Study Hall: How to Start and Run a Business

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So this is just the beginning.

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 no penalty for spreading information unless it's not valuable, and that's not even a loud here. So anything that's coming from us will be valuable and will be beneficial for you, not only you, but everybody year around. So tell a friend, to tell a friend. That's the requirement.

that episode with Miss Business. She talked about you know, LLC, she talked about business formation, EI in numbers, different things of that nature. So and she also dropped her actual business blueprint course that she has 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 we're 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's question answer. So what we do with this for anybody that's not familiar, is Eyo University biggest online platform for education out there.

So we've created an online institution where we actually have weekly classes 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 our

podcast outlets as well. So this is the opportunity to actually see what we have going on, what we do on an ongoing basis at eyl University, and if you're interested in joining, then you know, the doors are open for you to join. So part of eyl University is that we have the weekly classes every Wednesday, which is

a different topic every single week. We do about real estate, talk about credit, and 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 and the podcast where it's like the podcast you listen to the content, Eyo University is something that you actually, you know, interact with, you know people that's presenting, so you get to ask questions on zooms in the zoom chat.

It's a more interactive feel, but even deeper than that, there's a lot of other stuff. Almost every single day that's something so shout out to Lawrence. He's taking over our investment wing. So he does a twelve o'clock class on Monday which he actually goes over trading, goes over the stock market technical. Now it's it's like live trading. It's a live trading class if you're interested in the options trading, stock trading, day trading, and stuff like that.

That's every Monday at twelve o'clock and then every Wednesday at six o'clock. He actually does an entry to stock class where he actually talks about like opening a brokerage account like stock market one oh one, very basic information for people that's like just trying to get on board. We also have MG the mortgage guy. He does biweekly real estate calls. Troy does the book club and the

movie club. I have financial planning calls. And then we actually have infinity groups inside of Eyo University as well, like over twenty different infinity groups. You have a Crypto club, you have real estate club, and these are people that's actually in eyl University and they actually formed clubs. So now it's like, you know, you might have thirty people in a crypto club meeting, you might have twenty five

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 Eyo University is an interactive experience where you actually get to learn in real time and actually build a community. That's the best part about it. It's actually a community of people that network and build with each other. We're gonna be doing live events this year. It's discounts to all events, so if you're interested, it's

fifty percent off the annual membership. I'll put it in here at eyouniversity dot com. I'll pin it in YouTube. So yeah, 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?

this right. And so I think the overall tone of it is that people are ready to just do good business and to legitimately start their business. So that that makes me happy and that should make you all happy.

may have hobbies that turn into business. Is you may just have 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 into a business, or you may have already had 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 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. A brief introduction to me and my business and what I do. For those of you who don't know me. My name is Shapana. I

go buy this business across all platforms. I am a certified public accountant. Four years ago I started Brooks Alliance and now I have thirteen. Actually just hire somebody. Today I have fourteen employees, and so for those of you who need motivation, there's your motivation. Four years ago, it was just me. I was in corporated, trying to figure out what I was going to do, and I decided that I was going to take a chance on myself and bet on 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 preparations, business formation, book keeping, tax planning, payroll. If you see the ADP, I have a relationship with ADP, so we do all of our payroll processing through them. It is so important, you know, to figure out what that business is going to be to serve, and that's what I do.

So just wanted to give you guys a brief introduction to give you give you guys a little bit more about me. For those of you who don't know me, I started my career 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, When I did decide to start my business, I was still at work and I was trying to figure it out, and I wanted to serve entrepreneurs, real estate investors, all of the entrepreneurs that today, you know, we're always like, you know, I want to get money. I want to get money, and so I just want to bring taxes 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?

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 sop for prietorship, 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, but how big of a business?

your future and the reason why. I always encourage everyone who's thinking about a business or getting into a business, because you need to establish your why. Establishing your why 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 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?

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 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 and I use example here for one 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 I know a lot of times we always see for shock value people will you know, kind of put put

out there. You know, to make a hundred k, you have three hundred and sixty five 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 one hundred k down into two hundred and fifty 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 one hundred k, three hundred and sixty five 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 the calculation, most people would try to take Some people hit me up like, oh, your calculation is wrong. So it's not wrong. When you guys are doing this, you have to take into consideration.

If you have three hundred and sixty five days in a year and you break that down right into twelve months, you have to consider that not every month just has four just has four weeks, right, So if you technically took twelve months and then died it by four, then technically you would only get forty eight weeks right in a year, and there's fifty two right. So that is why you can't just keep dividing it. So you just have to consider how many weeks there are in a year.

So you have let's say, if we have this hundred k, you have eighty three hundred and thirty three dollars a month you would have to make. So when people say, oh, I want to make one hundred k, 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 eighty three hundred and

thirty three dollars a month. If not, that means that you are not positioning yourself to make one hundred K. So now you have to start becoming creative to say, okay, well, how am I going to make eight thousand, three hundred and thirty three dollars 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 when you are starting a business, or you're doing anything in life. Now, what I did below with the one hundred k, the two hundred and fifty days, I pretty much broke that down into just dividing it by twelve. This formula works by keep dividing it because I excluded all the additional days,

So it works out. However, again, if you wanted to say, Okay, I want to make one hundred K, but I want to take weekends off and I want to take all the all those US holidays off. Then that means that you are only I mean that means that you have to make twelve thousand dollars a month versus only the eight 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 what, I can't. I didn't budget or it's not in my bandwidth to do twelve thousand. Right, even though that's a limitation and we don't do those, you figure it out. I always tell people you, if it's the 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 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 from the episode that I did last week, well, 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, if you know every single entity it means from a tax perspective, and I'll also break down as corpse visually because I know that it helps people really grasp the idea on what exactly that that savings is and how we can reduce those taxes. Right, and so most people, when you're thinking about your entities, most people will say that they want to start an LLC. And it's so it's so I call it like the popular entity because everyone just says that they want to

start an LLC. And yes, from a legal perspective, it is going to protect you against liability the same way that a corporation will. So 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, you know, I want to. I don't want anybody to assume me and take my person no items, so I'm going to start an LLC. Please keep in mind, especially from a tax perspective, and LLC does not allow you to write

off anything additional. Okay, that is a big misconception. Keep in mind that an LLC is not a tax entity. An LLC is a legal structure. And so what that means is that had formed an LLC does not breed you any additional tax write offs. So I have sole pro prietorship 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 all of your stocks and your personal now your primary residence, all of those your cash that's in your accounts, 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 assume 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 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 and 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 a pass whatever the profit of the businesses, it passes through to your personal taxes and then your tax there. You're not you know, as a corporation, which will go over you're not tax 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, when you have a single member LLC or sole proprietorship, you will use Schedule see which is filed with your personal taxes, which is your tax form ten forty, So 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, Texes, 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 fifteen point three percent. It's typically when clients come to me and they've had businesses, existing businesses, and they come to me and I'm all like, I'll always show them, like, hey, did you know that you were

paying this additional fifteen percent 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, 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 this self employment tax really is just Social Security tax and

Medicare tax. When you are an employee, if you've ever received the W two you receive, I mean you pay, your employer pays have so you pay seven point sixty five percent. Your employer pays seven point sixty five percent. But when you are the owner, you pretty much are responsible for the entire fifteen point three 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 fifteen percent of your business? You will tell them no. You would be like, no, why would I give you fifteen percent of my business? And so we have to think about it the same exact way as it relates to taxes. Okay, now let's talk about partnership and two plus member LLCs.

So thinking about that, we also I put partnership and two plus member LLCs 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 form the LLC, you have two plus members in there, and you have registered the 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 income and expenses on your personal taxes on a schedule see right. That is for single member LLCs. If you are a partnership or a two plus member LLC, you have to file tax form ten sixty five. That's where you're going to report all of your income, all of your expenses, and then you are going to receive a K one. So all partners are going to receive

a K one. The K one pretty much just shows the profit of sorry the profit share of each of the owners. So if there was a business you all profited ten thousand dollars, there was fifty to fifty ownership. Each partner will receive five thousand dollars on their K one that they then will have to 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 in the business, so they were paid additional So that is kind of seen as look kind of like a payroll or salary almost. And then there's state taxes right again, if you are in a state that allow I mean, if you are in

a state that requires you to pay state taxes. See corporations. So now see corporations, you are taxed on the business level. So what that means is that you are taxed on the business level. And as your tax on the business level, what happens, sorry, as your 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 tax on the business level. So

to be tax 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 taxed form eleven twenty. Whatever that profit is, you will pay taxes on that on the business level. So on that corporation tax return, there will be a tax liability do if you are operating out a profit.

So in that same example, if it was ten thousand dollars, it doesn't matter how much how many shareholders and all is in the business, that ten thousand dollars will be taxed at twenty one percent. That is the corporate tax rate. So it will be taxed at twenty one percent then, and why, if you've ever heard about a corporation, you will hear double taxation because then you have your corporate

corporate partners. 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, makes sense as it relates. So let's say an Apple. I always like to use Apple. Everybody knows you know Apple as the company. So think about if Apple's on the stock exchange, you can purchase Apple. You can own a piece of Apple. So now when you purchase a stop,

you now are an owner of Apple. What happens is every year Apple has to file their tax form eleven. They have to pay their taxes and then guess what. Everybody everyone's looking for their dividends, right, their share, their profit share 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 ten ninety nine DIIV 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. 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 are C 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 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 some of the time for you to be a C corporation. So those are some of the some of the reasons why you some companies will choose to even be a CEA 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 well you're dividend, sorry, the dividend income is

being taxed, and then your state taxes. Okay, so that's something to think about.

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 LLCs or their corporations over to escorts.

So let's talk about escorts and how they save business owned all the time on that self employment tax and help them significantly, Like I have clients save in thout like so like tens of thousands of dollars just by simply saying, Hey, I don't want to be an LLC, I'm going to be an sport. So with your business income, the business income is not tax 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 tax there. Okay, So what happens with the es coort is that you have to file tax form eleven twenty S. So with once you file eleven twenty S, 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 are like a partnership or two plus member LLC, each owner of the sport, because you can have up to one hundred owners in an escort, each owner will receive a K one. If it's just you, then you would have one hundred percent and one hundred percent of the profits will just go to you. So that K one 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 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 one hundred thousand dollars profit, how they were able to save on self employment tax by being an sport versus being an LLC. So to quickly run through this, on the left hand side, you have LLC, So you have one hundred thousand dollars of income that you made in your LLC.

That one hundred thousand dollars is subjected to self employment tax, so that self employment tax is fifteen point three percent. 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, all the income is always going to be subjected to ordinary income tax once it hits the bottom. This 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 self employment taxes. Now, if we go to the right, you have your s corporation made the same hundred thousand dollars income. But you notice that the p and pay themselves a salary of forty thousand dollars. Keep in mind, when you are an esport,

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 forty thousand 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 dollars side, forty

thousand dollars. It shows that on that forty thousand dollars they encourage Social Security tax and Medicare tax, so that fifteen point three percent was taken out because guess what, they are an employee, so on their on their check, they took out fifteen points I mean sorry, seven point sixty five percent, and then the company paid the other seven point sixty 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 two. 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 one hundred thousand dollars to

only paint it on forty thousand dollars. Okay, So I really wanted to point that out, and I like to improve this because it helps people understand exactly, you know, how that savings work, and so it really is, it really is the 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 thirty five forty thousand dollars, I suggest that you convert over to

an escort. If you are making anything under that, then I would suggest remaining as an LLC until you are profiting you know, above those numbers, because an escort has requirements, right, you have to process kroll, you have to fire tax every single year. So you just want it to make sense,

all right. So just to kind of finish out this diagram, we had the forty thousand dollars being reported on a W two, the sixty thousand dollars going to be reported on a K one, which also does not have any self employment tax, and then the whole hundred thousand kind of goes down and is going to be tax on ordinary income taxes. Okay, So I just wanted to talk

about that now. I had to bring you guys through that because I think that it's like so important, and 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 want call fun, like doing taxes, but like what I call fun, 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? Or who do I need to engage? Like what consultant can I pay to help me? You know, eliminate a lot of mistakes. So put this picture hair, because you have to hire a team.

And again I started out it was just me. I was answering 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 wasn't 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 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 that I want to talk about is 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 ex 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. But I want you all to take it a step further and

really take that knowledge and execute on it. Right, So we're all always talking about listen, 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? Isn't my CPA?

the time. I'm like, yeah, I'm a write off, 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 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?

to 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. Marketing is so important. A lot of people will spend so much time worried about packaging and 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 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 seem as didy episode last now on the podcast, I love this ditty by

the way, So I watched the whole episode. But she said, like, you have to put money into bunch, I mean into marketing. And if you look at I think Elon Mus said it too, like I will put my last money into marketing. People are not valuing marketing enough. 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 the 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. Well most people, I'm sure you guys are online, but if you aren't online, you need to be online. You have to have some sort of social presence to your business. Because I don't care if I walk in the store, I still go into the still go on 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 set, what's the next step until you get them to purchase

from you? You have to think about those things. 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 key, 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 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 the follow up? Is it? You know, an offer?

selling online. And so you have to keep 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 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, 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, 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. 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. Pretty much any income that you are generating that's a ten ninety nine, not necessarily a W two. So you will receive that ten ninety nine 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 softwares, supplies, materials, and guess what it is. It's

a tax write off. And that tax right 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 brung in ten thousand dollars an 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 overpaying taxes, the more you hold yourself back because you could be getting a lot further with that money that you're paying taxes with.

So instead of just saying, okay, well I'm gonna take the money 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 well, thinking about credit cards, you have to understand that there's different tiers of credit cards.

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 line of credit on your well not line of credit, but will give you, yeah,

a lot of credit on your credit card. So that is so important, right, And sometimes most people say, oh, I don't want them to, you know, look at my personal credit at all. That's fine. However, if you want to get where you're going a little fast, so 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, you know, zero transfer balance, and so you can utilize that. So now

I just open up a business. I have a new business, and I just opened up a credit card and they gave me like thirteen 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, gu's 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, utilize yourself if you need to to get where you're going. Okay, so now loans and lines of credits. 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 credits, 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 gonna 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 a 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 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're always going to ask 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 aligne of credit. So with the loan and the 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 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 loans. But there's also different tiers funding. I think we can kind to talk about all day, but I

know we don't have all these all this time. But just so that you all know, and I'm driving this point home, eighty eight percent 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. Eighty eight percent 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 in a different circumstance. Okay, So keep that in mind, and if eighty eight percent like there's a lot of millionaires, there's a lot of millionaires. Eighty eight percent 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. I find that that's the biggest limitation. Five hundred thousand people put their jobs in twenty twenty one, and that number is expected to continue to increase. Okay, so please please, please please please keep that in mind as you all are thinking, you know, about this entrepreneur journey. There's so many people out here 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, you know, just through watching the podcast and just being present that I'm like, oh my god, I didn't even know I can 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, you know, really

really taking advantage of these things. So that concludes my presentation.

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. So we're going to open it up and yeah, answer some questions that I'm sure a lot of people will have, like, you know, similar type of questions.

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in the child's name, Okay. And so what happens is you can say you can pay them, pay your granddaughter up to twelve five hundred dollars and send the money from the business account to the personal account. It then is a tax deduction at the end of the year.

you just repaid 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 just needs to say, you know who was the borrow who gave the money? What are

the terms? What is the you know expected hey day, So that way you won't have a real true partnership agreement and then any ambiguity about if it was income or not.

of lock up period. You would include all of those things those terms inside of inside of the operating agreement. Are you all going to decide to dissolve the business after five years or ten years?

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, who's liable for what? If anyone? Right? Those are the things that you would put in there. Right, is there lock up period? Are you going to dissolve the business? Who's responsible for what?

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 You have to kind of 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, 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 is going to cost you to actually start this up. The licenses, you know, the registration, especially if you're getting into a feel like that, you know, the professionals, the certifications, you know, the decor, 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 happen. Land is better, you know. But if it's a situation that 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 purchase the home so that would be mine. Okay, I appreciate that. Thank you very much.

wouldn't report any money in that business. So that's how you would file that, So you would you would only 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.

And then you're also your W two and all of that if 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 filing correctly.

the month is open enrollment. But I wanted to talk about women's business has going on for a minute because 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, where it's fifteen 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 detailed, 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 paled in to fifteen hours of video, and it's actually assessments after like you go through different things, different assessments for the modules. There's different guest instructures. I'm actually in there teaching about retirement planning and there's a work book attached to it as well, So it's a great body work. I actually went through it myself, so I appreciate that. I'll say she's she's modest, so I'm saying

her praise for her. So I say that to say, if anybody's interested and really wants to take that business serious and really start a business, I highly, highly strongly suggest that you invest in that. Like I said, being a financial advisor, you know, you get a 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. Really, the encyclopedia, it's really like a college bachelor's degree in business, all wrapped in fifteen hours. So 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 actually got a chance to actually learn

as well. That's one thing I always learned. So we're gonna pin the link and it's a thousand dollars. We have a thousand dollars off, so it's actually five hundred dollars. The whole the whole fifteen hours is five hundred dollars. Ian will be very disappointed.

it on Apple and Spotify as well. So yeah, I just wanted to do that before we get.

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 tool, they don't have the resources. So outside of like having marketing, having you know, in the course, we walked through everything, your ideas, having partners, contracts, rashads. They're talking about retirement,

dissolving your business, which no one talks about. You know, I had King Ashley Inn and there she's talking about marketing. Someone from HR hading a call from ADP 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. Hold on one second, that's just the cover page. Hold on where we were, Oh, here we go.

vehicles and assets in your business name. But we have my team here, my branding and marketing strategists and brand strategists and photographer. I had them hopping there to like just talk about from their perspective. We have Ellieto Money talking about funding, so she dropped a lot Breed talking about, you know, just buying assets in your name and business

credit and personal credit. And Jalen in there talking about pr all right, so pretty much just to give you guys, like a peek into the work book, the idea behind the work book. And keep in mind you can actually right 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, write in all of these boxes so

it's not something that you have to print out. So really going through your your SWAT, your pros and cons partnership agreement templates are in here, 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 EI in that's there, right, So, ok, what are what's the thing?

So all of those things here because I don'et lost the page, but yeah, all of those things are pretty much in the world book.

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.

tax election. So what that means is that you have to complete tax You have to complete Form twenty five fifty three 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 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 esport. Okay, so you have to keep

that in mind. There are certain states I think right now it's just New York, I believe, Ohio, New Jersey, in one other state I can't remember the other state that's still that requires you to do it and basically complete the form on the state side. But most states don't require you to also take that additional step on the state side. They pretty much just follow suit with whatever you elect on the federal side. 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 esport. Yes, twenty five fifty three, Thank you, You're welcome.

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 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 corporations are great.

You just want to make sure that they are in compliance. I have had a person acquire a entity and they had a ton of unfouled tax returns, a ton of annual foul tax returns that were not filed. So you just want to make sure that you are you're not getting yourself into anything. You're welcome, and.

or transfer. It just is a nightmare in corporation. So I wouldn't suggest that you do it in a corporation, but if you do it inside of a 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 in a in an LLC. But as you let's say, if you require more Airbnbs, you may want to consider an escort because now you are moving into a transactional business and you don't want to get caught up in that self employment tax.

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 your quarterly payroll taxes. Those taxes also need to be remitted to 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. Is something that you even need to think about. 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. So yes, if you are going to hire people because you cannot you know,

be active in the business, that's totally fine. Just enroll in a payroll provider, get them set up as W two's 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, thank.

your taxes, I believe. And then 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 us to protect ourselves absolutely.

keep in mind that your filing date is March fifteen. Okay, so your filing date is March fifteen, and you want to make sure that you spail your taxes by March fifteenth or put in an extension because sorry, because the penalty for non filing is two hundred and five dollars per month per member. So in your case, if you have an investment group and it's ten people, that's two hundred and five dollars times ten times twelve. 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?

vendor machine. So that was my second part question of is we should be getting separate entities for each business that we open up or should we just keep it all under the one group?

is in the business name. 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 K one and then you would only you only report your respective share on your taxes, right, and so the LLC would be the route for that and to your the second part of your question, absolutely, you should definitely put all of those additional businesses inside of you know, different entities. One because I've had various investment group clients

and what's going to happen. I don't want say it's going to happen, but what may happen is that somebody may say, you know, I don't want to invest into Roo. 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 is supposed to be ten 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 like all of your assets, your stocks, your you know, whatever other investment or other businesses you start make fair sense.

pay yourself salary. So because you need to pay yourself salary, it was a requirement for you to have had kaid some sort of payroll that the person was in 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 escort. 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 eidls

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 I e. 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.

they can fall. So you may want to consider if that building is going to be in your name, maybe renting, maybe renting out the 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 going to create a separation between your assets and your tenants if in the event something were to happen.

Like let's say I'm a nurse ber for example. So if I want to start like a nurse's staffing agency, 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 in terms of getting information on how to you know, get up and running in terms of starting a business.

they have you know, something that can help you. 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 gonna 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, Torry, Rashad, you guys have anything for this.

sounds sounds like a cliche saying, but it's actually true. Right, So if I was in a position, I would identify the people that have reached the level of success that you would that you want to achieve and find out how you can add value to them without even ask 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, 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 their 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.

in Toronto. But there's somebody right now that can help you maybe here. So put that out there and see what the feedback is.

inside of Eyo University for Canadians. Like I'm not sure if there's one that's already exist or not, but I thought it.

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.

right there. And that's just the workbook that has nothing to do with the fifteen hours of actual content. So for five hundred dollars, like I said, if you are in business, that's an investment that you honestly cannot afford not to make. So the link is pinned. I highly strongly suggest that you know check it out MS Blueprinteyo dot com extremely extremely valuable information there and once again,

anybody interested in joining Eyo University. We do this almost every day at this point, where we have classes and community and like I said, we're gonna have physical events. It's like NonStop. It never stops. So e Yo University dot com if you want to join and become an earner, I mean, I don't see why you wouldn't. It's uh the gift that keeps giving. And yeah, anything anything that you want to says MS Business.

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 seeing 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 pretty much showed up with the blueprint, like every single topic, every person showed up. And that's what's important to me because it's cool to start an LLC, but it cannot

stop thing. 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.

the new earners that come in. Because the website has like over one hundred and fifty different like archived classes. All the classes are archive 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. Of course, you know, we got the cap that's like the mascot, and you know, we have a hierarchy being a students.

We have professors. Miss Business actually is a professor. So we have season tenured professors that teach on an ongoing basis. We have some professors that come in as one off. Those are like you know, guests that just come in for you know, presentations, and then yeah, we 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 Eyo 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.

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 to the universities. Homecomings. Homecomings

extremely important. Homecomings is extremely important to universities. But the last thing I say about this is that a university is only as good as it's alumni, it's 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 Columbia. So the same thing with

Eyo University. It's 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 acts it get supplied 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 Muss, the next whoever come out of e y L University.

state of time uhlks has been real again. We said it on Monday, but again obviously today is the twenty sixth of January twenty twenty two, and so we remember in Kobe Bryant and all the lives loss and the tragedy that happened two years ago today.

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