7 Steps To Becoming Self Employed

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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Social Media~

Snapchat: tommy28fly

[TommyBryson]

Self employed or Normal job... which is safer?
***Link to Free LLC***

[Sultanrx]

The freedom of self employment is unparalleled, once you get a taste, there is no going back to a 9-5

[NicholasDunnAutistic]

I want to be self employed because I'm tired of working for someone else. I never have control over my schedule, I get stuck working late, always exhausted, most people don't show up, no pay off (promotions, ect). Everywhere I work I get some kind of BS double standard. I hate all the jobs I've ever worked. Time for myself is almost non existent, self care is harder.

[GetSmartUniversity]

I've been self employed for 10+ years because my engineering job laid me off during the recession. I probably applied for 500+ jobs and got nothing because my resume was too stacked. I feel like One of the reasons people fear business is because of the way we are taught as we are growing up.

[izzaacalley]

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

[kanaexo]

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.

[becky]

Thank you so much for this! God bless you.

[MP-efmc]

Thank you so much for your help and inspiration.

[SaintJames]

i havent started my own business yet because i dont have the money to get started with and also my mindset im so bombarded with many things it shall get better though great channel and advice

[TheRDGuarantee]

With self employment, or starting a side hustle theres no better learning experience (in my opinion) for gaining valuable skills which will one day make you successful. Even if you fail, you'll be pushed to learn on the fly tactics and strategies that you will one day count on when you do become successful with your next project!

[ntokozonxumalo]

whenever your business is failing do not put money into it rather try figure out what you need to do in order to make a profit, or find out what you aren't doing right so that you can turn it into a profitable sustainable business.

[prophecyrevelations]

Prior to starting my own company I was laid off 3 times in one year. I work hard but I'd rather be driving the bus than riding on someone else's. Especially when i discovered they don't know how to drive!

[leosognarly]

I realized that I don’t have
a deep passion for working. I don’t want to become a welder, doctor or lawyer… I most definitely hate working for someone so I want to be independent so I don’t have to worry about waking up on time or having to stay a lot longer because I have to

[yahwehtheexodian]

To establish wealth for my legacy (children)

[jaimoore]

I want to work at my own pace but I’m scared to take the risk

[inquisitvem]

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

[abnoco]

I’d like to be self employed for two reasons. First I just always wanted to do this. Second I’m tired of having my income dependent upon people who know less than I do. Too stressful and risky.

[shaylanewlife]

I do shipt and I am self employed I am my own boss nobody tells me what to do.

[NewYorkGiantsBlood]

I want to do food deliveries on the side but the car im getting coming from Carmax but they have a policy against commercial driving. Can I still do food deliveries on the side even though I'm getting my car from carmax if I keep it to myself? What do I need to do because I really got my heart set on this. And I'll be damned if I'm paying a car note and I can't do what I want with my vehicle.

[usqbfhi]

become own boss, and make my own schedule