Entrepreneurship For Beginners
by Bernard Gleton • September 28, 2020 • How To
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Entrepreneurship For Beginners
Nowadays, people are looking for extra cash to supplement their 9-5's. We affectionately call them "Hustles". At the risk of dating myself and sounding like my parents, "Back in my day", hustlers used to be the guys on the corners playing Three Card Monte, selling fake watches and shoes, and so forth. Again, with the risk of dating myself again, it's like that scene in the movie Coming to America with Eddie Murphy and Arsenio Hall. The scene where the guy was trying to sell them their royal toothbrushes and hair dryers back to them.
Well, today, people may still be on the corners and now more than ever, social media with their hustles, but the stigma of a hustler just trying to sell you on something bogus has changed. In today's economy, if you don't have a 9-5 and a hustle, something is wrong with you. Everything is a hustle now. I have friends that use their hustle to fund vacations and things like that. But what happens when you want to go from hustle to business? What if you never had a hustle and just want to jump right into a business?
If you were anything like me, I didn't know where to start, who to ask, and where to go when it came to starting a business. In fact, some of my family members wanted me to play it safe and keep my hustle a hustle. I understand though, they were projecting their fears and insecurities onto me. My thought process was that if I have "X" number of people buying my hustle and I'm making just as much as my 9-5, then it has to be more people that are willing to buy my hustle. Me turning my hustle into a business was the next logical step because of the benefits of being a business.
Some of the benefits of being starting a business are:
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tax write-offs
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legally separating my personal and my business (just in case someone wants to sue, they can take the business ((in most cases)) and not sue me personally)
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better work/life balance (in many cases)
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and more...
Of the people I asked, they had great suggestions but 90% of them never started a business before, and 10% don't remember?
I've been fortunate to start a few businesses, but when I wanted to start my first business, I asked friends and family the same question you probably find yourself asking your friends, your family, and yourself, HOW DO I START A BUSINESS??? Of the people I asked, they had great suggestions but 90% of them never started a business before and 10% don't remember how?
So of course that sent me to Google University and YouTube Academy to figure out how to do so. From me starting a few businesses before, there really isn't a wrong way or a right way, but I do believe that there's a certain pathway that needs to be followed. This is what I like to call the "New Business Road Map". It's something I created to help me ensure that I am staying on the right path. If you want this as a download, you can do so below.
FREE BUSINESS ROAD MAP DOWNLOAD
Before you begin your entrepreneur path, know where you're goin.
Just like how you go on a road trip, you need a map, be it Google Maps, Waze, or Siri, to know how to get to your destination. This road map serves as the foundation of starting a business. The road map goes like this:
Register-->Incorporate-->IRS-->Banking-->Marketing
I go into a tad bit more detail on the steps in the download, but in a nutshell:
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Register
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Register your business name
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Incorporate
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Choose your business entity (LLC, S-Corp, Partnership, etc.)
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IRS
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Get your EIN (Employee Identification Number)
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Banking
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Get a business checking and savings account
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Marketing
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Get the word out about your product/service
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Following this road map helped me to start every business I started. I hope that this answers the question that I once had and many of you are asking.
Never started a business before and don't know where to begin? Sign up for our online course.
In this course, you will learn:
*How to start your business
*How to fill out your paperwork
*Choosing a corporate structure
*and more...
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