There are two super common business mistakes that new businesses make that can be a COMPLETE waste of time and money. Ever think to yourself, "do I need an LLC?" These startup business mistakes to avoid will help you stop wasting money and launch your business sooner. There are a lot of single member LLC mistakes that can put your personal assets at risk -- but what about the entrepreneur mistakes and online business mistakes that are holding you back from MAKING MONEY?
When I started my lawn & landscape service business 4 years ago, I bought a $75 mower and a $110 back pack blower from a local pawn shop, a new spade, a new square shovel, a broom and got my hands on a free trimmer. No business card, no flyers. I rolled like that for most of that first season, cutting lawns. Then, I got a big $2500 landscape job and used the first 30% deposit from the customer to rent and or buy the equipment/materials I need to get the job started. Every time I receive a large job now, I buy something for the business; a printer, lawn equipment, etc. I didn't order business cards until year 2 and still do not use flyers, no website, no social media either...all from word of mouth. I now have 17 accounts - large and small. Last season, I was able to buy a brand new 36" mower and other equipment. THIS year, I'll be ready to form an LLC for the business
Sooo very true! I've built several businesses and believe in letting them pay for themselves. Entities are primarily for asset protection and tax sheltering. If you don't have the money for an attorney, you likely have no assets to protect and no real tax burden. It can wait until you generate some revenue...... These days I try to remember that you can't let perfection stand in the way of progress. Get something started people!!!
...and be ready to possibly pay or lose what you've invested in the business, even if it's not much, if you underestimated/overestimated or failed to plan properly the first time. Sure, it's easy with SO MANY businesses under your belt to just flippantly tell people to get started when it's not your money, time, health or name on the line, and when you're not professionally licensed with the state you're in and bound to uphold certain ethics laws, etc. that you need to dial in contractually. If you're a teenager, or early 20s, by all means be impulsive, throw caution to the wind, and go for it. No adult in their right mind will hold a teen responsible for screwing something up because we expect them to screw up. If it YOUR name and YOUR reputation, you better protect it like it's the only one you've got because when you are professionally licensed, that will follow you no matter where you go.
Great video Aiden! Totally agree with you. I see the same exact issues on my channel and with people that message me. If you are just getting started, you do NOT necessarily need an LLC or a Trademark right out of the gate. Just get going and start making money with your business first and then you can start to work on the legal. Nicely done.
This is a really big problem in the trucking industry. Everybody thinks that an LLC. Keeps them from being sued. However, it’s the driver of the truck who goes to jail and the driver is the single member of the LLC. In addition to that, a single truck owner driven , is not making a great deal of money the first year. I would like to see you do a video on the trucking industry. Thanks
I love this no nonsense approach to business. Great advice. Means even more coming from an attorney. Rome was not built in a day. Begin the journey with the first step. The first step is selling your product or service. Generate revenue. Thanks for making this video and putting it on UA-cam!
Word girl! Lol. You hit it on the spot! Make $$$ first and leverage it into other startup costs! Make income first to see if the biz idea is worth pursuing! Before you can “SHOW ME (others)THE MONEY 💰 💰” hehe. Thanks for telling us Newbie Biz owners the Straight talk! 👍👍👍
Outstanding info Aiden! If there is someone in the business you'd like to start, take them out to lunch. Ask them questions, they may become your mentor or assist you with their knowledge guiding you in your new business.
Thank you for this! This is very helpful. I’m ready to start my business but then I saw Trademark and I stalled starting because I thought it’s a must. Now I know it is, but I don’t need it yet. Money comes first! New subscriber here!
Thank you so much for this video! This is helping me get out of decision paralysis. I've been so caught up in wanting to "do everything right from the the beginning" that my progress has ground to a halt. Also in being concerned about my home address and such being public record. Which I'm probably overthinking, too... I'm REALLY good at that.
Wow! Thank you Aiden for this video. I’ve been listening to your videos and had subscribed. I am going thru all your videos and planning to watch all of them and this video made me write something.. thank you for being hands on and on point! For being upfront. True, start making money before doing all these. Although, I already applied for LLC and in the process of doing my trademark even before launching my business. But that’s ok. I also work full time… But I really appreciate you for sharing this video and and knowledge so people can make an informed decision and not paralyzed…. Thank you for what you do! Watching from California.
Thank you for making quality content. I have searched through several youtube channels and there are very few that are as clear and concise as yours, which is suprising considering the content genre... lol. It is refreshing to hear someone with decent video and audio quality AND quality content. Just wanted to say thank you for that.
Thank you so much for this I was debating about getting a business coach but like you said I don’t need to spend that much money i want to change from a sole proprietorship to an LLC but because I also want to change the DBA but you explain it in your videos and this made me realize that I don’t need to Waste more money in things that I can do myself ❤️
This woman told the truth and I started my business without insurance without llc I made money first and got the other stuff later that why I want you to know
Thanks. That helps. Because, I've heard UA-camrs on the "How To Start A Biz" topics say things like; "You must register your business", You must do a thorough business name search"...Those absolute statements cause confusion, fear or even paralysis, as in my case. I can't even find clear info for my questions on my State Gov. site.
For someone starting an online business that wants to file for an LLC should you get a virtual business address first so that you have an address listed when you file with the Secretary of State, and if you haven't chosen a name yet for your LLC can you add it later when getting a virtual address? I wouldn't want to file with my home address first because that is open to the public.
I'm making the transition to having a lean business operation. This video was helpful, thank you. If I save 10% or more in operation costs I'll reach out for a consultation.
This was fantastic!! Thank you! I am curios though we should obviously register our biz and get an EIN number and a reseller permit (buying things at wholesale to resell)??? Correct??
#sigh. You certainly did get all up in my business. I'm pretty sure I've already spent too much. 😫 The fear of getting it wrong is just so overwhelming.
Just understand you’re going to get something wrong and something is going to go bad that you have no control over. It doesn’t matter what it is, that’s life. Have confidence in your abilities to deal with whatever happens and move forward with your idea. You’re never going to get it 100% right.
But using your logo with your business doesn't always provide you protection from it being taken by another company. I remember when the two jeans companies 7seven jeans and 7 for all mankind were fighting over the 7 logo they used to put in the back jeans pockets. Although 7seven jeans was in business first and used that Logo years before 7 for all mankind came around, it was 7 for all mankind that won the lawsuit and the rights to use the number 7 logo on their jeans only. 😑 It's best to get a trademark.
What freaked me out was, after talking to multiple billion dollar fashion companies, even though they own and have legal rights to the logos that represent their company, tens of billions, yes, billions each year are lost to counterfeiting. It's horrible. Plain and simple. In regard to a logo, my guess is, if a business owner thinks it has the potential to eventually play a part in generating a great deal of income, perhaps the real asset in the beginning is the peace of mind that one will have by filing a federal trademark, and hopefully, secure it. Especially, if long hours of hard work were put in to develop/design it. Anyway, Aiden, I've always have and still do, enjoy and learn from your videos.
Please always make sure your videos are automatically captioned! By the way, I am not sure if you have talked about this on your channel, but what are the steps one should do with moving their LLC from one state to another?
Hmm...they usually are! But for some reason the automatic captions aren't showing up yet. (But don't worry -- I get them manually captioned shortly after they're posted. Check back tomorrow.) Thanks for the heads up! I have an old video about moving your LLC to another state: ua-cam.com/video/fSxMlCohFQA/v-deo.html Planning on making a new one on the topic soon!
I know you said it’s not necessary to run out and start an LLC just because of starting a new business, but should I get an EIN and connect it to my bank account that will be specific to the business, in the case that the business does start to earn money? Thanks
ARE YOU KIDDING ME RIGHT NOW?? I would've happily paid for this as a mini course!!! You really should give that aspect of it some thought:-))))))))))))))))
I'm forming a social media company. Why wouldn't I want a trademark or have a LLC. I definitely can't afford a Delaware s Corp right now. But why wouldn't why I need it
I'm talking about the difference between "want" and "need." It's great to have an LLC and to register a trademark, but neither of those things are legally required in order to start and operate a business.
Sometimes it's worth paying an attorney simply to get the unvarnished truth. Most good attorneys will *not* blow smoke up your backside and just tell it like it is.
These videos are just........gold and friggin silver. Unable to put a value on something thats invaluable. I did alot digging to get here and man... am i glad i kept digging. Goldmine.
There are two super common business mistakes that new businesses make that can be a COMPLETE waste of time and money.
Ever think to yourself, "do I need an LLC?" These startup business mistakes to avoid will help you stop wasting money and launch your business sooner. There are a lot of single member LLC mistakes that can put your personal assets at risk -- but what about the entrepreneur mistakes and online business mistakes that are holding you back from MAKING MONEY?
When I started my lawn & landscape service business 4 years ago, I bought a $75 mower and a $110 back pack blower from a local pawn shop, a new spade, a new square shovel, a broom and got my hands on a free trimmer. No business card, no flyers. I rolled like that for most of that first season, cutting lawns. Then, I got a big $2500 landscape job and used the first 30% deposit from the customer to rent and or buy the equipment/materials I need to get the job started. Every time I receive a large job now, I buy something for the business; a printer, lawn equipment, etc.
I didn't order business cards until year 2 and still do not use flyers, no website, no social media either...all from word of mouth. I now have 17 accounts - large and small. Last season, I was able to buy a brand new 36" mower and other equipment. THIS year, I'll be ready to form an LLC for the business
Wishing you much continued business success and excellent health!
Sooo very true! I've built several businesses and believe in letting them pay for themselves. Entities are primarily for asset protection and tax sheltering. If you don't have the money for an attorney, you likely have no assets to protect and no real tax burden. It can wait until you generate some revenue...... These days I try to remember that you can't let perfection stand in the way of progress. Get something started people!!!
...and be ready to possibly pay or lose what you've invested in the business, even if it's not much, if you underestimated/overestimated or failed to plan properly the first time.
Sure, it's easy with SO MANY businesses under your belt to just flippantly tell people to get started when it's not your money, time, health or name on the line, and when you're not professionally licensed with the state you're in and bound to uphold certain ethics laws, etc. that you need to dial in contractually.
If you're a teenager, or early 20s, by all means be impulsive, throw caution to the wind, and go for it. No adult in their right mind will hold a teen responsible for screwing something up because we expect them to screw up. If it YOUR name and YOUR reputation, you better protect it like it's the only one you've got because when you are professionally licensed, that will follow you no matter where you go.
Great video Aiden! Totally agree with you. I see the same exact issues on my channel and with people that message me. If you are just getting started, you do NOT necessarily need an LLC or a Trademark right out of the gate. Just get going and start making money with your business first and then you can start to work on the legal. Nicely done.
This is a really big problem in the trucking industry. Everybody thinks that an LLC. Keeps them from being sued. However, it’s the driver of the truck who goes to jail and the driver is the single member of the LLC. In addition to that, a single truck owner driven , is not making a great deal of money the first year. I would like to see you do a video on the trucking industry. Thanks
Thanks for being all up in my business, I really appreciate it 👍🏽✌️
I love this no nonsense approach to business. Great advice. Means even more coming from an attorney. Rome was not built in a day. Begin the journey with the first step. The first step is selling your product or service. Generate revenue. Thanks for making this video and putting it on UA-cam!
Word girl! Lol. You hit it on the spot! Make $$$ first and leverage it into other startup costs! Make income first to see if the biz idea is worth pursuing! Before you can “SHOW ME (others)THE MONEY 💰 💰” hehe. Thanks for telling us Newbie Biz owners the Straight talk! 👍👍👍
Yes!! All of that!
Most honest advice. This is the reason you are going to popular among us.
Started my business a year ago as a sole prop and still am. Will do the LLC thing when I get bigger and generate more revenue.
That was some straight talk for that *ss... I like you all up in my business Aiden!! ☺️
Outstanding info Aiden!
If there is someone in the business you'd like to start, take them out to lunch. Ask them questions, they may become your mentor or assist you with their knowledge guiding you in your new business.
Thank you for this! This is very helpful. I’m ready to start my business but then I saw Trademark and I stalled starting because I thought it’s a must. Now I know it is, but I don’t need it yet. Money comes first! New subscriber here!
Facts on facts right here!! Get messy for a bit and figure it out as you go. Most people wanna have all the steps lined up perfectly before starting.
Smartest and best looking lawyer on UA-cam.
Thank you so much for this video! This is helping me get out of decision paralysis. I've been so caught up in wanting to "do everything right from the the beginning" that my progress has ground to a halt. Also in being concerned about my home address and such being public record. Which I'm probably overthinking, too... I'm REALLY good at that.
Wow! Thank you Aiden for this video. I’ve been listening to your videos and had subscribed. I am going thru all your videos and planning to watch all of them and this video made me write something.. thank you for being hands on and on point! For being upfront. True, start making money before doing all these. Although, I already applied for LLC and in the process of doing my trademark even before launching my business. But that’s ok. I also work full time… But I really appreciate you for sharing this video and and knowledge so people can make an informed decision and not paralyzed…. Thank you for what you do! Watching from California.
Thank you for making quality content. I have searched through several youtube channels and there are very few that are as clear and concise as yours, which is suprising considering the content genre... lol. It is refreshing to hear someone with decent video and audio quality AND quality content. Just wanted to say thank you for that.
Thank you so much for this I was debating about getting a business coach but like you said I don’t need to spend that much money i want to change from a sole proprietorship to an LLC but because I also want to change the DBA but you explain it in your videos and this made me realize that I don’t need to Waste more money in things that I can do myself ❤️
Sage and practical ('tough love') advice! Great video!
This woman told the truth and I started my business without insurance without llc I made money first and got the other stuff later that why I want you to know
Thanks. That helps. Because, I've heard UA-camrs on the "How To Start A Biz" topics say things like; "You must register your business", You must do a thorough business name search"...Those absolute statements cause confusion, fear or even paralysis, as in my case. I can't even find clear info for my questions on my State Gov. site.
Thank you so much for sharing your knowledge!!
Holy $&!?@
This is a slow build up to some REAL Talk! 😅
Seriously, this channel is gold!
Thank You 🙏🏾
For someone starting an online business that wants to file for an LLC should you get a virtual business address first so that you have an address listed when you file with the Secretary of State, and if you haven't chosen a name yet for your LLC can you add it later when getting a virtual address? I wouldn't want to file with my home address first because that is open to the public.
Good to be here, I love, love, love this video. I am taking notes for sure.
This is some real talk. Thank you!
I think you’re show is all the business coach we need! Great content thank you so much!
Thanks for pointing out these pitfalls. :)
I'm making the transition to having a lean business operation. This video was helpful, thank you. If I save 10% or more in operation costs I'll reach out for a consultation.
Awesome Aiden, thanks for these amazing tips ❤🎉
You are GOD sent!
Thank you for the real real! I appreciate the advice always!!
You came through for me today! Fr fr! Thank you so much and I hope you have a great day
Great content Aiden, informative as per usual!
Thank you 🙏 for all the information you share with us . God bless you.
Great info! You put out really helpful content! Subscribed!
Thanks again for giving strait forward detailed,understanding info
I’m agree with you Aiden. Very good information.
Love your Channel Aiden! 📺📚📖
This helped me a lot. As I went down the rabbit hole the dollars started adding up & I was thinking how am I going to do this?!
This is a very informative video that I really needed
Good advice to everyone.
Thank you for the down to earth truth!
You're right, I think I will spend the 250 on a lawyer so that I get it done right
Good move! 🙌
This was fantastic!! Thank you! I am curios though we should obviously register our biz and get an EIN number and a reseller permit (buying things at wholesale to resell)??? Correct??
#sigh. You certainly did get all up in my business. I'm pretty sure I've already spent too much. 😫 The fear of getting it wrong is just so overwhelming.
Just understand you’re going to get something wrong and something is going to go bad that you have no control over. It doesn’t matter what it is, that’s life. Have confidence in your abilities to deal with whatever happens and move forward with your idea. You’re never going to get it 100% right.
But using your logo with your business doesn't always provide you protection from it being taken by another company. I remember when the two jeans companies 7seven jeans and 7 for all mankind were fighting over the 7 logo they used to put in the back jeans pockets. Although 7seven jeans was in business first and used that Logo years before 7 for all mankind came around, it was 7 for all mankind that won the lawsuit and the rights to use the number 7 logo on their jeans only. 😑 It's best to get a trademark.
What freaked me out was, after talking to multiple billion dollar fashion companies, even though they own and have legal rights to the logos that represent their company, tens of billions, yes, billions each year are lost to counterfeiting. It's horrible. Plain and simple. In regard to a logo, my guess is, if a business owner thinks it has the potential to eventually play a part in generating a great deal of income, perhaps the real asset in the beginning is the peace of mind that one will have by filing a federal trademark, and hopefully, secure it. Especially, if long hours of hard work were put in to develop/design it. Anyway, Aiden, I've always have and still do, enjoy and learn from your videos.
Quick question. If I higher someone from Fiverr to work on my logo can I tradmark that work?
Hi n tx for the info. If u only take donations for yr business does it make any difference?
Please always make sure your videos are automatically captioned! By the way, I am not sure if you have talked about this on your channel, but what are the steps one should do with moving their LLC from one state to another?
Hmm...they usually are! But for some reason the automatic captions aren't showing up yet. (But don't worry -- I get them manually captioned shortly after they're posted. Check back tomorrow.) Thanks for the heads up!
I have an old video about moving your LLC to another state: ua-cam.com/video/fSxMlCohFQA/v-deo.html Planning on making a new one on the topic soon!
It's Cliff. Hope your well
I know you said it’s not necessary to run out and start an LLC just because of starting a new business, but should I get an EIN and connect it to my bank account that will be specific to the business, in the case that the business does start to earn money? Thanks
You are so right
ARE YOU KIDDING ME RIGHT NOW?? I would've happily paid for this as a mini course!!! You really should give that aspect of it some thought:-))))))))))))))))
I want to start Social Media Pages using a name I created. Do I need a Trademark or LLC?
I'm forming a social media company. Why wouldn't I want a trademark or have a LLC. I definitely can't afford a Delaware s Corp right now. But why wouldn't why I need it
I'm talking about the difference between "want" and "need." It's great to have an LLC and to register a trademark, but neither of those things are legally required in order to start and operate a business.
Great video. So now assume that you are making money, when do you know you need an LLC?
You are appreciated
Do you have a physical office?
I have alot of those I'm going to do, but need a team?
Bravo! Just.....Bravo!
Thanks!
Sometimes it's worth paying an attorney simply to get the unvarnished truth. Most good attorneys will *not* blow smoke up your backside and just tell it like it is.
Your the best !
Ill be contacing u trmrw for to get started on what i need
These videos are just........gold and friggin silver. Unable to put a value on something thats invaluable. I did alot digging to get here and man... am i glad i kept digging. Goldmine.
youtube channel is 'free' but they take a hefty cut of your ad-revenue / user-contributions, from what I have read.
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Hey! Thanks for watching!
On point information, Thanks
i love u
I was gonna hire the artist that does all stuff on this channel 😉