How To Reduce Risk Of Starting A Business

How to reduce risk of starting a business. And we're going to talk about exactly that. I'm going to actually at the end talk about the one mistake. It's constant with people that start businesses and it actually puts you at risk before you even begin. And at the end I'm also going to talk about a business planning process that has passed IRS audits and many audits. It's so good. So stay to the end. It's critical. So the four things I'm going to talk about is number one, how do you start by being structured right? Why a mentor is essential in your first business startup. Number three, what are you going to sell? What product? What service? And how do you price? How do you get this thing off the ground and into revenue? So let's begin. The number one thing you're going to be at risk at before you even begin is not being incorporated. I'm not only a raving fan of this and passionate about it. It's the right thing to do. When you're 18 years old, you can get a company and this is a worldwide principle anywhere in the world. And if you have an intention of making money, make yourself a company. It's asset protection. It's liability protection. It's tax reduction. See you as an individual starting a business as a sole proprietor and just trying to do a little side hustle thing isn't going to make you a lot of money and you don't get the deductions. As a company, your company makes money. As an individual, you get taxed because as a company, you're now open to 81,000 pages of tax code and you start by making money and you do your deductions, you pay tax after. Or you can stay where you are, make it, get taxed, and then pay. You know, Robert Kiyosaki, Rich Dad, Poor Dad, right? Worked with them for 1996 to 2000, said it this way. You choose your tax code. You choose your tax process. You choose your tax return. Which one do you want? Do you want to make it, deduct it, and then pay tax? Or do you want to make it, pay tax, and then get to spend money? So let's start the business properly. And I have a team who will absolutely, I'm going to give you an application at the end to apply to work with our team. And we'll tell you which kind of company based on what you're doing. Are you going to have brick and mortar? Are you going to be virtual? Are you going to be shipping products? How are you going to be doing what's called pointed nexus? So number one, and I can promise you, nobody else is telling you this. You've got to start with the right corporate structure. Then I got to tell you, you got to start with the right mentor. Those of you who want to be millionaires, that would be me. And I'm just going to say it confidently, not arrogant. A lot of people are arrogant about this. I'm not. I have such passion for helping you not suffer around money anymore. A mentor is somebody who's walked the path. They've did businesses. They've done six, seven, eight figure businesses. They've then, you know, built teams. They've built systems. They actually have done a couple things. Here's the three things I think every mentor should provide to you. Number one, access. They should open up that Rolodex and connect you to their, you know, instead of, you know, six degrees of separation, they should connect you to one. I'd say almost as important, but more importantly, avoid costly errors. There are so many errors that I see my clients when I finally get them making from their database to how their presence is online, to how they're doing their book launch. I help people relaunch their books so many times. And some of you are spending a ridiculous amount of money with somebody who's never even been a New York time bestseller. I've done it five times and you want their experience. You want to add 20 years to your startup as fast as you can. It's why Shark Tank is so successful. As Kevin Harrington and I, which we have got about nine companies on and off together throughout the years, we always say, you want that shark in your tank. You want that shark on your team, right? That's why I love joining teams. And I join it as your mentor, as your coach. So you got to start with a company. You got to get that team around you. Then you begin. You say, what am I going to do? Your skillsets. What do you already know how to do? The fastest way to reduce your risk in a startup is do service-based businesses. They're quick. You all have this. You're all brilliant. You can sell your expertise. So I want you starting that way. I want you to do the easy thing. When you start, it reduces your risk. Those of you that are out there that you want to go jump into a huge real estate transaction, and you haven't even done a basic transaction. You want to jump into an invention. Is that really the first business for you? See, if you were younger, I get you as a kid and teenager and a young adult into 21st century lemonade stand businesses. So you'd be trying different things and exploring different things. And by the way, I'm going to take a little pause here. I want you to subscribe to my channel and I want you to click the notification. And I want you to go up in the search bar. I have so many videos about side hustle versus the hustle. How do you use deductions? How do you use LLCs? There's so much in my channel already that can educate you to reduce the risk of your startup. So in the link below, and I have it on every page is an opportunity to binge watch. Binge watching means you're going to watch 25 hours of my video, which means you're going to a lot of time and a lot of content. Why do I do that? And I give you some incentive to do that. Why? Because I want you financially literate. I don't have to be talking about the things that you could learn out here. I want you to learn out here. Come to me then as a mentor coach and say, all right, is this what I do based on what you said? Is this what I do? So we're doing interpretation. We're doing results. We're doing action planning and we move, move, move, move. I can't wait to help you become super successful in your business. Six figures is a minimum goal for an adult. So you're 18 years old or older watching this. That's $8,333, 33 cents a month as your first business startup. And it's not difficult. My first year out at $357,000. So I've done it. I did that in 1996 and seven. Like it's not difficult. It's just different. And a lot of you are following old philosophies, old principles. You got to stay current, right? So number one, get incorporated. Number two, get the right mentor. What do you do? Something simple, easy. Learn to be an entrepreneur because being an entrepreneur requires you to market, sell, do accounting, fulfillment, operations, technology, customer service. There's a lot to a company. Can't do it alone. I want to help you build team and systems. So in the link below, I have an application to work with my team. Also in that application will be yes or no. Are you incorporated? We have to get that started. So you reduce your risk. So as we head year by year by year, you want to make sure that your company has the most strategy, the lowest tax basis that's possible. And your kids are involved and your family's involved. You can easily reduce your risk of a startup. You don't have to be a statistic of 90% of small businesses fail because you didn't have the right team. You didn't have the right systems. You didn't have the right mentor. So one quick secret before I end that I want to share with you is during your startup, what do you do first? Right? Obviously I said, get incorporated, get a mentor, get a team, get systems, do something simple. Get that simple thing up on a URL. Get a website as fast as you can. That's your new brochure. In this timeframe, you have to have a website. It just can be an opt-in page. So give somebody a gift for listening or a free video, get their name, get their phone number, get their email, and then give them offers, but build that database and build a funnel. If you absolutely do not know how to do any of that or get started, I have a team that could do that for you. So once you click on the link below, it's about a 30 second application. It's also going to ask you if you need to talk to one of my experts about having a corporate structure that you begin right. Remember, I want to reduce your risk and increase your success of being amazing. The next link that's below is a link to us, just done your startup marketing for you. What would it be like for us to do your startup marketing, get you a page, 2,500 new contacts, just to start out about seven or eight campaigns of mine that are already built for you. You just have to add your content and away we go. Let me help reduce your risk to startup businesses, to be successful. Let's get to six figures in one year.