4 steps to start a business anyone can do

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  • Опубліковано 21 вер 2024
  • Want to SCALE your business? Go here: acquisition.com
    Want to START a business? Go here: skool.com/games
    If you’re new to my channel, my name is Alex Hormozi. I’m the founder and managing partner of Acquisition.com. It’s a family office, which is just a formal way of saying we invest our own money into companies. Our 10 portfolio companies bring in over $200,000,000+ per year. Our ownership stake varies between 20% and 100% of them. Given this is a YT channel, and anyone can claim anything, I’ll give you some stuff you can google to verify below.
    How I got here…
    21: Graduated Vanderbilt in 3 years Magna Cum Laude, and took a fancy consulting job.
    23 yrs old: Left my fancy consulting job to start a business (a gym).
    24 yrs old: Opened 5 gym locations.
    26 yrs old: Closed down 6th gym. Lost everything.
    26 yrs old: Got back to launching gyms (launched 33). Then, lost everything for a 2nd time.
    26 yrs old: In desperation, started licensing model as a hail mary. It worked.
    27 yrs old: "Gym Launch" does $3M profit the next 6 months. Then $17M profit next 12 months.
    28 yrs old: Started Prestige Labs. $20M the first year.
    29 yrs old: Launched ALAN, a software company for agencies to work leads for customers. Scaled to $1.7mmo within 6 months.
    31 yrs old: Sold 75% of UseAlan to a strategic buyer in an all stock deal.
    31 yrs old: Sold 66% of Gym Launch & Prestige Labs at $46.2M valuation in all-cash deal to American Pacific Group. (you can google it)
    31 yrs old: Started our family office Acquisition.com. We invest and scale companies using the $42M in distributions we had taken + the cash from the $46.2M exit.
    32 yrs old: Started making free content showing how we grow companies to make real business education accessible to everyone (and) to attract business owners to invest or scale their businesses.
    34 yrs old: I became co-owner of Skool.com to help the many people who want to start a business online do so.
    Today: Our portfolio now does $200M/yr between 10 companies. The largest doing $100M/yr the smallest doing $5M per year. Our ownership varies between 20% and 100% ownership of the companies. Many of them we invested in early and helped grow (which is how we make our money - not youtube videos).
    To all the gladiators in the arena, we’re all in the middle of writing our own stories. The worse the monsters, the more epic the story.
    You either get an epic outcome or an epic story. Both mean you win.
    Keep crushing. May your desires be greater than your obstacles.
    Never quit,
    Alex
    FULL DISCLOSURE
    I make content to make money - just - on a longer time horizon than most. I want to build trust with business owners so we can find the best ones and help them scale. And if they’re awesome, write them a check and go all the way as partners.

КОМЕНТАРІ • 942

  • @LuisGarcia-ro9go
    @LuisGarcia-ro9go 7 місяців тому +582

    1. Get an articles of incorporation
    2. Take articles to bank & open a bank account
    3. Connect payment processor to bank account
    4. Provide value to a stranger in exchange for money 💰 🤑

    • @xDm008
      @xDm008 Місяць тому +10

      tnx for short summary

    • @jamestaillon4781
      @jamestaillon4781 Місяць тому +36

      I'm ashamed to admit that I don't know what this means or how to do it, but now that I have the list, I'll figure out how.
      Thanks.

    • @Mr.LevelUp.
      @Mr.LevelUp. Місяць тому

      @@jamestaillon4781 don’t be ashamed. Even the most experienced started somewhere. Feel proud that you’re taking the steps to learn about this. Research is free, have at it and soon you’ll be flying.

    • @MainstreamNewsGuy
      @MainstreamNewsGuy Місяць тому

      ​@@jamestaillon4781 if you use legalzoom, you can have almost all of this done for for about $500 and that will include a wix site

    • @Sonofwill
      @Sonofwill Місяць тому +3

      Thanks! surprising how many people the comment of yours could help so many people!
      😃
      Getting those short points done, certainly sets you on your first steps cheers dude

  • @Sylvester552
    @Sylvester552 6 днів тому +84

    More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

    • @ShanonWellington-h4i
      @ShanonWellington-h4i 6 днів тому

      Thank goodness you brought this up! Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 10 grand weekly and this has improved my financial life. Great piece!.

    • @CesarionAchen
      @CesarionAchen 6 днів тому

      Do you mind sharing info on the adviser who
      assisted you? I'm 39 now and would love to
      grow my portfolio and plan my retirement

    • @Sam-c4z1b
      @Sam-c4z1b 4 дні тому

      She’s OLIVIA SULLIVAN FINANCIALS

    • @Maddison809
      @Maddison809 4 дні тому

      she's a known advisor. I actually did look her up curiously and went through her credentials on her webbsite... Top-notch! I wrote her an email, hopefully she's accepting new intakes.

    • @LandradaGaulzetti
      @LandradaGaulzetti 4 дні тому

      I'm definitely gonna check her out. Do yo have any idea if she manages family fund?

  • @springnicole
    @springnicole 26 днів тому +45

    I was at a county fair with my art business and my son started a business in a few seconds because someone saw him doing lettering and asked if it was for sale. That person paid $20 on the spot. Providing value to a stranger is the most valuable advice in here and also the most challenging.
    If you have an idea, just try to sell it to just one person and see if you can do that, then repeat the process and make it better each time. Once you have money, you can worry about separate bank accounts, etc.

    • @ShotofLuxury
      @ShotofLuxury 14 днів тому

      Well, he'd better find the right ppl to help him set it up legally for compliance bcus it's not just the feds, it's your local govt too, you have to worry about.

  • @tarrantcountykid
    @tarrantcountykid 8 місяців тому +353

    That 4th step is the kicker, provide value to a stranger. I think you should start with that one as a sole proprietor

    • @jowyjozef
      @jowyjozef 4 місяці тому +15

      The difference between sole proprietor and a limited liability company, is that the banks will lend money faster to an LLC rather than a sole proprietor. It looks better on paper for the lenders and private lenders

    • @teambeforeself6839
      @teambeforeself6839 4 місяці тому +3

      More tax benefits in an S corp

    • @wadupdox3519
      @wadupdox3519 Місяць тому +1

      I think he means after you’ve completed a job try to up sale or ask if there is anything you can do for them kinda like a cherry on top if they say yes

    • @OutdoorCanadians
      @OutdoorCanadians Місяць тому +3

      @@jowyjozefwhy would anybody start a business with the intention of borrowing money?

    • @novicenova
      @novicenova Місяць тому +7

      ​@@OutdoorCanadiansYou're joking right or is the air up in Canada that thin?

  • @cxa011500
    @cxa011500 Рік тому +1435

    Seems like step 4 is the main one every entrepreneur needs to do.

    • @tanksxiii
      @tanksxiii Рік тому +34

      Should have been#1

    • @aaronharman5431
      @aaronharman5431 Рік тому +30

      @@tanksxiii no… you do the others first …

    • @tanksxiii
      @tanksxiii Рік тому +3

      @@aaronharman5431 got it.

    • @andrewferguson6901
      @andrewferguson6901 Рік тому +31

      They fantasize about step 4 and ignore 1-3. That's why the don't progress. If you do 1-3 then you can daydream about 4 all you want because when the time does come it's GO GO GO
      Like they say, never gotta get ready if you always stay ready

    • @AxeMeetsGun
      @AxeMeetsGun Рік тому +12

      @@andrewferguson6901 you don't need 1-3 to make money. It's just formality. Basically being productive as an excuse to not actually provide value

  • @jairambriz1005
    @jairambriz1005 Рік тому +1280

    It really is that simple we as humans just procrastinate terribly

    • @eddycervantea7882
      @eddycervantea7882 Рік тому +16

      Yeah even me and I’m trying

    • @Psy342
      @Psy342 Рік тому +62

      Man it’s so easy that 20% of new businesses fail during their first year, and approximately 50% fail within five years. So simple right? But I get it most people procrastinate but it’s tough af with all these things distracting releasing dopamine & serotonin putting one in a mental cage. Each new generation gets worse & worse. Can’t escape what they & will grow up with.

    • @BillionCuban
      @BillionCuban Рік тому

      Yeeees

    • @JazminCruz-j8h
      @JazminCruz-j8h Рік тому +9

      That’s so true I have been saying that I will start my own clothing line for the past year and nothing happened. It’s time that I change that and do something about it.

    • @Pinaytraveler101
      @Pinaytraveler101 Рік тому +1

      How?

  • @smokingcrab2290
    @smokingcrab2290 Рік тому +144

    The providing value part is what people struggle with the most. That's what the business really IS. The articles of incorporation, bank account, payment processor are what the business NEEDS not what the business IS. I would love to see more videos on how to come up with business ideas to provide value.

    • @coldhands2802
      @coldhands2802 Рік тому +18

      You won't see videos like that tho cause why would they give other people ideas instead of just using that idea..? That's the main struggle for people. It's rly hard to start.

    • @HeadstudiosAu
      @HeadstudiosAu Рік тому +17

      @@coldhands2802 And it's not just providing value - it's figuring out how to give that value and overcome people's resistnce and scepticism - and then having a system to do that on autopilot. Of course everyone wants the one step process but yeh... it's failing day in and day out, learning, adjusting etc.

    • @aularje
      @aularje Рік тому +16

      Providing value should not be so hard,
      Remember the lemonade stand,
      Just covering one necessity, thirsth, is enough to keep business running

    • @iamOAKland
      @iamOAKland Рік тому

      @@aularjethat’s on point for the dummies. Humans make things so fucking complicated for no fucking reason!!!!

    • @sarahwhite3994
      @sarahwhite3994 6 місяців тому +5

      I have too many ideas, that I struggle to just choose and stick with one. It's the paperwork/ initial startup capital that I want advice/help with

  • @zacharyjacobs3628
    @zacharyjacobs3628 Рік тому +2275

    could you make a full length video on this subject? I think it will help a lot of people

    • @JDunamis
      @JDunamis Рік тому +77

      I suggest you Google each step.

    • @Him_Dante
      @Him_Dante Рік тому +174

      @@JDunamis Bro tryna get spoon-fed 😂

    • @adrianwalker5415
      @adrianwalker5415 Рік тому +1

      Each of those "steps" he listed type into Google.

    • @botston
      @botston Рік тому +10

      @@Him_Dante same💀 never gunna happen

    • @chadpilled7913
      @chadpilled7913 Рік тому +45

      Bro what he just told you exactly what to do

  • @gustavomedina7526
    @gustavomedina7526 Рік тому +32

    Out of anyone in UA-cam he provides the most value

  • @RebeccaGorin
    @RebeccaGorin 2 місяці тому +48

    I GOT RICH DOING THIS

    • @RebeccaGorin
      @RebeccaGorin 2 місяці тому +11

      Making money is action, saving money is behavior and growing money is knowledge. The basic step to acquiring wealth is figuring out your goals and plans, with the heIp of financiaI pIanner you will gain rapid financiaI growth and enjoy the benefits of managing your finances...

    • @RebeccaGorin
      @RebeccaGorin 2 місяці тому

      FinanciaI growth was rapidly gained (gathered over 1M in 2years) through my financiaI pIanner. Got my 2nd house in May, hereby making my goaIs a reaIity...

    • @RebeccaGorin
      @RebeccaGorin 2 місяці тому

      l acquired massive growth in my finances (gathered over 1M in 2years) through the heIp of my financiaI pIanner. Got my 2nd house in May, hereby making my goals a reality...

    • @RebeccaGorin
      @RebeccaGorin 2 місяці тому +6

      Whosoever tries this sureIy acquires wealth. Get to her..

    • @Editorofoz1
      @Editorofoz1 2 місяці тому +3

      Did you really actually get rich

  • @pamelah6431
    @pamelah6431 Рік тому +171

    It is a lot to get your head around when you've never done it before, though. In some ways it is this simple; in other ways it's overwhelming and intimidating and full of conflicting information and lots of forms and fees and learning what you don't know.

    • @jacobhargiss9909
      @jacobhargiss9909 Рік тому +16

      It can be intimidating at first, yes. But a little research puts those fears at bay. Starting an llc is as easy as filling out an online form, picking a name, and paying a fee. Bingo bongo its done. Then you need to find a way to get paid, personally I use quick books, but there are other services. Then you need to do the hard part which is actually finding customers.

    • @SonofChrist77
      @SonofChrist77 Рік тому

      @@jacobhargiss9909 what is quick books?

    • @jacobhargiss9909
      @jacobhargiss9909 Рік тому +3

      @@SonofChrist77 its a cool book-keeping software that also offers invoicing and payments. Its around $20 / month.

    • @eliaspkay
      @eliaspkay 3 місяці тому

      @@jacobhargiss9909is it this easy? In EU?

    • @dojoparsnip9905
      @dojoparsnip9905 3 місяці тому +1

      like going to school and learning stuff you didnt know and isnt useful. most people are constantly learning in their younger years. so that isnt an excuse.

  • @Loppywoppy-r5r
    @Loppywoppy-r5r Місяць тому +1

    I say start with provide value to a stranger in exchange for money, the rest is the easy part

  • @math.and.physics
    @math.and.physics Рік тому +3

    You simply must be solving some sort of problem, real or conceived and believed, like how everyone thinks they need luxury, when that's probably the very thing holding them back.

  • @Hug_life
    @Hug_life Рік тому +75

    I did 3 of those things including a logo, website, vista print order for marketing material, embroidery shop order for 25 shirts and hats all before the end of a day one time when I was VP of Sales for a shady company and decided to stage a coup and take 21 sales reps, a manager, a director and my business partner and start our own company. The next day they all arrived at an Airbnb and I had their new shirts and hats, a thank you card and an advance on their first 2 weeks pay in cash on their seats. Off to the races!! With things like square space, legal zoom, vista print shit and now chatgpt, there’s literally no excuse to why launching a business should take more than a week or two to be honest. But when you have other peoples livlihoods who are putting their faith in you to deliver… all this stuff can happen incredibly fast!

    • @ImmaDotAplayer
      @ImmaDotAplayer Рік тому +8

      Wow man, can you tell us the whole story? Thanks.

    • @Hug_life
      @Hug_life Рік тому +5

      Oh wow… lol Sorry but I just said out loud to myself “wait what if he’s being sarcastic and he’s just another younger troll who finds it funny luring Boomers down to Millennials into writing a bunch of stuff no one really asked for “ 😂 So yep I just realized I have comment section trust issues. That’s a thing. Lol so what do I say now, something like I guess If you’re being serious and you’re not just like all the other commenters then okay@@ImmaDotAplayer😂😂

    • @Animesh927
      @Animesh927 Рік тому +7

      ​@@Hug_life no seriously tell us everything. How come you make it sound so easy? We would love some advice from someone experienced in the field.

    • @sanmemind3666
      @sanmemind3666 Рік тому +2

      ​@@Hug_lifeCan you me tell about the role of ChatGPT in the set up of the business you've started?
      Thank you.

    • @JoseMorales-gb2yg
      @JoseMorales-gb2yg 4 місяці тому

      That’s amazing man!!

  • @justdoit2208
    @justdoit2208 10 місяців тому +29

    One of my fellow businessmen partners told me once: You know Jerome I'm not successful because I'm smarter than others, I'm successful because I do whatever I'll say I'll do or that my business wants me to do.

  • @ICUSocialWorker
    @ICUSocialWorker 8 місяців тому +5

    Or network and jump on a startup with a strong foundation and negotiate equity. Ensure the company has a strong board of leaders or it won’t get funded. Don’t be scared to talk to someone about their company and you don’t have to attend a top 10 MBA. My MBA is from a private university but I jumped onto a startup with a founder who had an MBA from a top 10 school and that alone proved my value.

  • @TheTechCguy
    @TheTechCguy 2 місяці тому +32

    You can’t start a business without anything good to sell either! 💯💯💯😆

    • @keilyn928
      @keilyn928 2 місяці тому +3

      He said that in step 4

  • @bichoroca3462
    @bichoroca3462 8 місяців тому +2

    Getting it done asap gives you the edge over all of the people that at perpetually preparing

  • @Journey-with-James
    @Journey-with-James 11 місяців тому +3

    This is why I’ve been a fan for 2 years Alex 🇦🇺

  • @Edmond-mm2nj
    @Edmond-mm2nj 7 місяців тому +2

    This is the main 4 step that boost my business up

    • @Jackson-j21
      @Jackson-j21 7 місяців тому

      How did you do that man

  • @Ali.lion23
    @Ali.lion23 6 місяців тому +43

    Being an entrepreneur is not easy guys but don't be discouraged. Here's good points.
    1. Solve a problem and offer a better solution. So dont think of an idea. Think of a problem to solve. This is very important.
    2. When you have a problem offer a solution that is differentiated either lower cost or better quality
    3. If you don't have large reserves of money it will be hard to compete in mature markets. So target fast growing markets or find a way to offer a differentiated solution
    So live in the future and build something you really want and it solves a problem.
    And have mindset and visualization where you want to be do this daily. You have to read: Think and grow rich, and 7 habits of highly effective people.

  • @GorzaanFan
    @GorzaanFan Рік тому +146

    They’re talking about spending money. You’re talking about making money. Business = money coming in

    • @tremarley9648
      @tremarley9648 Рік тому +20

      Tate quote lol

    • @saverio_6990
      @saverio_6990 Рік тому +8

      We got a Tate follower here. Speed+Money coming in

    • @cQ2DHPavXTqemm9Vsbgi4TV7x
      @cQ2DHPavXTqemm9Vsbgi4TV7x Рік тому +4

      Money loves SPEED.
      Don't get legal before you get rich.
      For Wudan.🐍

    • @ilko133
      @ilko133 Рік тому +1

      Ah, I see you're a man of culture aswell!

  • @alpineai
    @alpineai Рік тому +33

    Someone who sets up a business doing step 1-3 will add Hormozi's value levers (increase speed, reduce effort, reduce sacrifice)

  • @MP-vf8qz
    @MP-vf8qz 11 місяців тому +87

    4 steps to start a business:
    1. Get articles of incorporation online
    2. bring articles of incorporation to bank to setup a bank account
    3. setup payment processor (Bank) to be paid through the business
    4. give value to a stranger in exchange for money.

    • @Smeakum
      @Smeakum 10 місяців тому +6

      Thanks sherlock

    • @flamestar557
      @flamestar557 10 місяців тому +22

      @@Smeakum LMAO bro he put it in the comments so people that don't want to keep rewatching the video again or want to understand what one of the points was can see it right away. Some of us don't get what some of these things even are

    • @MP-vf8qz
      @MP-vf8qz 10 місяців тому

      @@Smeakum thanks 🤡

    • @rolandomota7474
      @rolandomota7474 9 місяців тому

      ​@@flamestar557me!! What is articles of incorporation? Is your biz name? Step 3 and 4 ok... But 1 and 1 leading 2

    • @Notjohnny86
      @Notjohnny86 9 місяців тому +5

      Easy screenshot thanks man🙏

  • @nevernothing.1
    @nevernothing.1 Рік тому +13

    The value in this little short is insane! Another W from the lumberjack🙌

  • @thisoldrelic
    @thisoldrelic Рік тому +91

    I would argue the only thing that is required is the last step. You yourself can be the bussiness for tax purposes. All that is needed is to file for taxes if you make over $600 the first year.

  • @charcoalelement6276
    @charcoalelement6276 Рік тому +3

    You just do the work. Build a good reputation and keep working.

    • @TSMSnation
      @TSMSnation 11 днів тому

      what work? there is nothing to be done.

  • @Carl3yj
    @Carl3yj Місяць тому +2

    My 15 year old brain cant comprehend what my man just said, someone please simplify what he just said

    • @just1max
      @just1max Місяць тому

      Understand what the articles of corporation is and what can you do with it. The rest of the things are quite clear. If u do online business, payment processors are like paypal / stripe(recommended)

  • @dannymeese5853
    @dannymeese5853 Рік тому +7

    the problem with business meetups and groups is that most of the people going are either not really working on their business or are there to sell a course to the people who aren't really working on their business

    • @salamdrik
      @salamdrik Рік тому

      We all know who was on those meetings to get Dolla 😂😂😂

    • @big66ew
      @big66ew 8 місяців тому

      That's the problem with the internet/youtube. SO many people either haven't really done what they say selling or they're so far ahead of the average Joe, they can't remember what it's like to be him, so all their info isn't practical.

  • @TheNewJP
    @TheNewJP 2 місяці тому

    Step 4 is the hardest part finding a service or problem people have and being the solution

  • @louiswierenga2996
    @louiswierenga2996 5 місяців тому +9

    I’d recommend doing step four for six months to see if there is any chance of success before wasting time and money with 1-3.

  • @RyanRaySr
    @RyanRaySr 4 місяці тому +1

    Sometimes ppl like the idea of starting a biz rather than the work it takes to get one going

  • @ElFortunaLa
    @ElFortunaLa Рік тому +3

    I think this is the definition of being employed rather than starting a busiess.

  • @maryjanepimentel
    @maryjanepimentel 8 місяців тому +1

    Please if you could make a full demo it will help more people like me to really understand your point.

  • @short0811
    @short0811 Рік тому +7

    I was amazed at how easy it was to do steps 1-4 and how difficult everything afterward was! Haha still going though!

    • @cesaresparza6288
      @cesaresparza6288 7 місяців тому +1

      Hope everything works out brother 💪🏽

  • @mekrobar7872
    @mekrobar7872 Рік тому +1

    i've got step 4 down. need to figure out the rest.

  • @emanuelsauz12345
    @emanuelsauz12345 Рік тому +30

    Start with step 4 y’all, make sure you can make money. No matter how you start, just start!

    • @cameron-zl9bl
      @cameron-zl9bl Рік тому +3

      I was thinking the same thing I don’t wanna spend that money and my business fail

  • @christopherthompson5457
    @christopherthompson5457 Місяць тому

    You can usually just start out as a sole proprietorship, and most states don't even require you to register with anyone or have a separate business account

  • @dwo356
    @dwo356 Рік тому +5

    I'd love to do this. I can't think of anything of value to provide a stranger.

    • @kotenoklelu3471
      @kotenoklelu3471 Рік тому

      Can you clean the house? Can you mow the lawn? Can you cook?

    • @rolandomota7474
      @rolandomota7474 9 місяців тому

      Can you take out the trash?

  • @keonihillier981
    @keonihillier981 8 місяців тому

    Dude it really is that easy😂. I spent 5 years planning on how I was going to launch my business and it took me less than a week to get the Articles, EIN and master business license.

  • @coenphillips4233
    @coenphillips4233 Рік тому +9

    Actually doing it is definitely important but I would argue how you make the money is more so, weather it's an ethical way to make the money and what you're going to spend the money on to scale or evolve the business too, these big picture ideas are called big picture for a reason and if you start walking without a destination or a map you're probably not going to get where you need to go

    • @VincesInHocSigno
      @VincesInHocSigno Рік тому +1

      True, but there's usually still needed a healthy amount of the "ready, fire, aim" to avoid paralysis

  • @flossyfluctoast
    @flossyfluctoast 3 дні тому

    it didn't make sense to me rn but yk what imma save it and keep watching it here and there to the point where my brain would actually understand this stuff and i will make them moves ;)

  • @L17Music594
    @L17Music594 9 місяців тому +5

    This sounds so simple but was one of my biggest lessons. Father of my friend and his partner make 700k a year and he cant even properly use a computer or make an invoice

    • @cpatra2696
      @cpatra2696 7 місяців тому

      How?

    • @L17Music594
      @L17Music594 7 місяців тому

      @@cpatra2696 They rent short them to workers of building companies. Their rooms are way cheaper than hotels, but the rent is still way higher than long term housing. So it's a niche inbetween. Think of it as a specialized air bnb.

  • @rjgrimshaw
    @rjgrimshaw 7 місяців тому +1

    They should start as an intrapreneur!

  • @inevillagran6570
    @inevillagran6570 Рік тому +20

    Thanks for the video

    • @auroraannis9876
      @auroraannis9876 Рік тому

      Sometimes i wonder how people get
      rich at these days.

    • @yauabubakar355
      @yauabubakar355 Рік тому +1

      if you want to be successful have the
      mindset of the rich,spend less.

    • @fatimagarba2676
      @fatimagarba2676 Рік тому +1

      i advice everyone to start investing and
      never rely on just salary. No billionaire
      made it through salary.

    • @francisemmanuel8755
      @francisemmanuel8755 Рік тому +1

      Yes that's true

    • @jerrymichael4707
      @jerrymichael4707 Рік тому

      But people don't ask before investing on
      Bitcoin, Expert Mrs Alisa Herbert fx her success story
      is everywhere on UA-cam you can trade
      with her.

  • @TheRealHistoryBuff
    @TheRealHistoryBuff 5 місяців тому +1

    Working very hard on stage 4 as we speak

  • @HalalvivesMR
    @HalalvivesMR Рік тому +2

    very intellingent, smart and productive, take love from Bangladesh

  • @janmoore4062
    @janmoore4062 Рік тому +12

    Please do an entire video on starting a business! I think a lot of your audience would be interested in more information like this! Thank you for the great content!

  • @samuelbeatsminecraft2049
    @samuelbeatsminecraft2049 11 місяців тому

    THANK YOU THANK YOU THANK YOU THANK YOU I LOVE THIS MAN!
    I've been listening to a lot of podcasts talking about business and how this one has no time but money or no money but time or this one has time and money and this one has no time and no money, and all the while im thinking
    WHERE EXACTLY IS THE MONEY COMING FROM AGAIN?

  • @yourking3858
    @yourking3858 Рік тому +8

    Finally smth about starting a business

  • @SherifaNakalema
    @SherifaNakalema 3 місяці тому +4

    It is also possible to start a business and accept payments before Incorporating. Thanks for all the value🎉

  • @fabianortiz1712
    @fabianortiz1712 7 місяців тому +1

    The first 3 steps take about 1 maybe 3 days if youre slow

  • @linkie9512
    @linkie9512 Рік тому +8

    Wow! This guy's advice kicks procrastination to the curb!

  • @FiscalChronicles
    @FiscalChronicles Рік тому +1

    “You have to be burning with an idea, or a problem, or a wrong that you want to right. If you’re not passionate enough from the start, you’ll never stick it out.” -
    Steve Jobs

  • @ChanceTalksBusiness
    @ChanceTalksBusiness Рік тому +34

    They listen to gurus who say you have to love the "journey" more than the results 😂😂

    • @johnb911
      @johnb911 Рік тому

      It’s so funny reading the comments. As if this same fuckin formula, didn’t fool them with the last “guru.” It’s incredible man lol… it’s the same thing! This guy is full of shit! Omg 🤦‍♂️

    • @tajbirsingh5205
      @tajbirsingh5205 Рік тому +6

      You most certainly have to or you will never be consistent. Journey is the reward.

    • @ChanceTalksBusiness
      @ChanceTalksBusiness Рік тому

      @@tajbirsingh5205 I don't think Michael Jordan would have done what he did if they didn't keep score or stats.

    • @tajbirsingh5205
      @tajbirsingh5205 Рік тому +2

      @@ChanceTalksBusiness scoring is a part of the game. He would never have become great if he cared about trophies more than the game.

    • @big66ew
      @big66ew 8 місяців тому

      @@tajbirsingh5205 Not really. That's nice, but not realistic. With as many businesses that exist, you think every owner has a passion for their business? Nope. Hopefully, they're effective or at least have effective people. I've been self-employed for 35 yrs. and had many businesses. If your business makes money, you'll love what the money and freedom with do for you and your family, but telling people they should have a passion I think is BS and misleading. I never had a lot of money to "start up" anything, but what I lacked in capital I made up for in effort. All I wanted was to find something or do something that would pay the bills and let my income grow as I got more effective or smarter. And loving the journey is BS too, because sometimes the journey is a long agonizing, walking with barefeet through the desert on broken glass while being stung by African Killer hornets journey. So I'd say aim for something you know makes money and is sustainable.

  • @AliChitax
    @AliChitax Рік тому +1

    there's one thing college and university teach you , it's that time doesn't matter , keep things formal and make them take longer than it needs , I had a friend who went to college who spent 5 hours in the toilet per day thinking and calculating how to get up , good on him he's an EDUCATED guy (fake education though)

  • @ninjaempire9093
    @ninjaempire9093 Рік тому +104

    Who else didn’t know those 3 bank steps 🙋‍♂️

  • @EconomicPearls
    @EconomicPearls 9 місяців тому +1

    You don't have to incorporate. You can open a sole proprietor bank acct and operate like that indefinitely.

  • @josevillanueva9705
    @josevillanueva9705 Рік тому +35

    Less flaunting more doing. Provide for your family

  • @james9836
    @james9836 8 місяців тому +1

    I'm more terrified about starting the business cuz I'm afraid of fear but I can't keep hearing it I have to go out and try

  • @0xTheConsultant
    @0xTheConsultant Рік тому +12

    It's still not a business until you cash flowing in.

  • @sophiesstopmotionstories810
    @sophiesstopmotionstories810 3 місяці тому +3

    Me talking about my business for three years: 😀
    Me now: oh 😐

  • @EwenMackenzie
    @EwenMackenzie Рік тому +1

    True, it takes less than a day to build what you need. In other countries it takes months. This is why US is ahead of everyone else, and the people in it of course

  • @marcymiles9921
    @marcymiles9921 Рік тому +3

    Actually the registration of your business name as an LLC is the easiest part the difficult part is how am I going to sell? Even the website is very easy too!

  • @BrotherhoodTribe
    @BrotherhoodTribe Місяць тому

    Right now I'm trying stock up on my product... I'm working on art store n clothing line and manga n comic book series.

  • @dadisiboutique5803
    @dadisiboutique5803 4 місяці тому +5

    step 4 is what the hell do you sell if you are broke.

    • @priestesslucy3299
      @priestesslucy3299 3 місяці тому

      Yourself.
      Your body, your skills, your experience.
      I just realized that could be read as something lewd 😂
      But seriously, if you have no product, the product is your own service in some shape or form.

    • @mentalbattleground
      @mentalbattleground 2 місяці тому

      Knowledge, products or services. People pay for information. They also like to buy things. And have things done for them.

  • @ipospointofsalesystem
    @ipospointofsalesystem Місяць тому

    Fast and simple!

  • @HorseWaterDrink
    @HorseWaterDrink Рік тому +13

    If you can't do step four a dozen times don't bother with step 1 .. 2 and 3

  • @BurGurr
    @BurGurr 21 день тому

    That's called planning🎉

  • @olivertaveras9896
    @olivertaveras9896 Рік тому +65

    Provide value to a stranger in exchange for money is the only thing. Everything else falls into place after

    • @recluseauhermitticus2033
      @recluseauhermitticus2033 Рік тому

      Money isnt the answer. . or all other life on earth would be dead. . but nevermind most people are too fuckin stupid to realize that truth.

  • @empoweredwomeninbusiness23
    @empoweredwomeninbusiness23 Місяць тому

    Love it!! It’s TRUE!!

  • @Randomz1985
    @Randomz1985 Рік тому +6

    This guy is getting a sub. Seems like a 💯 genuine guy

  • @---ye1wb
    @---ye1wb 4 місяці тому +1

    Yeah right. Ask your accountant about that one. That’s who you should listen to.

  • @lingeriedeparis7274
    @lingeriedeparis7274 11 місяців тому +5

    2 hours on the computer and drive to the bank it's done.

  • @Snave321400
    @Snave321400 Рік тому +1

    I would suggest getting an EIN as well..... Well unless sole proprietorship.

  • @TheCho22
    @TheCho22 Рік тому +20

    Articles of incorporation are for corporations. If you’re starting a business you very rarely want a corporation because the entity itself is taxed and any distributions to you as an owner are also taxed. For LLC’s it’s called a Certificate of Formation. LLC’s are an extension of the person for tax purposes. Only taxed once. You technically don’t need to to file anything, in which case your business is a sole proprietorship, but you don’t have limited liability. Never do an SP.

    • @zackk109
      @zackk109 Рік тому

      Articles of Organization based on what your state calls it, this is for IL… also if you plan on being profitable apply for S corp election to save on self-employment taxes, additional filing requirements of course come tax time

  • @MADMAN-bg3zj
    @MADMAN-bg3zj 2 місяці тому +1

    Just Do It.

  • @smoothdahustla9729
    @smoothdahustla9729 Рік тому +61

    Everybody wants to be an entrepreneur but nobody wants to do entrepreneur work.

    • @AidanBatten
      @AidanBatten Рік тому +1

      Exactly, nobody wants to show up to meetings, write off stuff, hire employees, manage, run a Crm, market, get home at 9pm at night I could go on 😂

    • @Rehsto
      @Rehsto Рік тому +1

      @@AidanBattenGenuinely don’t mind, but what I’ve been struggling to understand is fundings to afford everything without failing. What I’ve gathered from all these videos is the same shit. Just do.. Go for it, never going to see it if you don’t do it, etc. which I understand, but someone who’s starting with no investors and solely coming from the bottom, shits stressful.

    • @tman4life01
      @tman4life01 Рік тому

      @@Rehstoget a loan from the bank

    • @Professional298
      @Professional298 Рік тому

      @@AidanBatten thats what everyone wants to do, if they knew how to make that work they would but they don't. i think a lot of people arent afraid to fail themselves more than they are afraid to fail others too.

  • @adsemu
    @adsemu Місяць тому

    Nice tips to get your business succeeed

  • @martenstillich
    @martenstillich Рік тому +7

    how important would you say is the legal structure really?
    Or what steps can you take to get your business up and running without getting into legal trouble?

    • @alexanderforde4318
      @alexanderforde4318 Рік тому +1

      I think it depends on the type of business/service you want to provide. If it’s just you doing everything and profiting then I think the legal structure is mainly for tax purposes (having an LLC, business ID number, bank account etc.) Making things more organized and easy to manage or track. But if you plan on having actual employees and other people helping you the legal structure may be more important because now you’re opening yourself up to potential lawsuits/legal actions taken against you if you don’t do things in line with law.
      But if it’s just you and only you, I’d say the legal structure isn’t as important when it comes to starting out at least. It’s still important and recommended of course but for the sake of the argument of this video which is, just starting and not waiting, I’d skip the first couple steps he said in this video and boil it down to coming up with a service or product that can solve/help people’s problems or make their lives better in some way shape or form. Then figuring out how to be compensated accordingly in exchange for said service/products.
      Just my opinion at least. A year ago I started my own business but in the first few months of me being compensated I didn’t even have an LLC. I wasn’t making much tho, but when I decided to take it more seriously and saw the potential of the future of it was when I got all my legal stuff in order (LLC, business account, billing website, insurance etc). It’s only me for my business tho so I’m not responsible for anyone other than myself, like I said that can determine the seriousness/urgency of how soon you should get your legal structure in order…

    • @Andy-lu4lh
      @Andy-lu4lh Рік тому

      @@alexanderforde4318 wdym by billing website? like a website for ppl to pay with credit card? or a website to keep track of your bills? are the bills invoices for your customers or bills that u pay to run your business?

    • @alexanderforde4318
      @alexanderforde4318 Рік тому

      @@Andy-lu4lh Both, a website that you can collect payment from your clients by them using a credit card the same way they would normally buy something online. Also It's a website where you can professionally create invoices for them so that you can "bill" them, bill meaning receipt, the same way you would tell someone to "bill" you after they provided a good or service to you. It's not necessarily needed, it just keeps things more organized and professional. Because at the end of the day, depending on the client and the expense of the good/service you provide, it's more professional to be able to write up an invoice and send it to someone and have them pay through a website the same way they would buy any other thing online. The other way (something like Venmo or Zelle) may seem too casual/unprofessional to some people. Ultimately it just comes down to preference.

    • @johnsproule2077
      @johnsproule2077 Рік тому +1

      If you want I can go more in-depth about the topic, but honestly depending on such business and what you provide should determine the business structure.

    • @palmchristmastree
      @palmchristmastree Рік тому

      @@johnsproule2077 could you please

  • @nitemoves3157
    @nitemoves3157 Рік тому +2

    Literally takes 10 minutes, getting the employer number from the irs probably takes 5 minutes

  • @inryansgarage
    @inryansgarage Рік тому +6

    Payment processors I’ve encountered require Tax ID which is something you have to get from the IRS. When I established my first LLC, I then submitted to IRS for Tax ID. Is there something that I am missing, such as a way to submit for Tax ID without already having LLC established?

  • @cheryllwaldrop9732
    @cheryllwaldrop9732 10 місяців тому

    Step four is a lot more time consuming than that. First, you have to make the good, and then you have to find someone willing to pay you for it. Not just buy it, but buy it from you specifically. People in my hometown will drive an hour in any direction to pay more for an inferior product before they will buy local.

  • @NeilDavidAdams
    @NeilDavidAdams Рік тому +56

    Nah, step 4 is first. Then worry about the logistics.

    • @nlemonj
      @nlemonj Рік тому +10

      That's what I did. Then I had the other three done within three weeks of really needing them.

    • @NeilDavidAdams
      @NeilDavidAdams Рік тому +1

      @@nlemonj Eh, That’s how it goes sometimes ;)

    • @smokingcrab2290
      @smokingcrab2290 Рік тому +3

      Honestly step 4 is all you even need. I started my business with just step 4 and then used services like stripe, PayPal, and zelle to send invoices or for people to send money. Haven't even got my articles of incorporation yet. Just sole proprietorship right now. I'm structuring my business as I go.

    • @taylorsessions4143
      @taylorsessions4143 Рік тому +1

      Without proving the concept the first the steps could be a waste of time and money. Definitely depends on what you are getting into though.

  • @howtoactuallyinvest
    @howtoactuallyinvest 7 місяців тому

    Yep. It takes like an hour to do that using tools like Clerky

  • @rolandcyr8599
    @rolandcyr8599 Рік тому +5

    Please make more videos about this nobody explains it properly and it’s the most confusing part

  • @SharonStevens-v6o
    @SharonStevens-v6o Місяць тому

    Step 4 is step 1…you have to show something of value to get started.. you can’t just have 1-3 without showing proof first..it’s like going to a record label saying you can sing executives taking word for it the a few days later they found out they hired a dying horse in the booth…👀

  • @ChristopherVangelder
    @ChristopherVangelder Рік тому +19

    For some, that dopamine release from talking about something is enough

  • @blackicemeiluta4835
    @blackicemeiluta4835 4 місяці тому +2

    Yeah, but don’t forget about working Capital, not everyone could afford that and has good credit to get started or family to back them up

    • @Empowerbemotivate
      @Empowerbemotivate 3 місяці тому

      I start 2023 with instagram talking about marketing and today I'm making $35,000 to $40,000 a month just selling marketing steps in videos and taking online appoitments to talk 1-1 with clients and i start been homeless in new Jersey ✌🏻

  • @Psy342
    @Psy342 Рік тому +3

    It’s ALL about knowledge. If they didn’t know that, how are they gonna do it?

  • @Primalia2112
    @Primalia2112 Місяць тому

    Those college seniors are getting gold just handed to them by meeting twice with this man and they don't even know it.

  • @wealthtube-prime
    @wealthtube-prime Рік тому +4

    Wow! That's a long time to not do much!
    I can talk because I've done much more in any 6 months since July 2015.
    Part 4 is the actual hard part. ☺️

  • @returnonintelligence
    @returnonintelligence 3 місяці тому +1

    Good steps! Thanks for sharing.

  • @codyjackson7724
    @codyjackson7724 Рік тому +9

    I’ve been bs for awhile now and I told myself earlier to go ahead and get the process going online . After seeing this I literally just finished setting up my llc online and now I’m waiting for it to get approved. 🙏

    • @TonikMadeIt
      @TonikMadeIt Рік тому

      😂 this is low key exactly the thing he is referring to

  • @oram892
    @oram892 Рік тому +5

    Does this count and still work if I'm starting out as a freelancer?

  • @direct2crain
    @direct2crain Рік тому

    Question: would you please open a brick & mortar business, something not in your usual realm, like a nightclub or .. something. Just to show the biz principals. I’d love your take on something you have no interest in but could still make more successful than someone who puts their entire being into it. ✌🏼

  • @jofr4609
    @jofr4609 Рік тому +7

    Just start! If you fail stand up again and try again. Every time you get smarter and better. I say “Learning by Doing and now get the Fu** up a start!”

    • @CraddyMusic
      @CraddyMusic Рік тому +1

      Sure if you fail just become homeless. It’s not that bad 🤦‍♂️🤦‍♂️🤦‍♂️

  • @AyRCee
    @AyRCee 7 місяців тому

    Basically just Chuck your self in the deep end and then learn to swim. Im learning thisnis the best way to fo things. I never knew what i wanted to focus on. Now got extra calcifications in hospitality and construction industry. I blindly agreed to different opportunities. Even mucked out donkeys 😂. Currently a cleaner then going back yo bsr tending or line cook. While i safe up for my CSCS card to go back into construction. Im at gather intelligence and notches stage.

  • @TXLINKS23
    @TXLINKS23 Рік тому +5

    Set up your shop and sell. Then handle the rest

  • @CalebBashioum
    @CalebBashioum 6 місяців тому

    Very useful, we’re always told that LLC is the first step