Relevant Links
- First Steps to Productive Property (and greater freedom) | Life on Target Podcast
- How to Crush Inflation (Make More Butter) | Life on Target Podcast
- North Carolina Secretary of State Business Registration
- Articles of Organization | Investopedia
- Apply for an Employer Identification Number (EIN) Online | IRS.gov
- Quickbooks
Show Summary
- Overview of demystifying starting a small business. [0:00:17]
- Starting a business is not easy, it’s a long, hard crawl to success. [0:00:47]
- What it was like to leave the military in 2016. [0:01:04]
- God took away my financial cushion so I would learn to not be lazy. [0:01:21]
- The moment when I realized I needed to start a business. [0:01:48]
- Do you need to hire a lawyer to set up an LLC? [0:02:54]
- Why and how you should get a business bank account. [0:04:01]
- Why you should go to your local community bank to set up an account and get a company credit card. [0:04:07]
- A brief primer on how taxation works for a LLC. [0:05:18]
- What’s the difference between an LLC and a corporation? [0:5:42]
- Why you should get an accountant in the first year of business. [0:07:29]
- Tips on using the company bank account to manage transactions. [0:07:44]
- The reasons why I wanted a LLC for my construction business. [0:09:29]
- Legal protections of a LLC. [0:09:54]
- Tips on weighing the legal risk of your business. [0:10:15]
- How having a separate bank account makes it possible for you to assess whether you are making a profit. [0:10:54]
- How running a side hustle can give you freedom to leave your employer if you don’t like their policies. [0:11:34]
- Encouragement for people considering starting a small business. [0:12:07]
- Don’t try to hide your income if you’re doing a side hustle. [0:12:15]
- How hiding your income can backfire and impede your ability to buy productive property. [0:12:55]
- Banks are going to scrutinize self-employed business owners more than regular employees. [13:25]
- How an accountant can help you reduce taxation through deductions for your business. [0:14:36]
- Earning potential as a small business owner is not based on time. [0:16:30]
- The one thing I wish I was told before he started his business. [0:17:02]
- Setting up a DBA or “Doing Business As.”[0:17:45]
- Teaser for the next episode. [0:18:25]
