In this video I'm going to give you guys 7 steps to become self employed without having to worry if your going to be sleeping in your car a month from now 7 Steps To Becoming Self-Employed
1. Set up an entity: get a CPA and also a business account
- As a normal w-2 employee, your employer is liable for anything that happens, and if any lawsuits happen, then it's on them and not you.
- However: once your self employed that all changes
Results: Because he had a corporation, all the liability was on the business, and all he did was closed the corporation and said it had no money.
- If the city comes after the business, theirs no money to get
2. Decide whether you want to start a business or work for another company. Quit or Outsource
How does it work: Not all self-employment jobs are equal.
Example: Some people ask their boss to make them self employed, so they can write for expenses and have more freedom.
- And then some people go out their start their own business (riskier)
- Uber and those app that self-employed but already have a system established) ( most risky, because you don’t control anything, uber could be gone tomorrow, but at least you control your own business )
Questions: the route you want to go into, you have to decide.
3. Emergency Fund
If you quit your job or lose your job, while becoming self-employed, you're going to want to have some security.
Tip: always keep your job until your side job make more than your main job
How-to: Figure out your monthly expense and multiply it by 6-12. You should have that much money in a high yield account in case anything goes wrong; you can take 6-12 months to figure it out.
4. Finance
Question: Should you finance or venture or start with what you have
Story: When I was college, I sold phones, sneakers, and a few other legal items. But before I left college, I took a 7000 dollars loan, that 7000 dollar loan today is worth almost 10-11x that.
My answer: No, don’t get finance until you have experience and grow the business organically and understand it. To many people finance to start a nonprofitable business.
Ps. Banks are smart, they’ll have some documentation saying that loan is backed by your personally also, and people that lend money will have you sign a good guy guarantee.
But... If you have a bank account and record, usually banks will offer you loans that are only for the business.
5. Prepare to Fail
Story: if you get used to failing then you’ll quickly start to succeed.
How to: When you start your first business, you’ll probably fail, the key is to figure out why?
- And 100% of the time when your self-employed its because of you, you can't blame anyone including the economy.
6. Manage yourself
Pro of normal Job: Its structure, they tell you when to come, when to go, when to eat and what to do. It's like living with your parents
What I do: Health, Wealth, Love and Happiness ( got it from tai )
7. Constant Growth
What happens after you win: Often the answer is people stop doing what got them there and they fail
- Or they keep doing the same thing, and they also fail
How to: the concept is, become a student of the game you choose to play, and that way you’re always 10 times ahead.
Bonus: How to pick a business
Do you like, are you good at, is there a market/ can you make money from it
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