7 Steps To Becoming Self Employed

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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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Comments

TommyBryson says:

Self employed or Normal job… which is safer?
**Link to Free LLC**
Video: https://www.youtube.com/watch?v=QtJ9DWzQTkI

Izzaac Alley says:

YOU ARE A GOD SEND
every single person on YouTube assumes that you have already done things like created an LLC and such and I'm sitting over here like, "tf even is that?"
THANK YOU BRO

Ricky Storme says:

Any recommendationf for cpa's in Europe?

Adam J Bell says:

this was great Tommy, added to faves

Bennett Family Parable says:

I'm a special needs mom, I have a son with down Syndrome and autism. So I CANNOT have a normal job. I haven't done it yet, bc he's still a toddler, immobile, and non-verbal.

Music Territory says:

Hi Tommy, I don't watch your videos because I get bored of watching you 17 minutes straight. I am actually really interested in the topic of your videos but you don't interact with pictures or small videos of the topic that you are talking about. It's just a tip, just wanna help you. Keep the hard work.

Inquisitve m says:

You should do a vid on most affordable health insurance for self employed . I don't see many people doing this?

Toxic League [X] says:

3:40
4:50

KaNae Freeman says:

I would start my own business but i have no passion or ‘service’ i want to provide. I’m tired of this 9-5 life tho. Praying i figure something out soon.

Carla Cuadros says:

I'm currently a college student and have a checking account with "BankMobile". Could you make a review of this bank? Can you also provide a better option for college students? Do you think that I should keep this bank or is there a better choice?

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