Module 1 - Create Your Business
"How I Made $103,000 In My First Business As a Full-Time College Student Without Any Prior Business Skills or Taking Out A Business Loan"
A lot of us dream about starting a business, some of us do it, but most of us think it will never happen to us. I know, I used to be there too and know what it's like struggling to make ends meet, wanting your dream to come true, and having nobody but yourself to believe in.
Hi, my name is Michael Saelee. In this series, I'm going to share my journey towards creating a six figure business while in college as a full-time student, working a part-time job, and how I was able to provide and create a better life for my family and 2 young children.
I'll share with you what it takes to succeed in:
It starts with believing in yourself.
Module 1-0: What This Training Is & Is Not
Module 1-1: Creating Your Business Success Roadmap (1-Page Business Plan)
In the next video, I'm going to cover all of these resources and show you how to use them to build an online business from scratch.
- 1-Page Business Plan -- save a copy to your Google Drive, then fill in blanks to create your business success blueprint on a single-page
- Traditional business plans are bloated and ineffective in today's fast-changing marketplace, you need to adapt fast and this 1-page business plan makes it easy.
- Namechk.com -- amazing tool to check if your "new business" website and social pages are available
- Namecheap.com -- great place with low prices to purchase your .COM website domain (usually $9/year)
- Gmail.com -- create your business email (e.g. email@example.com)
- Setup Google Voice -- after Gmail account is created, click on link to get a free business phone number, then setup call forward to your personal line
- Create Your Online Shopping Store -- 14-Day Free trial Shopify, then $29/mo
- Use this option if you want to sell physical products.
- Create Your Website -- Free Wordpress Website
- Use this option if you want to get clients, and don't plan on selling products.
CREATE YOUR BUSINESS
Select Your Business Entity:
(Click here for details on each business entity type and general info)
*You can always start with off as one entity type then later convert into another.
- Sole Proprietor/Individual
- Also known as a DBA (doing business as), Fictitious Business Name (FBN), or Trade Name.
- This entity is the fastest/easiest to setup, low-cost ($30-100), but no liability protection.
- General partnership
- Use this entity if plan to work to co-owner. Fairly easy to setup, low-cost, but no liability protection.
- LLC/Limited-Liability Company
- Use this entity if you what your business may have high-risk. Costs a little more ($100-300), but great liability protection.
- Use this entity for long-term growth/expansion, however it is very expensive. Requires legal, tax, and professional setup.
- After determining your business entity, get your business setup fast and do it online with LegalZoom.com (helps you file on your behalf)
- They also offer legal and consultation services.
- Alternative: you can file by yourself and will need to check with your local city/state on procedures (e.g. Start a Google search: "How to create business entity in Sacramento, CA"
- Check your local town/city/state requirements
- For California business requirements, licenses, permits/fees - visit this link from California Secretary of State (SOS)
- Else, do a Google search: "Business permits for ABC business in XYZ city"
- Example: "business permits for photography business in Sacramento, CA"
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