An open for business sign in front of a small business started by an entrepreneur.

Ep. 39 | Demystifying Starting a Small Business (Easy Practical Steps)

Starting a small business doesn't have to be complicated—you just have to start. In this episode, Nathan shares his story of starting his construction company and provides a practical list of steps for building your side hustle or a full-time venture. If you've been on the fence about starting a business, this episode is for you.

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Show Notes

Relevant Links

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]

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