's 1099's get in that process all of those things yeah so james when you go to her page you you'll probably see nicole from adp she's um on the pages probably within the last three or four posts they actually did a lot the other night was which is pretty dope okay all right bro all right i appreciate it yeah appreciate it let me get some let me get some housekeeping items in before we could just break it i know what this is yeah we're gonna we're gonna keep answering questions but i know she's been talking for like 45 minutes so i'll give her a break to get some water if she needs it but uh yes this once again this is a window into eyl university this is what we do um every single week we just cover this the last wednesday of the month is open enrollment but i wanted to talk about what this business has going on for a minute because um she actually just dropped her i don't even want to call it a course i really want to call it a business blueprint and that's actually the name of it business blueprint wears 15 hours of information everything every single thing that you need to know about setting up a business like we cover we can only cover so much in the hour and a half or two hours but like detail like you know bullet points on every single thing from payroll structure to retirement plan structure to you know selling a business to everything business credit like all palled in to 15 hours of video and it's actually assessments after like you go through different things as different assessments for um the modules there's different guesting structures i'm actually in there teaching uh about retirement planning and there's a workbook attached to it as well so um it's it's a great bodywork i actually went through it myself um i appreciate that i'll say she's she's modest so i'm you know saying her praise for her so i say that to say if anybody is interested and really wants to take their business serious and really start a business i highly highly strongly suggest that you invest in that um like i said being a financial advisor you know you get a uh business plan and you're paying anywhere from two to five thousand dollars for a business plan and that's something that is not even half of what she has actually put out she's a business plan on steroids actually like detailing so many different things and so many different resources it's really an encyclopedia it's really like a college bachelor's degree in business all wrapped in 15 hours so it's it's an amazing body of work that she put together i'm not just saying that because she's here i'm saying that because i actually went through it and um actually got a chance to actually learn as well that's one thing i always learn so we're gonna pin the link um and it's a thousand dollars we have a thousand dollars off so it's actually five hundred dollars the whole the whole 15 hours is 500 ian will be very disappointed i can hear him now pounding the air yeah he would be very disappointed with that if he's still in the live but uh i'm gonna pin it so yeah like i said if you if you are interested in starting a business or if you have a business and you want to take a visit to the next level extremely extremely important i highly suggest that you all invest in that so yeah the website is ms blueprint eyl.com i pinned it and it's also in the description of this video in the description of like when we put it on um apple and spotify as well so yeah yeah just wanted to do that before we get started yeah and i think i'm just that can i sing your praises a little bit more yeah yeah go ahead i mean obviously we went through the course went through all the assessments for the course which were incredible but one of the dopest things was the workbook right and so at the you wanna talk about the workbook i'll talk about the work actually can i pull up the workbook but don't follow can i just pull up the workbook you wanna pull it up share the screen do it i'm gonna pull it up this is one of the dopest features and i don't think i've seen anybody do it like this so yeah pull it up pull up shoes yeah so the idea behind the workbook so the the the course the business blueprint the reason why i even started the blueprint i mean why i even um thought to do the blueprint is because it was a situation where i had a ton hold on one second let me just pull this over here i have 2500 business clients and i realized that we were not operating or doing business correctly so what i wanted to do was be able to be a resource um for people because they just were not doing business correctly and it's so important and i ultimately feel that it's not a situation where people don't want to do better is that they necessarily don't have the tools they don't have the resources so outside of like having marketing having um you know in the course we walk through everything your ideas having partners contracts rashad's there talking about retirement dissolving your business which no one talks about um you know i had king ashley in and there she's talking about marketing someone from hr i had nicole from adp um and they're just talking about payroll and hold on one second and i thought of the idea to actually put together like a business plan so this is the workbook oh hold on one second that's just the cover page hold on where is the workbook oh here we go hold on wow yeah some people in the zoom are asking for the link i just put it in the link for everybody to see so everybody has access to that link and youtube uh it's already in there for you as well hold on give me one second because i think that the workbook is so good it's like over 100 pages so work really hard on this yeah the workbook workbook was definitely a good idea for sure because they got so the idea is that when you walk away you have a you have a business plan and as rashad said most people are paying thousands of dollars for a business plan and they don't even have they don't have anything they don't have half the stuff that you're getting in here so all right finally got it all right finally got it so open so let's get one more question in this business you could actually while you're doing that we could just oh i got you got it yep i got it so pretty much this is the workbook where we have my one percent team so this is all the people that are featured in the course so we have rashad ashley and sabine the purpose lawyer we have chrisley she's in there talking about hr rosina she's talking about trademarks connie's talking about processes nicole's talking about um payroll we have brandon from ptg talking about how to buy vehicles and assets in your business name we have my team here my branding and marketing strategist and brand strategist and photographer i had them hop in there to like just talk about from their perspective we have ellie talks money talking about funding so she dropped a lot bree talking about you know just buy assets in your name in business credit and personal credit and jalen and they're talking about pr all right so pretty much just to give you guys like a peek into the workbook the idea behind the work and keep in mind you can actually write inside of the workbook so when you download the workbook it's you can literally do it on your phone so the entire workbook is fillable so you'll be able to like check boxes right in all of these boxes so it's not something that you have to print out so really going through your your swot your pros and cons partnership agreement templates are in here um you know just really going through all of these things like breaking down all the things that i just went through here here's all the links right if you want to apply for ein that's there right so oh shoot what do i do so all of those things stop here because i haven't lost the page but yeah all of those things are pretty much in the workbook that's available and that's in addition that's an additional that's an addition to the course right because i i feel i don't i don't want you guys with your own pen and paper i needed to guide you i needed to make sure that you know i got it guided you all um throughout all of those lessons because i i really think that is so it's so good to have like a big thing i say that 2022 is the year of the bosses some years it's real estate 2022 is for bosses we have too many people quitting their job we have too many people you know just kind of just want to show up for themselves so that's my theory yeah from an educator to an educator man i appreciate that right and at the end of the day you got your whole business plan let's take a few more get a few more questions before we wrap up sean we coming to you on youtube you've been unmuted what's going on hello how you doing i'm good okay um can you explain the process to switch over from llc to escort hi tasha hi she's my client so the process to switch over from llc to escort the process has to be done on the federal side and the state side depending on which state you are in so there's only a few states that require you to also do the election on the state side but keep in mind guys an s corp is not an entity type it is a tax election so what that means is that you have to complete tax um you have to complete form 2553 and you have to submit it to the irs now keep in mind once you submit that form to the irs they will require you um i mean they will require about four months in order to get that form back to you just to say hey i acknowledge that you are an escort okay so you have to keep that in mind there are certain states um i think right now it's just new york i believe ohio um new jersey and one other state i can't remember the other state that's still that requires you to do it and um basically complete the form on the state side um but most states don't require you to also take that additional step on the state side they pretty much just follow suit with um whatever you elect on the federal side um in regards to the state level like where you actually formed your entity you don't need to notify them or let them know like hey i'm now an escort yes 2553 thank you you're welcome there you have it let's get let's get a few more let's do it let's do it let's do it uh let's go to uh anna we're coming to you anna i'm mute yourself you been unmuted what's going on hi there good evening can you hear me yeah you're playing yes i've been near you shout out to all y'all y'all right when i say i'm mute yourself y'all on it love it hi rashad hi troy nice to see you this evening hello miss business i enjoyed your presentation um my question is this and this goes to funding can we talk about um or can you express your views on shelf corporations because a lot of credit agencies want you to have some seasoning especially if you're new and so i know that shell corporations are a way to try to um put your business in the position of of uh longevity shown that you've been around a little while so can you share it relates to funding absolutely so with shelf um for shelf corporations for those of you who aren't familiar that just means that someone purchased a corporation or an llc um and they said you know what we are going to hold on to this llc for a certain amount of years and then you can then buy into this business that has already been established and that's why i always tell people when they ask me like when should i start an llc i'm like today asap don't wait and the reason why i say that is because when you go to lenders the first thing that they're going to ask you is when did you form your business when was your business established longevity matters so if you are just getting into um you know funding i mean you're just getting into business and you are in a position where you want to go for funding but of course you're just getting into business so you don't have the time i think that shelf um corporations are great you just want to make sure that they are in compliance i have had a person um acquire a entity and they had a ton of unfoul tax returns a ton of annual file tax returns that were not filed so you just want to make sure that you are get you're not getting yourself into anything thank you you're welcome and i was writing down her nose i appreciate you hannah thank you yeah let's get a few more before we wrap yeah let's do it let's do it let's see what we got uh let's go to kendra hall kendra we're coming to you i'm mute yourself you've been unmuted what's going on hello i um i have a couple of questions well one my husband and i already have a corporation which is a private investigation company but we also have nine rental properties and one of those rental properties we want to do in airbnb all the rental properties are in our name and i am wanting to know is it best for us to establish an llc and to run the business or should we do another corporation an escort for the airbnb and the rental properties no so you should do an llc and the reason why you should not and this will take extreme strategy if it would make sense to ever put an um real estate in a corporation but for the most part it almost does not make sense to put um real estate in a corporation only because of the um tax rates on the sales um when it is going to be time to sell or transfer it just is a nightmare um in corporations so i wouldn't suggest that you do it in a corporation but if you do it inside of a um sorry if you do it inside of an llc that will be the solution that you need now with the airbnb you now have to consider you know how much income you're going to have coming in and what that profit looks like if it's one property you you know you should be okay um in a um in an llc but as you let's say if you require more airbnbs you may want to consider um an s corp because now you are moving into a transactional business and you don't want to get caught up in that self-employment tax okay so with the airbnb we would need uh maybe a couple of employees because the business is like i can't run it because i have a regular job as well so um to pay them we can pay them through the llc and it's okay or we how does that work absolutely so um when you say pay them are you referring to paying them um like are you saying do they need to like how to pay them like a payroll right like a payroll or something yeah so if you do have them down as employees you do want to get a payroll company um one thing that you all have to understand um is that when you decide to start bringing on employees you want to make sure um that you have you're thinking about your payroll and i just want to talk about this a little bit because it's so important um when you decide to get employees or even pay yourself on payroll keep in mind you have federal deposits that have to be made to the federal you have state deposits that have to be made to the state every single payroll right so if it's bi-weekly those are bi-weekly deposits you also have to file quarterly taxes right quarterly um your quarterly payroll taxes those taxes also need to be remitted to the social security and medicare and you also have to keep in mind that there's an annual return that has to be filed that's why i use adp they kind of take care of everything it's nothing that you need to think about um the everything is so seamless but i just wanted you know i want to be very transparent because i've seen so many people i've seen people lose their businesses because of taxes so i'm always so adamant about you know when you do it just do it right um so yes if you are going to hire people because you cannot um you know be active in the business that's totally fine just enroll in a payroll provider get them set up as w2s and whatever that pay frequency is if that's every week or if that is you know bi-weekly you can set that up you can always change it to make sure that they're being paid what they need to be paid okay okay okay thank you kendra you're welcome yeah let's get like two more if we can let's do it let's do it let's go to uh brian we're coming to you brian i'm mute yourself you been unmuted what's going on you put wheezing on guys can you guys hear me yeah you perfectly what's going on this is surreal i mean yeah you got i listen to you every day i'm a new earner really appreciate everything you guys do this is amazing i really do appreciate it man i got weezy up tonight you see him wheezy baby please say that the f is for phenomenal that was for front though cause that's why i have a two-part question if that's all right no guidelines tonight man let's do it all right cool so i have an investment group that i run it's 19 of us in there we put in 2 000 a year total um so i was trying to figure out what's the best type of entity that we can put together for that type of like uh group where we're not paying too much in taxes because i know with the llc with the partnerships we got to pay per member like per partner in there when it comes to following your taxes i believe and then um we since it's not really a business we're just a group we're not really producing active income right now so i was trying to see what you think makes the most sense for for us to protect ourselves absolutely so um i just want to clarify in terms of the filing the per member the only time you there's any fees per member is if you don't file your taxes so i'm happy that you mentioned that because um anyone that is an s4 or a partnership or two plus member llc keep in mind that your filing date is march 15th okay so your fouling date is march 15th and you want to make sure that you file your taxes by march 15th or put in an extension because sorry because the penalty for non-filing is 205 dollars per month per member so in your case if you have an investment group and it's 10 people that's 205 times 10 times 12 right if you do not file your taxes in terms of the entity type that i think is best when you say an investment group what are you guys investing in are you guys pulling money together what exactly does the investment group do so currently we've been putting in the two thousand dollars we first we did long-term stocks then after that we um invested in crypto um and trying to do some swing trading and i personally do day trading for the group um in the future we will be starting businesses this year we're looking to open up uh airbnb business toro and a vending machine so that was my second part question of this we should be getting uh separate entities for each business that we open up or should we just keep it all under the one group gotcha so the first part um you should be an llc because it is so many of you you want to and you guys are investing in different things um you want to make sure that i know you mentioned that you're doing the trading so i'm hoping that the brokerage account is in the business name um so that way when the money comes in and you guys have to distribute all of the profits that each of you will receive a k1 and then you would only um you only report your respective share on your taxes right and so the llc would be the best route for that and to your the second part of your question absolutely you should definitely put all of those additional businesses inside of um you know different entities one because i've had various um investment group clients and what's going to happen um i don't think it's going to happen but what may happen is that somebody may say you know i don't want to invest in turo no i'm fine over here with stocks and airbnb right and then you don't want to have to try to figure out okay well what now happens that it's supposed to be 10 of us and now this other person doesn't want this now it just makes it very messy and then another thing that you have to consider is the liability if something happens you know in one of your other businesses you don't want it to be a situation where they can come and take all of the i mean like all of your assets your stocks your you know whatever other investment or other businesses you start that makes perfect sense thank you so much thank you thank you please appreciate you bro how you feeling this business like you want to go a little longer or listen i'm here i got a lot i got a lot of hands i don't know there's a lot of hands here i'm here and i'm here all right let's keep rolling all right uh lauren we're coming in you don't need yourself you've been unmuted hello what's going on hey what's going on thank you thank you for letting me in man great presentation this business appreciate you know okay all right yeah the uh s corporation is it's interesting to me because it sounds like i've been paying that 15 and not knowing it uh with the llc and um but i i don't recall clearly but i i remember somebody telling me they couldn't get the ppp long because of uh another corporate i think they said the s corp is what they had and uh is that is that true that you couldn't get you know say if it come up again you know i want to be prepared for it to come up again i was able to get all of that stuff with my llc you're not asking for asking for a friend absolutely so that is false that is cool um your entity type um had has nothing to do with you being eligible um for a loan what may have happened in um that person's case but i feel like they've they revamped ppp so many times um if the person did have an s4 s4 one of the requirements for an s corp is that you pay yourself salary so because you need to pay yourself salary it was a requirement for you to have had paid some sort of payroll that the person was an llc then they would not have needed to pay themselves technically a payroll because when you are an llc your profit is considered your payroll but they were not denied because they were an s corp they just were not in compliance which i'm happy that you said this because this is what i mean and i became very passionate about business owners being in compliance during the whole pandemic because me being the accounting accountant i've seen so much you know just trying to help people qualify for all the eid ls and ppps it was a situation where people just were not positioned and they were not set up correctly so therefore they were not able to take advantage of certain things which ie again is going to hold us back while other people are able to take advantage of these things so that's what that whole thing is okay great thank you thank you thank you so much now one more uh question about the s corp now so i would have to put myself on payroll if i you know like you were talking about earlier and i would pay the 15 on what the business profited right no the 15 is going to only be on whatever you decide your salary is going to be so if you let's say made a hundred thousand but you say your salary is going to be 30 000 you would only be paying that 15.3 on the thirty thousand okay okay great okay well that cleared up everything thanks a million all right appreciate you all right likewise man keep up the good work y'all all right man fifteen three percent let's do it all right nakeesha we coming to you what's going on i'm mute yourself you've been unmuted good evening good evening good night everyone hello how you doing how you doing um i would like to thank thank y'all for all the information you've given this business you're killing it tonight no problem thank you um i i i recently got a loc i want to get a mixed dwelling property which will be half um apartments on top and i want to get a cafe on the bottom so when i open up the llc i open up as a real estate because i don't have the cafe yet since i don't have the building so um you just said don't do the escort for the real estate part should i do the s card for the cafe once i get it yes and those should be in two separate entities anyway right because um you have to think about your cafe is transactional so yes that should be an escort i'm considering that you know your profits are projected to be above that 35 40 000 mark now if you have real estate you have tenants that's risky they can slip they can fall so you may want to consider um if that building is going to be in your name maybe rent and maybe renting out the um maybe creating a lease between you and the llc and having your tenants rent from the llc right because now what that's doing is that's gonna create a separation between your assets and your tenants if in the event something were to happen okay i was going to ask should i created another business to collect the rent so the one business was to buy the property and like um like i guess um somebody was saying like a property management business to collect the rent so all of that would be separate i don't think that the first your first property um that's structured in this way needs that um only because now you're still not protecting yourself against liability it doesn't matter if a property management company you know it's like if a third party collected rent for you you the lease is still with you know you and the tenant so i think the better way is to as you know what i just explained and you can have them pay the llc and never pay you because they're renting from the llc not you okay thank you so much and keep no problem y'all are doing is needed it's very needed thank you you're welcome we're going to do one more one more okay that's it all right that's it we're just going to do one more let's let's go to uh okay so we're coming to you i'm yourself you've been unmuted what's going on oh oh forward today and i've seen some people asking am i taking clients for tax season i am you guys can sign up schedule your own boarding tax season has begun the irs is already starting with me okay so it's over all right we're gonna go to jerry jerry there's a middle part too jerry we're coming to you i'm using yourself you've been on muted what's the deal all right can you guys hear me perfectly hi jerry is this jerry this is jerry all right jerry what's the deal what's going on thanks guys for taking me up so my question is this um so i've been a member for about a few months now i'm canadian i'm trying to canada so shout out to all their hey audience here um one of the things about starting the business is that it's always challenging to get information from you know people that you're trying to you know mimic their business so i guess my question is how do you strategize you know getting information on you know um from like let's say i'm a nurse but for example so if i want to start like a nursing staffing agency um but then i know of another company that's doing it but i know they're not probably not going to share information how do you build those partnerships or strategies uh in terms of getting information on how to um you know get up and running in terms of starting a business so i think you should just find someone that is willing to give you the information like there are so many people that have learned from whatever industry it is and they have courses or they have you know consultations or they have you know something that can help you um i mean you know nine times out of ten your your competitor isn't going to say hey come over here like i'm gonna let you into you know everything that i've built so hard right because building a business is hard work and so most people are not just going to say hey yeah you know here's all my secrets here's everything because again that is valuable so i mean you may want you also can approach them and let them know that you know you will pay for whatever information i don't know come on troy rashad you guys have anything for this um i feel like i feel like um it's extremely important to network so you know your network will determine your network is is sounds like it sounds like a cliche saying but it's actually true right so i if i wasn't in a position i would identify the people that have reached the level of success that you that you want to achieve and find out how you can add value to them without even asking them for anything like you know see how you can add value to them for free whether it's through introducing them to somebody else or you know um you know working with them or working for them or whatever like you know i would try to figure out how i could add value to that particular person and then from there establish a relationship with that person and then from establishing a relationship from that person actually learning from that person but i mean that's that's how i would go about it if there's not information online or if she said if there's not a course available stuff like that i would try to identify the people that i really want to learn from see how i can be an asset to them build a relationship with them and then learn from them yeah i'll just add to that you're probably in the right space for that right because there's over 12 000 people in this community and so i'm sure that there's somebody that is in that space right now that can help you as a peer and you can perhaps grow together right your next business partner could be listening to your plea right now um so i would put that in in the facebook group and and to see the response especially we got a large audience in toronto um so shout out to everybody in toronto but there's somebody right now that can help you maybe here um so put that out there and see what the feedback is man and in regard to the canadian um question because i did see somebody on youtube earlier that said that you know there's not a lot of uh content that's related to canada that's right the stocks is related to anything crypto and stocks you could do anything there's a lot of content with that but i always say this less less if if there's enough canadians in eye on university let's let's create an infinity group inside of ewyo university for canadians like um i'm not sure if there's one that's already exist or not but oh there isn't actually i thought about it so yeah we did we just bought the idea we had a uk one yeah we have one in the uk shout out to scarlett she's the head of that shout out to all the uk earnest we have an infiniti group for uk earnest so i know that obviously like the laws are different in canada the tax structure is different in canada real estate is different in canada so let's uh you know we're always looking to improve the situation so let's figure out how we can um add more value to the canadian earnest create an affinity group get different people that are doing business inside of canada to actually you know come speak and talk about topics that are specific to canada yeah and then when we come up there there you go we're waiting about it so let's get on that let's get on that asap i'll hit janet and um we can start working on that you know this week as far as building building more of a stronger um content strategy for the canadians ewy international thanks fellas have a good time big up big up big ups yes yes you know toronto canada that's like one of my favorite cities in the world so shout out to the toronto family they got some family updates as soon as they lift this covert um reactions you know i'm headed to the caribbean shout out to kitty carabana everybody that pulled up today back in the day changed our lives forever all right appreciate you jerry yes thanks alex have a good night all right so this was a jam-packed session almost two hours of straight information uh miss business once again hit her up if you need your taxes done but even you know outside of that really creo i want to just hammer this part home she really created the encyclopedia for business that workbook that she gave a view to that was actually amazing like it had hyperlinks into actually the irs website to actually get your ein number um it's like that is like a college booklet right there and that's just the workbook that has nothing to do with the 15 hours of actual content so for 500 like i said if if if you are in business that's an investment that you honestly cannot afford not to make so the link is pinned um i highly strongly suggest that you know check it out ms blueprint eyl.com um extremely extremely valuable information there and once again anybody interested in joining eyl university we do this almost every day at this point where we have classes and community and like i said we have physical events um is like non-stop it never stops so eyluniversity.com if you want to join and become an earner um i mean i don't see why you wouldn't it's uh the gift that keeps giving um and yeah anything anything that you want to say business thank you guys for having me again i love my earners um i had a client today call me he was like so like triple a i'm an earner so do i get a discount i'm like do not play but earners are treated very special in my office um i appreciate all of you guys for even showing up for yourself um as rashad said this course um should be a lot more money however the goal right now as i said 2022 is the year of the bosses so for me it's so important to have more of us doing good business and not having our business fail because we feel that you know we're not seen or we don't have the solution or the resources or the understanding and so every single person in that workbook has provided resources has provide pretty much showed up with the blueprint like every single topic every person um showed up and that's what's important to me because it's cool to start an llc but it cannot stop things we're no longer just starting llc's we are starting profitable businesses sustainable businesses and we cannot do that without the knowledge so again thank you guys so much for having me i appreciate you as always janet janet let me know that the orientation will be on um february 5th so orientation so like i said how we run ewy university we kind of took the whole blueprint off like um a college but took the good parts and left the bad parts so you don't have to go to philosophy class you don't have to go to you know how to dissect the turtle you just get the information that you need well like orientation like how a college university has orientation we do that once a month for all the new earners that come in because the website has like over 150 different like archived classes all the classes are archived too so we got that from like a college structure the infinity groups very similar to like a college like you go you have like the black student union you have all of that like that's how we got the infinity group situation um of course you know we got the the cap that's like the the mascot um and you know we have a hierarchy dean of students we have professors this business actually is a professor so we have seasoned um tenured professors that teach on an ongoing basis we have some um professors that come in as one off those are like you know guests uh that just come in for you know presentations and then um yeah we have uh we have a movie club book club very similar the problem with is not the educational it's not necessarily the structure of education that's the problem it's what they're teaching that's the problem because there are a lot of good things in the educational structure like you can learn a lot from the educational structure it's the information that they're teaching and the price that you're paying that's usually the problem so we like i said we took the good parts we didn't just come up with this overnight we actually like really studied this it's like a whole thought process behind iwa university so we literally took like the good parts of college and higher learning and adapted it to the new age way of learning online virtual at a fraction of the course which is like the perfect blend of a new higher education we uh we also added one of our 10-year professors credit due who was doing once a quarter is now going to be here every month by popular demand he drops so much information and just such a positive dude that he decided look i love the earners i love the community i got to come back more often so he's going to be once a month as well so it's i mean your favorite guests now become your professors it's like where else is this happening this is the first time i've actually said this publicly but maybe we can do a podcast about ui because it's actually a business structure behind the ewow university and there's a lot that goes into that um and yeah maybe we could do a podcast to break that down but even like different stuff that we have planned like we have like sports events playing for this this year like we probably end up doing like a cookout stuff like that like you need the school spirit school spirit is extremely important to any university if you really think about it that's it's a whole psychological play with these universities so school spirit is something that's extremely important it's important to have high morale and high school spirit so this is why we're going to start doing live events this is why you know we have colors blue and white every university has a color scheme you know what else is important to universities homecomings homecoming is extremely important get ready homecoming is extremely important diversities um but the last thing i'll say about this is that uh a university is only as good as this alumni students student body if you really think about it harvard doesn't really have to market harvard their students and their students achievements make harvard harvard whether it's howard university whether it's yale whether it's duke whether it's colombia so the same thing with eyl university is up to you guys to really implement this information and then your success is ultimately our success because we're only as good as students so it's very extremely important that the information actually gets applied and you guys make money so it's in our it's actually in our best interest to help you guys make money because as you become successful now the institution becomes more and more prestigious because we will have the next jeff bezos the next elon musk the next whoever come out of eil university don't don't worry man you don't got to get 120 credits just get the credit score and get the businesses up and running and make that money so and it was very even the logo if you look at the logo it's very ivy league with the with the shield and um the branch so you know the there's a lot of thought process that went into the eyl university uh so yes just wanted to put that out there yes all right 10 o'clock on eastern standard time uh folks it's been real again uh we said it on monday but again obviously today is the 26th of january 2022 and so we uh remembering kobe bryant and all the the lives lost in the tragedy that happened uh two years ago today so rest in peace to him and his family and all the families that were a part of that tragedy and got some birthdays happy birthday to kyra shout out to george his daughter just turned 19 which was crazy he was there when she was born in shout out to saiz my god daughter spence was good uh she'll be 19 on the 28th and today's anita baker's birthday i i don't know why i didn't put an album haircut like anita baker thank you man shout out to y'all uh be safe love each other and we back we back tomorrow with our rants and jim's podcast don't stop non-stop content we shot four episodes around the clock we've been working all day keep going keep going so that is the key to business you got to keep going never stop never never stop because as soon as you stop somebody else is working and they're going to catch you so ain't going to work out work us we've been we've been in the studio all day long 11 o'clock we've been taping since a lot of like we like recording artists we don't leave the studio we just stay in the studio and just record content very similar to a musical artist um so work work work work work nothing beats work nothing beats work mamba mentality rest in peace to kobe that's what we'll end on mama mentality miss business love is love all right good night guys y'all be good all right

Channel: Earn Your Leisure

Views: 271,560

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Id: GX1RquKjZsA

Length: 120min 41sec (7241 seconds)

Published: Thu Jan 27 2022